title: Анализ сделок слияний и поглощений российских металлургических компаний
metadata.name: dc.contributor.author
metadata.value: Fomin, M.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Bukhvalov, A.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2017-06-03T11:09:19Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2017-06-03T11:09:19Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2015
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/6419
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Strategic management and especially business cycle theory place emphasis on importance of contracyclical business cycle management practices (BCM), among one of them is M&A policy. According to contrayclical M&A policy companies should acquire enterprises during periods of recessions when prices are low and sell assets (if there is necessity) during boom years because otherwise the M&A policy would not be profitable. In this paper M&A deals of Russian metallurgical companies during recent business cycle (2000 - 2013) are analyzed. Metal industry is traditionally viewed as being under large exposure of business cycle fluctuations due to link to supply elasticity and industrial production. It is shown that actual M&A policy of companies was debt - financed and procyclical rather than contracyclical which was contrary to what was suggested by theory. It is shown that most acquisitions were performed during boom period even close to peak and some sales were done after crisis. It is also shown that although all selected companies pursued similar expansion procyclical policies, some of them experienced threat of financial insolvency. Whether company experienced threat of financial insolvency can be explained not only by the degree of procyclical debt - financed M&A policy, but also by other factors - direction of geographical expansion and corporate governance of a company.[Executive summary in English is available at p. 30]
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: Graduate School of Management, St. Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Working Papers;#12(R)-2105
metadata.lang: -
metadata.name: dc.subject
metadata.value: M&A
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: metallurgical industry
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: business cycle
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: insolvency
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: bankruptcy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: corporate debt
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Анализ сделок слияний и поглощений российских металлургических компаний
metadata.lang: en_GB
metadata.name: dc.title.alternative
metadata.value: Analysis of M&A deals of Russian metallurgical companies
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Working Paper
metadata.lang: en_GB
resources.filename: 12_WP 2015 Fomin Bukhvalov.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/6419/1/12_WP%202015%20Fomin%20Bukhvalov.pdf
resources.format: Adobe PDF
resources.size: 818,73 kB