title: Target’s financial performance in corporate acquisitions: BRICS evidence
metadata.name: dc.contributor.author
metadata.value: Vayner, O. V.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Rogova, E. M.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2022-12-13T11:20:38Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2022-12-13T11:20:38Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2022-03
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Vayner O. V., Rogova E. M. 2022. Target’s financial performance in corporate acquisitions: BRICS evidence. Russian Management Journal 20 (1): 28–51. https://doi.org/10.21638/spbu18.2022.102
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu18.2022.102
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/38677
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Corporate acquisition success can be influenced by many factors, e. g. financial performance
  of acquirer or target firm, market reaction, rumors, contract clauses etc., having either
  negative or positive effects. The aim of this study is to investigate the role of target’s
  financial performance in acquisition process and its influence on acquisition success.
  Research scope of the study is narrowed to BRICS companies, where lack of experience
  and intensively growing economies led to a growth in M&A deals number. The study uses
  the accounting-based approach that implies calculation of combined ROA change to measure
  acquisition performance and answer the posed research question. Based on 70 acquisition
  deals data collected from Bureau van Zephyr, Refinitiv Eikon and SPARK, the research relies
  on building logistic and OLS regressions in order to observe long-term effects of various
  parameters influencing acquisition success. The results of this study suggest that acquisitions
  affect combined financial performance of the companies negatively, on average, but they
  are more successful if the target company was making losses prior the deal than if the
  target had sufficient financial health. In addition, we revealed that cross-border and crossindustry
  factors positively influence the performance of the deals. The paper contributes
  to the literature as it focuses on both the fact of the acquisition success or failure and its
  numerical expression, therefore it helps to investigate the impact of variables on the result.
  In addition, it highlights the reasons why the acquirers in BRICS quite often make deals
  with loss-making targets.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Russian Management Journal;Volume 20; Issue 1
metadata.lang: -
metadata.name: dc.subject
metadata.value: corporate acquisitions
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: acquisition performance
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: target’s financial performance
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: bidder’s motivation
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: BRICS countries
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Target’s financial performance in corporate acquisitions: BRICS evidence
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 02.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/38677/1/02.pdf
resources.format: Adobe PDF
resources.size: 880,04 kB