Economic Efficiency of Mergers in the Czech Republic 2001–2010

J 2013

Economic Efficiency of Mergers in the Czech Republic 2001–2010

SEDLÁČEK, Jaroslav, Petr VALOUCH and Maria KRÁLOVÁ

Basic information

Original name

Economic Efficiency of Mergers in the Czech Republic 2001–2010

Authors

SEDLÁČEK, Jaroslav (203 Czech Republic, guarantor, belonging to the institution), Petr VALOUCH (203 Czech Republic, belonging to the institution) and Maria KRÁLOVÁ (203 Czech Republic, belonging to the institution)

Edition

Technological and Economic Development of Economy, 2013, 2029-4913

Other information

Language

English

Type of outcome

Článek v odborném periodiku

Field of Study

50200 5.2 Economics and Business

Country of publisher

Czech Republic

Confidentiality degree

není předmětem státního či obchodního tajemství

Impact factor

Impact factor: 2.818

RIV identification code

RIV/00216224:14560/13:00066845

Organization unit

Faculty of Economics and Administration

DOI

http://dx.doi.org/10.3846/20294913.2014.880084

UT WoS

000330342900017

Keywords in English

company transformations; mergers and acquisitions; macroeconomic environment; economic effects of mergers; net assets; statistical analysis;

Abstract

V originále

The paper presents partial results of research focusing on accounting, taxation and legal aspects of mergers in the Czech market. The input source is a database of mergers implemented in the Czech territory, which compiles data taken from the Trade Register for the decade of 2001–2010. The structure of the data allows for an evaluation of development trends of mergers in the Czech market, analysis of economic consequences of mergers and finding possible causes of their success or failure. From economic characteristics of merger success, we have chosen the item of net assets. Statistical testing of the hypothesis proved that mergers do not affect net assets during the period of three years after the merger implementation. A significant dependence of net assets development on mergers was proved after the basic set was stratified based on the size of companies. Mergers have a positive effect on the growth of value for owners in the group of small enterprises in the third year after the merger; the value in the group of medium enterprises also grows, but not significantly. Regarding large enterprises, the net assets even decreased in consequence of a merger.

Links

GAP403/11/0447, research and development project

Name: Analýza daňových a účetních postupů při fúzích

Citovat

SEDLÁČEK, Jaroslav, Petr VALOUCH and Maria KRÁLOVÁ. Economic Efficiency of Mergers in the Czech Republic 2001–2010. Technological and Economic Development of Economy. 2013, roč. 19, Supplement 1, p. 326-341. ISSN 2029-4913. Available from: https://dx.doi.org/10.3846/20294913.2014.880084.

@article{1163491,
   author = {Sedláček, Jaroslav and Valouch, Petr and Králová, Maria},
   article_number = {Supplement 1},
   doi = {http://dx.doi.org/10.3846/20294913.2014.880084},
   keywords = {company transformations; mergers and acquisitions; macroeconomic environment; economic effects of mergers; net assets; statistical analysis;},
   language = {eng},
   issn = {2029-4913},
   journal = {Technological and Economic Development of Economy},
   title = {Economic Efficiency of Mergers in the Czech Republic 2001–2010},
   volume = {roč. 19},
   year = {2013}
}

TY  - JOUR
ID  - 1163491
AU  - Sedláček, Jaroslav - Valouch, Petr - Králová, Maria
PY  - 2013
TI  - Economic Efficiency of Mergers in the Czech Republic 2001–2010
JF  - Technological and Economic Development of Economy
VL  - roč. 19
IS  - Supplement 1
SP  - 326-341
EP  - 326-341
SN  - 20294913
KW  - company transformations
KW  - mergers and acquisitions
KW  - macroeconomic environment
KW  - economic effects of mergers
KW  - net assets
KW  - statistical analysis;
N2  - The paper presents partial results of research focusing on accounting, taxation and legal aspects of mergers in the Czech market. The input source is a database of mergers implemented in the Czech territory, which compiles data taken from the Trade Register for the decade of 2001–2010. The structure of the data allows for an evaluation of development trends of mergers in the Czech market, analysis of economic consequences of mergers and finding possible causes of their success or failure. From economic characteristics of merger success, we have chosen the item of net assets. Statistical testing of the hypothesis proved that mergers do not affect net assets during the period of three years after the merger implementation. A significant dependence of net assets development on mergers was proved after the basic set was stratified based on the size of companies. Mergers have a positive effect on the growth of value for owners in the group of small enterprises in the third year after the merger; the value in the group of medium enterprises also grows, but not significantly. Regarding large enterprises, the net assets even decreased in consequence of a merger.
ER  -

SEDLÁČEK, Jaroslav, Petr VALOUCH and Maria KRÁLOVÁ. Economic Efficiency of Mergers in the Czech Republic 2001–2010. \textit{Technological and Economic Development of Economy}. 2013, roč. 19, Supplement 1, p.~326-341. ISSN~2029-4913. Available from: https://dx.doi.org/10.3846/20294913.2014.880084.

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