Postakviziciono organizaciono i portfolio restrukturiranje i performanse: Empirijska evidencija preuzetih preduzeća u Republici Srbiji

  • Slađana D Savović Univerzitet u Kragujevcu, Ekonomski fakultet
Ključne reči: Corporate restructuring||, ||Korporativno restrukturiranje, Corporate performance||, ||Korporativne performanse, Divestiture||, ||Dezinvestiranje,

Sažetak


Rad istražuje uticaj postakvizicionog restrukturiranja na performanse, na primeru kompanija u Srbiji koje su bile predmet preuzimanja u periodu od  2002 do 2011. godine. Primenom eksplorativne faktorske analize identifikovano je dva faktora postakvizicionog restrukturiranja: prvi, koji se odnosi na organizaciono restrukturiranje i drugi, koji se odnosi na portfolio restrukturiranje (dezinvestiranje). Uticaj organizacionog i portfolio restrukturiranja na postakvizicione performanse testiran je primenom višestruke linearne regresije. Rezultati analize ukazuju da organizaciono i portfolio restrukturiranje nema statističi značajan uticaj na postakvizicione performanse u posmatranom periodu. Dodatno, rezultati su pokazali da postoji statistička značajna razlika u implementiranim aktivnostima organizacionog restrukturiranja između proizvodnog i uslužnog sektora. Organizaciono restrukturiranje je u većem stepenu implementirano u kompanijama iz proizvodnog sektora. 

 

Biografija autora

Slađana D Savović, Univerzitet u Kragujevcu, Ekonomski fakultet
Katedra za menadžment i poslovnu ekonomiju, docent

Reference

Atiase, R., Platt, D., & Tse, S. (2004). Operational restructuring charges and post-restructuring performance. Contemporary Accounting Research, 21(3), 493-522

Bates, T.W. (2005). Asset sales, investment opportunities and the use of proceeds, Journal of Finance, 60(1), 105-135.

Billet, M., & Vijh, A. (2004). The wealth effects of tracking stock restructurings. Journal of Financial Research, 27(4), 559-583.

Bowman, E., & Singh, H. (1993). Corporate restructuring: Reconfiguring the Firm. Strategic Management Journal, 14(1), 5-14.

Brickley, J., & Van Drunene, L. (1990). International corporate restructuring: An empirical analysis. Journal of Accounting and Economics, 12(1-3), 251-280.

Capron, L., & Guillen, M. (2009). National corporate governance institutions and post-acquisition target reorganization. Strategic Management Journal, 30(8), 803-833.

Capron, L. (1999). The long-term performance of horizontal acquisitions. Strategic Management Journal, 20(11), 987-1018.

Colombo, M., & Rabbiosi, L. (2010). Technological relatedness, post-acquisition reorganization and innovation performance: looking inside the black box. Paper presented at the Summer Conference „Opening Up Innovation: Strategy, Organization and Technology“, Imperial College London Business School. Retrieved from http://www2.druid.dk/conferences/viewpaper.php?id=502047&cf=43 .

Crum, R., & Goldberg, I. (1998). Restructuring and Managing the Enterprise in Transition, EDI Learning Resources Series, World Bank, Washington. Retrieved from http://documents.worldbank.org/curated/en/1998/07/693466/restructuring-managing-enterprise-transition .

Das, B., Raskhit, D., S., & Debasish, S. (2009). Corporate Restructuring – Merger, Acquisition and Other Forms. Mumbai: Himalaya Publishing House.

Datta, K. D. (1991). Organizational fit and acquisition performance-effects of post-acquisition integration. In A. Risberg (Ed.), Mergers and Acquisitions A Critical Reader (pp.53-69). Routledge Taylor & Francis Group, 2006.

Datta, D. K., & Grant, J. H. (1990). Relationships between type of acquisition, the autonomy given to the acquired firm, and acquisition success: An empirical analysis. Journal of Management, 16(1), 29 – 44.

Denis, D., & Kruse, T. (2000). Managerial discipline and corporate restructuring following performance declines. Journal of Financial Economics, 55(3), 391-424.

DePamphilis, D. (2010). Mergers, acquisitions, and other restructuring activities- integrated approach to process, tools, cases, and solutions (5th ed.). London: Elsevier Inc.

Eckbo, E., & Thoрbuрn, K. (2008). Corporate restructuring: breakups and LBOs. In E. Eckbo (Ed.), Takeover activity, valuation estimates and mergers Gains- Modern Empirical Developments, Elseiver Inc.

Erić, D., & Stošić, I. (2013). Korporativno restrukturiranje, Beograd: Institut ekonomskih nauka, Beogradska bankarska akademija, Čigoja.

Erić, D., Stošić, I., & Redžepović, S. (2011). Restructuring of public enterprises as source of increasing competitiveness in Serbia and South-Eastern Europe region. Paper presented at 8th International Conference – Economic integrations, competition and cooperation, section 13-Western Balkans; trade, cooperation and EU integration perspective. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232730 .

Gaughan, A.P. (2002). Mergers, acquisitions and corporate restructurings (3rd ed.). Hoboken, New Jersey: John Wiley & Sons.

John, K., & Ofek, E. (1995). Asset sales and increase in focus. Journal of Financial Economics, 37(1), 105–126.

Lai, J., & Sudarsanam, S. (1997). Corporate Restructuring in Response to Performance Decline: Impact of Ownership, Governance and Lenders, European Finance Review, 1(2), 197-233.

Larsson, R., & Finkelstein, S. (1999). Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization. Organization Science, 10(1), 1-26.

Maksimovic, V., & Phillips, G. (2001). The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains? Journal of Finance, 56(6), 2019-2065.

Maksimovic, V., Phillips, G., & Prabhala. N. (2011). Post-merger restructuring and the boundaries of the firm. Journal of Financial Economics, 102(2), 317-343.

Maxwell, W.,& Rao, R. (2003). Do spin-offs expropriate wealth from bondholders? Journal of Finance, 58(5), 2087-2108.

Meyer, K., & Lieb-Doczy, E. (2003). Post-acquisition restructuring as evolutionary process. Journal of Management Studies, 40(2), 459-482.

Nikolić, I., & Kovačević, M. (2014). Efekti privatizacije – empirijska analiza i rezultati na srpsku industriju, Industrija, 42(1), 63-86.

Ravenscraft, D., & Scherer, F. (1987). Life after takeover. Journal of Industrial Economics, 36(2), 147-156.

Savović, S. (2012). Značaj postakvizicione integracije za kreiranje vrednosti i uspeh merdžera i akvizicija. Ekonomski horizonti, 14(3), 193-205.

Schijven, M. (2005). Curing the firm's indigestion: organizational restructuring and dynamics of acquisition performance. Academy of Management Best Conference Paper 2005, BPS:M1, Honolulu, HI, USA.

Stošić, I. (2014a). Korporativno restrukturiranje preduzeća u svetu i Srbiji, Poslovna ekonomija, 8(1), 157-176.

Stošić, I. (2014b). The challenges of defining and implementing corporate restructuring programs, Economic Themes, 52(2), 139-153.

Uhlenbruck, K. (2004). Developing acquired foreign subsidiaries: the experience of MNEs in transition economies, Journal of International Business Studies, 35(2), 109-123.

Xia, J., & Li, S. (2013). The divestiture of acquired subunits: a resource dependence approach. Strategic Management Journal, 34(2), 131-148.

Zollo, M., & Singh, H. (2004). Deliberate learning in corporate acquisitions: Post-acquisition strategies and integration capability in US bank mergers. Strategic Management Journal, 25(13), 1233-1256.

Objavljeno
2016/11/07
Broj časopisa
Rubrika
Short Communication