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Effects of the acquisition-based majority ownership: Evidence from the Czech firms
Gábrišová, Nela ; Kočenda, Evžen (advisor) ; Novák, Jiří (referee)
The thesis analyses Czech limited liability and joint stock companies, where a change of majority shareholder occurred between 2005 and 2011, from the per- spective of their performance 3 and 5 fiscal years after acquisition. The main objective of the research is to compare realised acquisitions between them- selves according to the target's size, and to the industrial relatedness of the acquisition target and acquirer as divided to: horizontal, vertical, financial acquisitions, and acquisitions completed by natural persons. Furthermore, var- ious financial variables potentially affecting operating profitability expressed as EBITDA margin, and other performance indicators are explored. Application of OLS regression on cross-sectional data structure for the two observed post-acquisition periods, and OLS with fixed effects on two-period panel data, provide similar results leading to conclusion that optimisation of variable costs relative to revenue after acquisition has the largest positive im- pact on EBITDA margin. No evidence is found for influence of types of acqui- sitions. Contribution to the research in M&A field is brought thanks to the fo- cus on Czech acquisitions that so far have not been systematically examined, and thanks to analysis from the perspective of acquisition targets' financial...
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Effects of the acquisition-based majority ownership: Evidence from the Czech firms
Gábrišová, Nela ; Kočenda, Evžen (advisor) ; Novák, Jiří (referee)
The thesis analyses Czech limited liability and joint stock companies, where a change of majority shareholder occurred between 2005 and 2011, from the per- spective of their performance 3 and 5 fiscal years after acquisition. The main objective of the research is to compare realised acquisitions between them- selves according to the target's size, and to the industrial relatedness of the acquisition target and acquirer as divided to: horizontal, vertical, financial acquisitions, and acquisitions completed by natural persons. Furthermore, var- ious financial variables potentially affecting operating profitability expressed as EBITDA margin, and other performance indicators are explored. Application of OLS regression on cross-sectional data structure for the two observed post-acquisition periods, and OLS with fixed effects on two-period panel data, provide similar results leading to conclusion that optimisation of variable costs relative to revenue after acquisition has the largest positive im- pact on EBITDA margin. No evidence is found for influence of types of acqui- sitions. Contribution to the research in M&A field is brought thanks to the fo- cus on Czech acquisitions that so far have not been systematically examined, and thanks to analysis from the perspective of acquisition targets' financial...
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