Brownfield Acquisitions

Estrin, Saul; Meyer, Klaus E.

doi:10.1007/s11575-011-0088-x

Cited by 15 publications

(3 citation statements)

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“…One response, it is argued, is that Chinese MNEs often give acquired firms considerable autonomy in the post-acquisition stage (Estrin & Meyer, 2011;Liu & Woywode, 2013;Rui & Yip, 2008). Recent empirical work has shown, for example, that Chinese MNEs generally take a 'light-touch' approach to the post-merger integration management of their foreign strategic-asset related acquisitions.…”

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An event study of home and host country patent generation in Chinese MNEs undertaking strategic asset acquisitions in developed markets

Anderson

Sutherland

Severe

2015

International Business Review

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Publisher's copyright statement: NOTICE: this is the author's version of a work that was accepted for publication in International Business Review. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reected in this document. Changes may have been made to this work since it was submitted for publication. A denitive version was subsequently published in International Business Review, 24, 5, October 2015, 10.1016/j.ibusrev.2015.01.007. Additional information:Use policyThe full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. ABSTRACTWe use event study methodologies to analyze trends in home and host country patent applications of Chinese MNEs that acquire strategic asset-rich developed market businesses. Our results show the domestic market patents of Chinese MNEs rise significantly in the wake of such acquisitions, while those of the acquired target do not significantly change. These results hold for different ownership classes. In light of current theoretical debates, we discuss the possible motivations for such acquisitions by Chinese MNEs and the reasons for the observed patenting performance in both domestic and target businesses. We argue acquisition of codified strategic assets (such as patents) for the purpose of imitation and exploitation in the domestic Chinese market context provides one plausible explanation for our results.

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An event study of home and host country patent generation in Chinese MNEs undertaking strategic asset acquisitions in developed markets

Anderson

Sutherland

Severe

2015

International Business Review

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“…International acquisitions often result in radical restructuring of acquired companies, which is especially pronounced in acquisitions in transition countries and emerging markets (Meyer & Estrin, 2001;Meyer & Estrin, 2011), so that in these countries, due to the degree of restructuring, acquisitions often have brownfield investment characteristics. Specifically, in these countries, companies, due to state ownership and lack of the cutting-edge technology, have more workers than comparable companies in developed countries.…”

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confidence: 99%

International Acquisitions and Labor Productivity in Serbian Cement Industry

Savović,

Marković

2021

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This paper investigates the impact of international acquisitions on the productivity of acquired companies in the cement industry of the Republic of Serbia. We analyze the productivity of companies in the cement industry during the twenty-year period from 2000 to 2019. Acquisitions in the cement industry are one of the first international acquisitions realized in the Republic of Serbia. The multinational companies that took over the cement plants are from Switzerland, France and Greece. The paper analyzes the effects of international acquisitions on the productivity of acquired companies in the short and long term. The research results show that the productivity of all acquired companies improved both in the short term and in the long term after the acquisitions, with the largest productivity improvements being achieved in the short term. In addition, the research results show that Lafarge Serbia recorded the largest improvement in labor productivity, which, compared to other companies, optimized the number of employees and increased production volume.

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“…However, most targets in transition economies did not possess the competences necessary to compete in the new business environment, so new owners had to restructure them radically. Consequently, such acquisitions often had the characteristics of brownfield investments (Estrin & Meyer, 2011). The targets could not be restructured successfully in the short run due to a large number of stakeholders with conflicting interests (Domanović et al, 2020), necessity of high investments in post-acquisition period, and nonefficient institutional environment (Meyer, 2002;Paik, 2005).…”

Section: Introductionmentioning

confidence: 99%

Cross-border acquisitions and profitability of acquired companies in Serbian cement industry

Marković¹,

Savović²

2022

Anali Ekon fak Subotica

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Transition to market economy in the Republic of Serbia started with one decade of delay compared to most former socialist countries. The transition has implied liberalization of economic policies in the area of foreign direct investments, even in some industries that have been previously considered strategic. Multinational companies have used new business opportunities and acquired some of the most important and largest domestic companies. This paper analyses the impact of cross-border acquisitions on the profitability of targets in Serbian cement industry during the period 2000-2020. Serbian cement industry includes three cement plants, all of which were acquired in the process of privatization during 2002. The study analyses changes of ROA (return on assets), ROE (return on equity) and ROS (return on sale) of targets in the short term and in the long term after the acquisitions. The research results show that profitability of all companies improved both in the short term and in the long term after acquisitions. These improvements were achieved through higher cost efficiency and more efficient business asset management.

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Brownfield Acquisitions

Cited by 15 publications

References 86 publications

An event study of home and host country patent generation in Chinese MNEs undertaking strategic asset acquisitions in developed markets

An event study of home and host country patent generation in Chinese MNEs undertaking strategic asset acquisitions in developed markets

International Acquisitions and Labor Productivity in Serbian Cement Industry

Cross-border acquisitions and profitability of acquired companies in Serbian cement industry

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