The factors driving the synergy value in mergers of mechanical engineering companies in the Czech Republic

Simple item page
dc.contributor.authorRežňáková, Máriacs
dc.contributor.authorPěta, Jancs
dc.coverage.issue3cs
dc.coverage.volume11cs
dc.date.issued2018-09-04cs
dc.description.abstractResearch into factors that influence the outcome of mergers and acquisitions conducted over a few past decades focused on two areas, one being the forecasting of the volume of expected investments, the other investigating M&A efficiency, i.e. the search for the factors that drive the growth of value of combined firms (identification of the sources of synergy). Operating synergies, resulting from cost savings and investment reduction, are deemed the primary source of synergy. Determining the synergy value is a prerequisite for identifying sources of savings. This paper presents the results of research aimed at determining the synergy value and identifying the factors representing potential sources of synergy. The discounted capital cash flow method was used to determine the synergy value In the set of 50 mergers carried out between 2004 and 2011 that we investigated, we found that a negative synergy effect developed at an average level of 8.13%. This means that most of these mergers were not associated with additional profits for the owners. The correlation between the selected financial ratios and the synergy value was tested. The results show that there is a statistically significant relationship between the indicators based on cash flow and the synergy value.en
dc.formattextcs
dc.format.extent239-254cs
dc.format.mimetypeapplication/pdfcs
dc.identifier.citationJOURNAL OF INTERNATIONAL STUDIES. 2018, vol. 11, issue 3, p. 239-254.en
dc.identifier.doi10.14254/2071-8330.2018/11-3/19cs
dc.identifier.issn2306-3483cs
dc.identifier.orcid0000-0002-7261-607Xcs
dc.identifier.orcid0000-0001-6309-3601cs
dc.identifier.other149723cs
dc.identifier.researcheridAAQ-6282-2020cs
dc.identifier.researcheridAAO-7053-2020cs
dc.identifier.scopus36125352900cs
dc.identifier.scopus57192815808cs
dc.identifier.urihttp://hdl.handle.net/11012/178351
dc.language.isoencs
dc.publisherCentre of Sociological Researchcs
dc.relation.ispartofJOURNAL OF INTERNATIONAL STUDIEScs
dc.relation.urihttp://www.jois.eu/?459,en_the-factors-driving-the-synergy-value-in-mergers-of-mechanical-engineering-companies-in-the-czech-republiccs
dc.rightsCreative Commons Attribution 4.0 Internationalcs
dc.rights.accessopenAccesscs
dc.rights.sherpahttp://www.sherpa.ac.uk/romeo/issn/2306-3483/cs
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/cs
dc.subjectmergers in mechanical engineeringen
dc.subjecteffect of mergersen
dc.subjectoperating synergiesen
dc.subjectcapital cash flowen
dc.subjectvalue of synergiesen
dc.subjectCzech Republic.en
dc.titleThe factors driving the synergy value in mergers of mechanical engineering companies in the Czech Republicen
dc.type.driverarticleen
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen
sync.item.dbidVAV-149723en
sync.item.dbtypeVAVen
sync.item.insts2025.02.03 15:43:14en
sync.item.modts2025.01.17 18:38:13en
thesis.grantorVysoké učení technické v Brně. Fakulta podnikatelská. Ústav financícs
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
19_589_Reznakova_Peta.pdf
Size:
704.61 KB
Format:
Adobe Portable Document Format
Description:
19_589_Reznakova_Peta.pdf
Download
Collections
Ústav financí