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This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
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Mergers & acquisitions (M&A) are most popular external growth strategies. While the number of M&A has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisitions process, while acquirers do not receive abnormal positive returns....
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Strategy tools are widely used in the practice of strategic management to yield a good solution with an acceptable problem-solving effort. This paper presents results of an experimental research project that assesses the practical effectiveness of a theory-based decision-making tool, the...
Persistent link: https://www.econbiz.de/10008665447
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also … offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are … for failing and acquired firms. This implies that firm failure and acquisition should be analyzed in combination. Second …
Persistent link: https://www.econbiz.de/10013428411
During the last years more and more discussions came up about the contribution of technology-oriented and technology-intensive industries for the economic development and employment. One reason for these contradictory evaluations of technology-intensive industries can be attributed to different...
Persistent link: https://www.econbiz.de/10011620522
In this paper, we report results of an ongoing empirical analysis of firm dynamics in East Germany. After discussing specifics of a newly available data set with information on more than 100.000 firms, we analyze patterns of business starts and failures. Furthermore, we present preliminary...
Persistent link: https://www.econbiz.de/10011622666
. in our analysis of firm survival we distinguish between voluntary liquidation without losses to creditors, and bankruptcy … as forced liquidation. Firms under limited liability are characterized by higher growth and higher insolvency rates than …
Persistent link: https://www.econbiz.de/10011622932
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