Foreign acquisitions in Central and Eastern Europe: Outcomes of privatization in transitional economies

• 成果类型: Review
• 署名作者: Uhlenbruck, K; De Castro, JO
• 署名单位: Texas A&M University System; Texas A&M University College Station; University of Colorado System; University of Colorado Boulder
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/1556401
• 发表日期: 2000
• 页码: 381-402
• 关键词: FINANCIAL PERFORMANCE; operating performance; empirical-analysis; POLITICAL RISK; joint ventures; SERVICE FIRMS; diversification; strategy; PERSPECTIVE; mergers

摘要

This study of entry into Central and Eastern Europe via acquisition of privatized firms combines a traditional merger approach with consideration of host governments as critical stakeholders and the country-specific risks of foreign direct investment in formerly Communist countries. We analyzed survey data on 170 privatization acquisitions by Western firms. The results provide insights into critical managerial issues for acquisitions in transitional economies, especially the importance attached to fit between the merging firms, and indicate a need to reexamine some previous privatization research.