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International acquisitions and efficiency and productivity of the Serbian cement industry

Slađana Savović (Faculty of Economics, University of Kragujevac, Kragujevac, Serbia)
Predrag Mimović (Faculty of Economics, University of Kragujevac, Kragujevac, Serbia)
Violeta Domanović (Faculty of Economics, University of Kragujevac, Kragujevac, Serbia)

International Journal of Emerging Markets

ISSN: 1746-8809

Article publication date: 14 December 2021

Issue publication date: 21 November 2023

248

Abstract

Purpose

This paper explores the impact of international acquisitions on the efficiency and productivity of the cement industry in an emerging economy.

Design/methodology/approach

The data envelopment analysis (DEA) and Malmquist index (MI) are used to calculate the partial efficiency and productivity of individual inputs (materials, labour and fixed assets), as well as the total factor efficiency and productivity during the period 2000–2018. DEA and MI are combined with bootstrapping to perform succinct statistical inferences for determining the accuracy of results. In this paper we apply the input-oriented CCR DEA Window model. With respect to the level of analysis, data was collected from individual companies and then aggregated data at the industry level.

Findings

The research results show that international acquisitions positively affect efficiency of the cement industry in the long term. Efficiency of capital is lower in the short period after acquisitions. Additionally, international acquisitions positively affect partial productivity, as well as total factor productivity of the cement industry.

Practical implications

The results of the study may be significant for managers and policy makers to design appropriate strategies for the improvement of the cement industry performance over time.

Originality/value

Research in emerging economies related to subject matter is limited, and this is one of the earliest research studies which explore change in efficiency and productivity at the level of Serbian cement industry.

Keywords

Citation

Savović, S., Mimović, P. and Domanović, V. (2023), "International acquisitions and efficiency and productivity of the Serbian cement industry", International Journal of Emerging Markets, Vol. 18 No. 10, pp. 4014-4036. https://doi.org/10.1108/IJOEM-03-2021-0350

Publisher

:

Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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