Search results

1 – 10 of over 2000
Article
Publication date: 7 November 2008

S.A. Aduloju, A.L. Awoponle and S.A. Oke

Recapitalization, mergers, and acquisitions are the most crucial issues confronting the Nigerian Insurance Industry (NII) in recent times. Yet information relating to these issues…

2007

Abstract

Purpose

Recapitalization, mergers, and acquisitions are the most crucial issues confronting the Nigerian Insurance Industry (NII) in recent times. Yet information relating to these issues is rarely reported in print. The purpose of this paper is to present the results of a survey aimed at understanding the challenges faced within the NII and the reactions of the insurance underwriters towards the recapitalization exercise in Nigeria.

Design/methodology/approach

Stratified sampling was applied in segregating listed insurance companies on the Nigeria Stock Exchange into top‐, middle‐, and lower‐management cadres. Random sampling was then used in selecting samples of the insurance company's staff. A questionnaire containing both open‐ended and closed‐form questions was used as the instrument to collect the primary data. Questionnaire administration was combined with personal interviews and record viewing in gathering relevant facts for use. Fifty‐four questionnaires were properly filled and returned from members of staff of the selected insurance companies. Chi‐square statistical procedures revealed the true position of the issues raised in the hypotheses.

Findings

Recapitalization has been enhancing the development of the insurance industry and mergers and acquisitions have remained viable options for companies to remain in business.

Research limitations/implications

Limited financial and non‐financial resources, as well as a reluctance to release information by insurance companies and other operators in the industry, prevented further investigation.

Originality/value

The study serves as an information source for investors in the insurance industry.

Details

The Journal of Risk Finance, vol. 9 no. 5
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 1 February 1993

Richard Dobbins

Sees the objective of teaching financial management to be to helpmanagers and potential managers to make sensible investment andfinancing decisions. Acknowledges that financial…

6362

Abstract

Sees the objective of teaching financial management to be to help managers and potential managers to make sensible investment and financing decisions. Acknowledges that financial theory teaches that investment and financing decisions should be based on cash flow and risk. Provides information on payback period; return on capital employed, earnings per share effect, working capital, profit planning, standard costing, financial statement planning and ratio analysis. Seeks to combine the practical rules of thumb of the traditionalists with the ideas of the financial theorists to form a balanced approach to practical financial management for MBA students, financial managers and undergraduates.

Details

Management Decision, vol. 31 no. 2
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 29 May 2018

Yusnidah Ibrahim and Jimoh Olajide Raji

This paper aims to examine the influence of key macroeconomic factors on the inward and outward acquisition activities of six ASEAN (ASEAN: Association of Southeast Asian Nations…

1900

Abstract

Purpose

This paper aims to examine the influence of key macroeconomic factors on the inward and outward acquisition activities of six ASEAN (ASEAN: Association of Southeast Asian Nations) countries, namely, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, over the 1996-2015 period.

Design/methodology/approach

The study uses alternative panel data methods, including pooled mean group, mean group and dynamic fixed-effect estimators.

Findings

The results indicate that gross domestic product (GDP), interest rate, exchange rate, money supply and inflation rate are the most important macroeconomic factors explaining the trends of cross-border mergers and acquisition outflows of the ASEAN-6 countries. Specifically, GDP, money supply and inflation rate have significant positive relationships with acquisition outflows, while interest rate and exchange rate exert significant negative influence. On the other hand, the authors find four significant macroeconomic factors explaining the trends of the inward acquisitions. Essentially, GDP, money supply and inflation rate have significant positive impacts on inward acquisitions, while the impact of exchange rate is negatively significant.

Research limitations/implications

Unavailability of data limits this study to pool six sample countries from ASEAN, instead of ten representative member countries.

Practical implications

The results of this study can signal to firms or investors, involving in cross-border mergers and acquisitions, where to direct foreign resources flows. Moreover, having the knowledge about the relative levels of market size and other macroeconomic factors in both home and host countries can be of great importance for investment decision. Therefore, policymakers of ASEAN countries should make appropriate macroeconomic policies that can stimulate inward and outward acquisitions.

Originality/value

The main contribution of this paper is that it is the first to present the analysis of macroeconomic influences on the trends of inward and outward merger and acquisition activities in six ASEAN countries.

Details

Studies in Economics and Finance, vol. 35 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 1 February 1989

Richard Dealtry

Acquiring a European company or, indeed, merging with one, arestrategies that are gaining favour with many organisations both withinand without the EC. The strategic implications…

Abstract

Acquiring a European company or, indeed, merging with one, are strategies that are gaining favour with many organisations both within and without the EC. The strategic implications of such moves are examined and some methods of limiting the risks involved are suggested.

Details

European Business Review, vol. 89 no. 2
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 1 April 1993

Jeryl Whitelock and Meredydd Rees

1992 was the year of the Single European Market. By 31 December1992, agreement should have been reached on some 286 directives, whichaimed to dismantle physical, technical and…

Abstract

1992 was the year of the Single European Market. By 31 December 1992, agreement should have been reached on some 286 directives, which aimed to dismantle physical, technical and fiscal barriers to trade. In so doing, it was expected that community businesses would become more integrated, allowing them to compete on more equal terms as Eurobusinesses with the global players of the US and Japan. It was predicted that greater intra‐Community competition would be a necessary precursor of this outcome, and that this will lead to industries restructuring through mergers and joint ventures to increase market share and economies of scale by reaching a “minimum efficient size”. Examines the trends in cross‐border mergers/acquisitions and joint ventures for the period 1986 to 1989 and concludes that, for both small and large firms, such activity has increased. Further, an analysis of EC material on the subject reveals that firms′ reasons for such developments appear to have become more market‐oriented over time.

Details

European Business Review, vol. 93 no. 4
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 1 January 1978

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act…

1363

Abstract

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:

Details

Managerial Law, vol. 21 no. 1
Type: Research Article
ISSN: 0309-0558

Article
Publication date: 16 November 2015

Vanita Tripathi and Ashu Lamba

The purpose of this paper is to determine the motives of cross-border mergers and acquisitions (M & A) by Indian companies for the period 1998 through 2009. The study has…

3216

Abstract

Purpose

The purpose of this paper is to determine the motives of cross-border mergers and acquisitions (M & A) by Indian companies for the period 1998 through 2009. The study has also attempted to ascertain the post-merger paybacks realized by the sample acquirer companies. It also identifies the motives which help in improving the post-merger performance. The preference of the motives and post-merger paybacks realized across the development status of the host economy, age and industry of the company has also been found.

Design/methodology/approach

This paper uses a survey approach to collect the responses over the motives and post-merger paybacks. Statistical tools, namely, Likert scale, factor analysis, independent samples t-test and binary logistic regression have been used.

Findings

The study found that there are five motives of cross-border M & A – value creation, improvement in efficiency, market leadership, marketing and strategic motives and synergistic gains. The results also indicated that the acquirer firms expect cost and financial efficiency, stakeholders’ benefits and employee welfare post acquisition. The motive of value creation significantly improves the post-merger financial performance.

Research limitations/implications

The study has only considered the cross-border M & A but not domestic M & A.

Practical implications

The research is an attempt to understand the dynamics which are responsible for motivating Indian companies to go abroad for acquisitions. Thus, it would help the prospective Indian acquirer companies to focus on the motives which help in improving the post-merger financial performance.

Originality/value

This research paper is original as it explores the motivation of Indian companies for entering into cross-border M & A. It adds to the extant literature of cross-border M & A by emerging economies multinational enterprises.

Details

Journal of Strategy and Management, vol. 8 no. 4
Type: Research Article
ISSN: 1755-425X

Keywords

Article
Publication date: 1 January 1977

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that…

2045

Abstract

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

Details

Managerial Law, vol. 20 no. 1
Type: Research Article
ISSN: 0309-0558

Article
Publication date: 13 November 2017

Jie Liang, En Xie and K.S. Redding

Nested within the industrial organization and corporate finance literature, this paper aims to analyze the market for cross-border mergers and acquisitions (M&A) in the world…

Abstract

Purpose

Nested within the industrial organization and corporate finance literature, this paper aims to analyze the market for cross-border mergers and acquisitions (M&A) in the world economy, developed economies, developing economies and transition economies. As multinational companies hold a large proportion of cash reserves and expand into diverse geographic markets, the paper aims to examine market patterns of high-valuation cross-border acquisition transactions. Specifically, it proposes a framework explaining the influential factors, motives and effects of high-valuation transactions by discussing some case evidences.

Design/methodology/approach

Drawing upon inductive and deductive logic, the paper discusses market trends and market patterns of cross-border M&A transactions by triangulating archival data analyses and accessible M&A literature. Some case examples are derived from news archive and official source sites. Regarding sample period, it considers the past two decades 1994-2013 to show market trends in various institutional settings and the past decade 2004-2013 to present market patterns of 62 high-valuation cross-border deals.

Findings

The transaction analysis indicates four cycles in the market trend, namely, growing period (1994-2000); declining, but promising period (2001-2006); financial crisis period (2007-2008); and recovering, but reversing period (2009-2013). A number of acquisitions undertaken by firms from emerging economies around the 2007-2008 global financial crisis have exemplified geographic (product) diversification as a primary motive of firm’s global strategy. In particular, a large proportion of sample high-valuation deals are spotted in developed economies such as the USA and the UK. In case of industry pattern, a good number of high-valuation deals are noticed in banking and finance, telecommunications and oil and gas sector.

Originality/value

Although several scholars have examined cross-border acquisitions in economics, corporate finance, strategy and international business literature, there is hardly any study that analyzes high-profile cross-border M&A deals. An exclusive market analysis of high-valuation international deals is important for several reasons. This paper fills this knowledge gap by showing both market trends and market patterns of cross-border M&A transactions. Importantly, to date, this paper is the first to propose a framework explaining the influential factors, motives and effects of high-valuation M&A transactions.

Article
Publication date: 26 June 2009

Peter Curwen and Jason Whalley

The purpose of this paper is to analyse the history of, and prospects for, mergers between incumbent European mobile operators.

Abstract

Purpose

The purpose of this paper is to analyse the history of, and prospects for, mergers between incumbent European mobile operators.

Design/methodology/approach

The paper examines the history of proposals for mergers among incumbent mobile operators in Europe over the past two decades, but with a particular emphasis upon the period commencing in 2006. It examines the rationale for the proposals and analyses why, in virtually every case, the proposals failed to come to fruition.

Findings

The paper argues that there are a set of road blocks that bar the way to realising inter‐incumbent mergers, and that these are by no means all economic. Given that the environment for M&A activity was relatively positive during 2006/2007, yet nothing much was achieved, it now seems likely that in the febrile environment of the 2008/2009 credit crunch, the topic will return to the backburner.

Originality/value

This paper is the first detailed attempt to address this topic.

Details

info, vol. 11 no. 4
Type: Research Article
ISSN: 1463-6697

Keywords

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