George Marian Aevoae

• PhD
• Alexandru Ioan Cuza University

The past performance and the capital structure of the companies that are involved in mergers and acquisition (M&As) are considered into the analysis of the circular causality relationship between financial performance and market value. Considering two models, one for value relevance and one for accounting conservatism, this paper aims to analyze if...

Corporations often acquire stakes in other companies. These stakes do or do not grant them control but they definitely allow the acquirers to use target companies’ resources to increase their profitability, access technological progress and innovation, develop products, or obtain dividends, as a part of their strategic transactions. The main object...

The paper aims at describing two dimensions of acquirers’ behaviour when purchasing minority shares in Romanian listed target companies, based on a sample of 710 Romanian minority acquisitions. The first dimension regards the acquirer’s decision to invest a certain amount, being influenced by the profitability of the target company The relationship...

The BRICS countries are known to be a key market for foreign direct investment. This paper analyzes the decision of EU acquirers from developed economies to invest in the energy sector in BRICS countries. Using empirical evidence on 4,222 cross-border M&As and fuzzy logic, the research results show that acquirers consider macroeconomic factors as s...

This study aims to identify the factors that influence economic growth for 16 countries located in Central and Eastern Europe, from 1995-2019. To obtain the research results, panel data analysis was used, based on econometric models that test the influence of human capital, foreign capital, and domestic capital on economic growth. The analytical da...

How do changes in Environmental, Social and Governance (ESG) scores influence banks’ systemic risk contribution? Using a dynamic panel model, we document a beneficial impact of the ESG Combined Score and Governance pillar on banks’ contribution to system-wide distress analysing a panel of 367 publicly listed banks from 47 countries over the period...

Purpose – The purpose of this paper is to identify the chances that a certain type of investor will purchase a stake in an industry target company, considering the accounting practices and / or the audit opinion, to which certain financial information is added, related to size and profitability. The influence of these factors on the acquisition dec...

How do changes in Environmental, Social and Governance (ESG) scores influence banks’ systemic risk contribution? We document a beneficial impact of the ESG Combined Score and Governance pillar on banks’ contribution to system-wide distress analysing a panel of 367 publicly listed banks from 47 countries over the period 2007-2020. Stakeholder theory...

As a part of their strategic transactions, corporations often acquire stakes in other companies that do not grant them control but allow them to use their resources to increase their profitability, access technological progress, and innovation, develop products, or obtain dividends. The main objective of this paper is to identify the factors influe...

The book is available at: https://www.palmknihy.cz/ekniha/predicting-corporate-default-and-mergers-and-acquisitions-success-333872#snippet-productReviewListControl-reviews

Research question: How do the characteristics of the M&A transaction and of the target company influence the decision of an acquirer for purchasing a specific amount of capital stake in a Romanian target company? Motivation: The objective of the paper is to identify the influence factors on the stake purchased in Romanian acquisitions, like the met...

Research question: At M&A level, is there a circular causality relationship between financial performance (return on equity) and the market value (price-to-book ratio) considering the influence of the return on assets and of the financial leverage? Idea: Starting from the model of Beaver et al. (2012) and Basu’s (1997) assumptions on conservatism,...

External growth strategies face crucial barriers when taken into consideration for investing if the involved companies are not audited. The integrity of a company’s financial information, its control systems, and its sustainable behavior represent cornerstones when participating in mergers and acquisitions (henceforth M&As). Thus, the audit functio...

External growth operations, such as mergers and acquisitions (M&As), alliances, consortia, are often seen by the companies as a way of expending their businesses or as a way of survival. In this chapter, we identify the determinants of the acquirers for choosing one type of merger in the detriment of others, considering a classification that suits...

External growth operations, such as mergers and acquisitions (M&As), alliances, consortia, are often seen by the companies as a way of expending their businesses or as a way of survival. In this chapter, we identify the determinants of the acquirers for choosing one type of merger in the detriment of others, considering a classification that suits...

Economic entities get involved in mergers and acquisitions (M&As) because they are interested in external growth strategies which can lead to an increase in the wealth of the shareholders of the participating entities. In M&As, from an acquirer or a target's perspective, a company brings its resources, which can be material or immaterial (knowledge...

Research question: The study aims to identify the microeconomic factors that influence the amount of stake purchased in Romanian acquisitions. Motivation: Romania is a market with potential and one of the fastest growing economies in the European Union, facts that make Romanian companies appealing for this type of restructuring transactions. Thus,...

Following the adoption of the first European merger and acquisition regulation in 1989 (Council Regulation (EEC) No 4064/89), the European Union has imposed the competition law as one of the main pillars of the acquis communautaire. The transposition of this regulation in 2004 (Council Regulation (EC) No 139/2004) reinforced the position of the Eur...

The motivations of the companies to participate in transactions like M&As are very diverse, despite the fact that they all sustain the external growth strategies which can lead to an increase in the wealth of the shareholders of the participating entities. In most cases, the acquirer and the target enter a concentration because they are interested...

In the current context of climate change, economic development, increased attention to human rights or other social causes, employees, in their capacity as human capital, have a high priority. The economic crisis has led to the review of corporate responsibility, especially in companies where social responsibility has not been based on sound princi...

The paper aims, for 2008-2018, a case study regarding the ranking of the European Union countries (Eastern Europe) by two indicators: corruption in the public sector and intensity of the technology transfer associated to the Foreign Direct Investment (FDI). We use in our research the quantitative analysis method. As data panel, we have the values o...

The cross-border mergers and acquisitions (M&As) are powerful strategies, used by companies, usually with financial resources, to search and acquire target companies that fulfill specific needs of the acquirers. The characteristics of the target companies and of the environment where they activate compose the determinants that lead to either a dome...

The cross-border mergers and acquisitions (CBM&As) are growth strategies which allow the companies to expand their activities beyond the borders of their residence countries. The choice for a specific company is influenced, on a side, by the residence country, and, on the other side, by the characteristics of the target company. The proposed resear...

Economic entities get involved in mergers and acquisitions (M&As) because they are interested in external growth strategies which can lead to an increase in the wealth of the shareholders of the participating entities. In M&As, from an acquirer or a target's perspective, a company brings its resources, which can be material or immaterial (knowledge...

Pharmaceutical industry is one of the most prolific industry regarding mergers and acquisitions (M&As), being subject to a profound restructuring over the years. Also, this industry is characterized by rapid innovation, technology and specialized assets. This study explores the acquiring companies from pharmaceutical industry whose cash capacity an...

Mergers and acquisitions (M&As) have been a popular strategy for firms and represent an important alternative for strategic expansion. At European Union (EU) level there are companies which choose this strategic option in order to expand their activity overboard, by merging or acquiring a company from EU or from a country outside the Union. The pur...

The aim of this paper is to present, using a quantitative and qualitative analysis of the scientific literature published by authors from the European Union, regarding the concepts of value creation/destruction through mergers and acquisitions (M&As) and their quantification, the latter being made by measuring the abnormal returns and the performan...

In the current economic environment, synergy has become a trend in business management, making it necessary to explore ways to evaluate it. In this context, three reasons for mergers and acquisitions are to be considered: the search for synergy, the management system and hubris. The mergers are strategic operations which have, as starting point, mo...

Given its amplitude, the M&A phenomenon appears to restructure industries or to create companies with a size which was unimaginable not decades, but years ago. As a result, there was an obvious preoccupation of the regulatory commissions for controlling these types of concentrations and to offer remedies, in order for the uncompetitive transactions...

Viewed from the perspective of the players on the economic markets, mergers and acquisitions, known as M&As, are external growth strategies that enable entities to develop their businesses by leveraging the financial, human, or economic resources of other companies. The purpose of this article is to provide a quantitative description of the merger...

The vast majority of people perceive mergers as being done by businesses to increasing the value of shareholders, strengthening operations and increasing profit as well as improving services, products and value for their consumers. Mergers can be used by non-profit organizations (NPOs) as a way to increase community service to share limited resourc...

Mergers and acquisitions are performed worldwide mainly because of synergy. Although many invoke the term synergy as the key motivation of why they engage in M&As, research has led us to understand that it is not very clear in terms of what it actually is. In the scientific literature, synergy is mostly defined as being “2+2=5”. Thus, we first thou...