Оценка размера и структуры синергии во внутрироссийских сделках слияний и поглощений в 2006 – 2014 гг.
M&A decisions are vital for long-term development of emerging market companies. Existing research pays little attention to studying structure of synergy and valuation of synergy in M&A deals, initiated by private companies.
Therefore, there are no inclusive methods exist to analyze different components of financial and operating synergy. This article aims to systematize existing literature about synergy and validate theoretical model suitable for synergy valuation in M&A deals in Russia. We also test several empirical hypotheses about synergy structure during growth and crisis periods on Russian M&A market.
In the introductory part of the article we discuss concept of synergy in M&A deals and types of synergy. In the second part we review academic literature related to valuation of different components of operating and financial synergy. In the third part we develop inclusive valuation method for five components of synergy. We formulate hypotheses and discuss data sample in part four. In part five we test hypotheses on empirical data using our model and discuss significant results.
This article may be useful for company management and investment analysis to estimate value of prospective M&A deals.
Hi-tech innovative alliances tend to have more key sustainable competitive advantages in comparison with those out of alliance, especially because alliances allow the companies to switch through the partners the financial burdens and intellectual investments in innovations. BRIC make an important input into Gross World Production and its hi-tech industries grow faster than others over developing countries. However companies of these industries still lack internal resources of innovative and technological facilities, e.g. Russian companies, because of that alliances (usually, international anв transnational) acquire more and more popularity. Alliances give the access towards resources and competences of the direct and indirect partners. The paper describes the empirical evidence of alliances efficiency factors and its influence on the high-tech companies of India and China. This evidence can be replicable to some extent and useful to the development of Russian companies. According to the testing results it is possible to assume, that efficiency of alliances has the significant impact on the corporate value in the mid-term. The crisis has significant impact on the observable dependencies.
The capacity for transformation and advancement of the world economy itself by a group of countries belonging to the emerging economies has been a topic of intense discussion in world forums. Even as news of the losing shimmer of the emerging economies is being spilled to the world, this is where 80% of the world consumers reside, and, therefore, too important to divert attention from. The theme of the 2014 Annual Conference of the Emerging Marketing Conference Board hosted by Centre for Marketing in Emerging Economies of IIM Lucknow, supported by the Academy of Indian Marketing – Listening to Consumers of Emerging Markets is an eminent testimony to this important fact.
JAGDISH N SHETH, PHD
Emory University Founder, Academy of Indian Marketing
As there is still no substantial research evidence on the mediating effect of innovativeness on market orientation – performance link in emerging economies, our study aims to close this gap. Following existing theory, direct and indirect effects of market orientation on firm performance are being tested. The model includes moderating effect of product innovativeness. The paper aims at adding to existing theory on the role of firm innovativeness in driving firm performance with the focus on product innovation. Product innovation is in center of attention for emerging economies, while Russia is rather loosing positions in producing innovative offerings in comparison to other BRIC economies. The study is based on empirical survey of 204 Russian innovative firms with multiple respondents approach, resulting in 331 qualified respondents. The results confirm existing differences, depending on the level of product innovativeness, as well as illustrate variation in the role of market orientation subdimensions and dimensions of product innovation on firm performance.
The chapter describes the current state of corporate governance in Russia and the dynamics of recent years. Important features of the environment that affect corporate governance include weak legal institutions that lead to high private benefits to control, underdeveloped capital markets, high levels of ownership concentration and significant state involvement in business. In this situation, the main conflict of interest is not between a manager and a large number of dispersed shareholders, but between large and small shareholders, between different large shareholders, and between minority shareholders and managers/board members in state-owned companies. Many of these features are very similar to other emerging markets, but substantially different from conditions faced by firms in developed countries. Despite substantial improvement during the 2000s, the quality of corporate governance in Russia is still much lower than in developed countries, primarily because of the low quality of Russian institutions.
This multi-author monograph has been compiled at the Department of Foreign Languages, Linguistics and Interpretation of Perm National Research Polytechnic University based on the research into modern translation discourse as an anthropocentric and textocentric phenomenon. The scientific inquiry is focused on exploration into the interpretaion process pattern as a synergetic system of interpreting senses of languages and cultures, interacting in the translation space, where the category of harmony is its axiological vector.
The monograph is aimed at students, post-graduates, doctoral students, and those specialized in translation studies, comparative linguistics, language education, and intercultural communication.
This article evaluates the peculiarities of current corporate ratings systems and addresses specific issues of the development of econometrical rating models for emerging market enterprises. Financial indicators, market-value appraisals, industrial as well as macroeconomic factors of different countries were used as explanatory variables. Ratings of the Standard & Poor's, Moody's Investors Service and Fitch Ratings agencies were considered and used for modelling. The predictive power of the econometrical models was examined. A comparison of the methodologies of the three leading agencies was discussed.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.