What Matters in University Mergers: Students’ Feedback on Organizational Change
Mergers are common practice in higher education systems around the world, and merger-related aspects, such as the transformation of organizational and administrative structures, the impact on internal funding allocation mechanisms or changes in academic strategies and profiles, are well researched. Besides the issues of funding after a merger or organizational structure transformation, one of the most common problems is the “human factor.” It includes differences of university cultures in merging universities, protests before the mergers and conflicts afterwards ignited by university staff and especially students. But the role of students in university mergers and their understanding of these processes are hardly investigated at all. So, research is necessary to find better managerial decisions during merger processes and to understand actual students’ interests in contemporary universities overall. The first step is to clarify the most sensitive changes for students during university mergers.
The main focus of the article is the question if mergers, takeovers, and organizational restructuring lead to increased university efficacy. The task of defining efficacy with several “input” and “output” performance indicators nowadays is easily solved by a data envelope analysis (DEA). Two models for evaluating educational and academic efficacy of a university. Calculations use DEA model oriented towards input (Input Orientated) with constant return to scale (Constant Returns to Scale, CRS). In order to conduct comparative analysis of groups of universities undergoing restructuring process of different magnitude the authors suggest several university classifications: according to the number of merged and/or liquidated units; restructuring completion period; restructuring mechanism type; including mid level professional education into the university under evaluation. In order to test the suggested hypotheses the authors used non parametric statistic methods of average comparison. The pool for this research covered 132 universities with the Russian Federation Ministry of Education and Science as a founder. The research has not identified decreased efficacy of universities as a result of restructuring process. It has turned out that universities actively participating in restructuring processes have become more effective in comparison with other universities. The research has not observed the effect of temporary decrease and following growth of efficacy at organizations undergoing mergers or takeovers. The research has not supported the hypothesis of decreasing university efficacy as a result of taking over mid level professional education institution. The results of the research clearly indicate the lag in efficacy as compared to the leading competitors where 2010 is a reference year. The authors understand that testing whether suggested hypotheses are true or false and require more detailed research of the university as compared to 2010. As many countries have accumulated sufficient experience of higher education restructuring the results of research into Russian universities restructuring making a comparison of the efficacy of the leading competitors according to numbers in 2010. The authors understand that it will take time to see if their suggestion are true or false. As foreign higher education restructuring materials can be easily downloaded. The results of the research of Russian Federation universities restructuring allow for provide conclusions, using accumulated theoretical concepts for explaining and predicting possible consequences of using different restricting mechanisms. The article uses academically acknowledged envelope data analysis method. This method is for the first time used to compare university efficacy in dynamics.
This chapter surveys the recent trends in the literature on the performance of M&A deals in developed and emerging capital markets. This literature is voluminous, diverse and challenging. We focus on the transactions within one country – domestic M&As – in particular focusing on the methods that the researchers use to estimate whether M&A deals promote efficiency gains or not. We discuss the research instruments which allow an assessment of the effects of M&As on firm operating performance and on firm value. Analysing the results of latest empirical studies we reveal that target shareholders gain significantly in M&A deals. The evidence suggests that in most cases acquiring shareholders receive negative or insignificant returns in the short-run in developed capital markets, while in emerging economies acquiring shareholders mostly gain in M&A deals. Operating performance analysis reveals mixed results in developed and emerging capital markets, while the analysis of papers which use value performance indicators show the destruction of company value due to M&As in developed and emerging capital markets. The review also analyses studies that examine the relationship between different methods.
This paper presents an empirical analysis of the Russian market of mergers and acquisitions in 2003-2012. This analysis allowed for the conclusion that, to assess and forecast the integration activity of Russian companies, the most precise and appropriate models are seasonal autoregressive integrated moving average models built on weighted observations to eliminate the effect of the structural changes which are characteristic of developing economies. Forecasting the values of development of the market for corporate control may serve as “input” information to form a prompt regulation system for the mergers and acquisitions of holding companies, which meets current needs.
This paper presents an empirical analysis of the Russian market of mergers and acquisitions (the largest market for corporate control in Central and Eastern Europe) in 2003-2012 in terms of the total volume and value of the merger and acquisition deals of the holding companies. This analysis allowed for the conclusion that, to assess and forecast the integration activity of holding companies, the most precise and appropriate models are seasonal autoregressive integrated moving average models built on weighted observations to eliminate the effect of the structural changes which are characteristic of developing economies. Forecasting the values of development of the market for corporate control may serve as “input” information to form a prompt regulation system for the mergers and acquisitions of holding companies, which meets current needs. The presented analysis makes it possible to work out measures of public policy to increase the efficiency of the integration activity of holding companies.
The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.
Higher education is valued as one of the main sources of civic participation and social benefit. In spite of the significant growth in the number of students over the last 20 years, Russia is still considered to be a country with a low level of civic engagement. Our study aims to respond to this contradictory standing and to explain the causes of student civic engagement. The survey conducted in 10 state universities has shown a difference in civic engagement index values among students from 4 educational programmes. The results of linear regression models have shown that, in addition to the ‘pure teaching effect’, such factors as religiosity and social capital influence student civic engagement.
Students' internet usage attracts the attention of many researchers in different countries. Differences in internet penetration in diverse countries lead us to ask about the interaction of medium and culture in this process. In this paper we present an analysis based on a sample of 825 students from 18 Russian universities and discuss findings on particularities of students' ICT usage. On the background of the findings of the study, based on data collected in 2008-2009 year during a project "A сross-cultural study of the new learning culture formation in Germany and Russia", we discuss the problem of plagiarism in Russia, the availability of ICT features in Russian universities and an evaluation of the attractiveness of different categories of ICT usage and gender specifics in the use of ICT.
The results of cross-cultural research of implicit theories of innovativeness among students and teachers, representatives of three ethnocultural groups: Russians, the people of the North Caucasus (Chechens and Ingushs) and Tuvinians (N=804) are presented. Intergroup differences in implicit theories of innovativeness are revealed: the ‘individual’ theories of innovativeness prevail among Russians and among the students, the ‘social’ theories of innovativeness are more expressed among respondents from the North Caucasus, Tuva and among the teachers. Using the structural equations modeling the universal model of values impact on implicit theories of innovativeness and attitudes towards innovations is constructed. Values of the Openness to changes and individual theories of innovativeness promote the positive relation to innovations. Results of research have shown that implicit theories of innovativeness differ in different cultures, and values make different impact on the attitudes towards innovations and innovative experience in different cultures.
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.