Does economic interventionism help strategic industries? Evidence from Europe

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dc.contributor.author Maček, Anita
dc.contributor.author Ovin, Rasto
dc.contributor.other Ekonomická fakulta cs
dc.date.accessioned 2014-08-28
dc.date.available 2014-08-28
dc.identifier.issn 12123609
dc.identifier.uri https://dspace.tul.cz/handle/15240/7082
dc.description.abstract Although most studies proves that Cross-Border Mergers and Acquisitions (C-B M&A) cause more benefits than threats, the real economic policy in the EU countries offsets the fear that liberalization of inward C-B M&A would endanger economic position of strategic industries and thus national economic goals. After the adoption of EU Directive 2004/25/EC on Takeover Bids the era of fast growth of inward C-B M&A in the EU and consequently the era of rising interventionism so as to protect national strategic industries and companies has started. Additional stimulus for the European Union’s (EU) most developed economies to exercise interventionism was financial and economic crisis starting in 2008. Considering high ranking of employment goals and state-supported social cohesion in continental Europe, it is not surprise that interventionist reactions came from ruling parties and coalitions regardless their political orientation. By the help of the results of their 2009 empirical study on C-B M&A authors tested the relation between the results referring to C-B M&A effects on strategic sectors and the Heritage Foundation Index of Investment Freedom. With combining the results from 2009 study with Index of Investment Freedom from 2009 and in the second equation with index from 2014 authors checked if strategic sectors benefit from incoming C-B M&A when subject to the previous market oriented industrial policy. Both estimated equations proves that unlike with sheltering economic policy, when subject to market conform measures of industrial policy, strategic sectors will benefit from inward C-B M&A. By proving the statistical significant relationship between the results from 2009 study and Index from 2014 authors also proved the statistical and analytical quality of the equation from 2009. By proving statistical significance of the second equation we proved that the judgement of the academic community could be considered relevant also after five years following the real experience as basis of their judgement. en
dc.format text
dc.format.extent 4-14 s. cs
dc.language.iso en
dc.publisher Technická Univerzita v Liberci cs
dc.publisher Technical university of Liberec, Czech Republic en
dc.relation.ispartof Ekonomie a Management cs
dc.relation.ispartof Economics and Management en
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dc.rights CC BY-NC
dc.subject redistribution en
dc.subject efficiency en
dc.subject social protection expenditure en
dc.subject economics development en
dc.subject.classification C3
dc.subject.classification E2
dc.subject.classification F2
dc.title Does economic interventionism help strategic industries? Evidence from Europe en
dc.type Article en
dc.date.defense 2014-09-04
dc.publisher.abbreviation TUL
dc.relation.isrefereed true
dc.identifier.doi 10.15240/tul/001/2014-3-001
dc.identifier.eissn 2336-5604
local.relation.volume 17
local.relation.issue 3
local.relation.abbreviation E&M en
local.relation.abbreviation E+M cs
local.faculty Faculty of Economics
local.citation.spage 4
local.citation.epage 14
local.access open
local.fulltext yes


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