Does economic interventionism help strategic industries? Evidence from Europe

Simple item page
dc.contributor.authorMaček, Anita
dc.contributor.authorOvin, Rasto
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2014-08-28
dc.date.available2014-08-28
dc.date.defense2014-09-04
dc.description.abstractAlthough 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.formattext
dc.format.extent4-14 s.cs
dc.identifier.doi10.15240/tul/001/2014-3-001
dc.identifier.eissn2336-5604
dc.identifier.issn12123609
dc.identifier.urihttps://dspace.tul.cz/handle/15240/7082
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
dc.relation.isbasedonBLOMSTROM, M. and PERSSON, H. Foreign Investment and Spillover Efficiency in an Underdeveloped Economy: Evidence from the Mexican Manufacturing Industry. World Development. 1983, Vol. 11, No. 6, pp. 493-501. ISSN 0305-750X.
dc.relation.isbasedonCAVES, R.E. Multinational firms, Competition and Productivity in Host-Country Markets. Economica. 1974, Vol. 41, No. 5, pp. 176-193. ISSN 1468-2702.
dc.relation.isbasedonDRIFFIELD, N. The Impact on Domestic Productivity of Inward Investment in the UK. The Manchester School. 2001, Vol. 69, No. 1, pp. 103-119. ISSN 1467-9957.
dc.relation.isbasedonEGIP. European Group for investor protection [online]. 2005 [cit. 2007-09-22]. Available from: http://www.egip.org/root/index.php?page_id=128.
dc.relation.isbasedonESTRIN, S., HUGHES, K.S. and TODD, S. Foreign Direct Investment in Central and Eastern Europe: multinationals in transition. London: Royal Institute of International Affairs, 1997. 276 p. ISBN 978-1855674813.
dc.relation.isbasedonFRESHFIELDS BRUCKHAUS DERINGER. Public takeovers in Europe [online]. 2006 [cit. 2007-05-04]. 56 p. (PDF). Available from: http://www.freshfields.com/uploadedFiles/SiteWide/Knowledge/Public%20takeovers%20in%20Europe.pdf.
dc.relation.isbasedonGFC/NET. Economic Patriotism/Nationalism Likely to Intensify According to Business Journalists Worldwide. Business Wire [online]. Global Financial Communication Network, 2007 [cit. 2007-12-09]. Available from: http://www.allbusiness.com/trade-development/trade-development-finance/5420005-1.html.
dc.relation.isbasedonKAMINSKY, G.L. International Capital Flows, Financial Stability and Growth. DESA Working Paper [online]. 2005, No. 10 [cit. 2007-03-05]. 24 p. (PDF). Available from: http://www.un.org/esa/desa/papers/2005/wp10_2005.pdf.
dc.relation.isbasedonLIN, C.H. Role of Foreign Direct Investment in Telecommunication Industries: A Developing Countries’ Perspective. Contemporary Management Research. 2008, Vol. 4, No. 1, pp. 29-42. ISSN 1813-5498.
dc.relation.isbasedonLIPSEY, R.E. Interpreting Developed Countries’ Foreign Direct Investment [online]. National Bureau of Economic Research, 2000. Working paper No. 7810 [cit. 2007-05-04]. Available from: http://www.nber.org/papers/w7810.
dc.relation.isbasedonLIU, X., P. SILER, C WANG and WEI, Y. Productivity Spillovers from Foreign Direct Investment: Evidence from UK Industry Level Panel Data. Journal of International Business Studies. 2000, Vol. 31, No. 3, pp. 407-425. ISSN 0047-2506.
dc.relation.isbasedonMAČEK, A. Čezmejne združitve in prevzemi kot dejavnik tranzicije v EU. Doktorska disertacija. UM, Ekonomsko-poslovna fakulteta. (Cross-Border Mergers and Acquisitions as a Factor of the Transition in the EU – a doctoral thesis, University of Maribor, Faculty of Economics and Business). 2009.
dc.relation.isbasedonMARCHICK, D.M., SLAUGHTER, M.J. Global FDI policy: correcting a protectionist drift [online]. Council on Foreign relations, 2008. CSR No. 32 [cit. 2008-06-15]. Available from: www.cfr.org/content/publications/attachments/FDl_CSR34.pdf.
dc.relation.isbasedonPAPE, E., DICKEY, C. Rising Barriers; French Prime Minister Dominique De Villepin Is Leading a New Wave of Protectionism-In Europe-But Also, Possibly, One of Reform. Newsweek international. 2006, March 20. ISSN 0163-7053.
dc.relation.isbasedonPEREZ, T. Multinational Enterprises and Technological Spillovers. Amsterdam: Harwood, 1998. ISBN 90-5702-295-8.
dc.relation.isbasedonREISEN, H. After the Great Asian Slump: Towards a Coherent Approach to Global Capital Flows. Policy Brief. Paris: OECD Development Centre. 1999, No. 16. ISSN 2077-1681.
dc.relation.isbasedonTANDON, Y. M&A is takeover of firms in north, economies in south [online]. Geneva: Third world network, 2000 [cit. 2005-02-04]. Available from: http://www.twnside.org.sg/title/firms.htm.
dc.relation.isbasedonTSANG, M., HAUCK, D. Stock Markets Contract as M&A Overtakes Equity Sales [online]. Bloomberg, 2007-01-08 [cit. 2009-01-09]. Available from: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a7IeW7BtD0dQ.
dc.relation.isbasedonUNCTAD. World Investment Report 2007. Transnational Corporations. Extractive Industries and Development [online]. United Nations: UNCTAD, 2007 [cit. 2012-08-05]. Available from: http://unctad.org/en/pages/PublicationArchive.aspx?publicationid=724.
dc.relation.isbasedonUNCTAD. World Investment Report 2013. Global value chains: investment and trade for development. [online]. New York and Geneva: United Nations. UNCTAD, 2013 [cit. 2014-03-02]. Available from: http://unctad.org/en/pages/PublicationWebflyer.aspx?publicationid=588.
dc.relation.isbasedonVAARA, E., TIENARI, J., SAURI, N., BJOERKMAN, I. Global Capitalism Meets National Spirit: Discourses in Media Texts on a Cross-Border Acquisition. The 2nd Critical Studies Conference [online]. Manchester, 2001 [cit. 2004-09-11]. 21 p. (PDF). Available from: http://www.mngt.waikato.ac.nz/ejrot/cmsconference/2001/Papers/Lanaguage%20of%20New%20Capitalism/Vaara.pdf.
dc.relation.isbasedonWYPLOSZ, C. How Risky is Financial Liberalization in the Developing Countries? CEPR Discussion Paper [online]. Geneva: University of Geneva, 2001 [cit. 09-01-2007]. Available from: http://www.cepr.org/pubs/dps/DP2724.asp.
dc.relation.ispartofEkonomie a Managementcs
dc.relation.ispartofEconomics and Managementen
dc.relation.isrefereedtrue
dc.rightsCC BY-NC
dc.subjectredistributionen
dc.subjectefficiencyen
dc.subjectsocial protection expenditureen
dc.subjecteconomics developmenten
dc.subject.classificationC3
dc.subject.classificationE2
dc.subject.classificationF2
dc.titleDoes economic interventionism help strategic industries? Evidence from Europeen
dc.typeArticleen
local.accessopen
local.citation.epage14
local.citation.spage4
local.facultyFaculty of Economics
local.fulltextyes
local.relation.abbreviationE&Men
local.relation.abbreviationE+Mcs
local.relation.issue3
local.relation.volume17
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
EM_03_14_1.pdf
Size:
282.28 KB
Format:
Adobe Portable Document Format
Description:
Download
License bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
license.txt
Size:
1.71 KB
Format:
Item-specific license agreed upon to submission
Description:
Download
Collections
Číslo 3