scholarly journals WHY PAY MORE - WORLD EVIDENCE ON M&A BID PREMIUM DETERMINANTS

2019 ◽  
pp. 299
Author(s):  
Milutin Živanović ◽  
Nataša Džudović
Keyword(s):  
Economic Development ◽  
Global Economy ◽  
Information Leakage ◽  
Institutional Environments ◽  
Payment Method ◽  
Significant Information ◽  
Level Of Economic Development ◽  
Bid Premium ◽  
Corporate Mergers And Acquisitions ◽  
The Moment

Corporate mergers and acquisitions represent one of the most dynamic fields in the world of the business finance. These remarkably complex transactions success may vary depending on the economic and institutional environments in which the transactions are performed. This paper investigates the information content of the bid premium determined in the M&A transactions and focuses on the identification of significant differences in its amount depending on: (1) the observed timeframe (width of the event window observed relative to the moment of the transaction announcement); (2) current equity market trends (3) institutional environments and the degree of the economic development of the countries in which the transaction participants operate; and (4) selected payment method and motive for entering the transaction in regard to space and time dimensions of bid premium. Examining the sample of 783 merger and acquisition transactions at the global economy level, the research explores the importance and range of time and space determinants of bid premiums in M&A transactions.Our results confirm that bid premium carries significant information and that is highly dependent on the observed timeframe, i.e. we find evidence of information “leakage” prior to transaction announcement and sluggish adaptation to expected value creation due to market characteristics, level of economic development of countries in which M&As are operated and specific transaction characteristics such as payment method and motive for participating in such transaction. The paper shows that the results can often differ depending on whether the analysis includes dominant trends in the most important capital markets.

scholarly journals Development tendencies of special economic zones of the Republic of Kazakhstan

2021 ◽  
pp. 30-36
Author(s):  
S. S. Shakeyev ◽  
К. A. Nevmatulina ◽  
S. B. Baibossynov
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Global Economy ◽  
Climatic Factors ◽  
Geographic Location ◽  
Special Economic Zones ◽  
The World ◽  
Level Of Economic Development ◽  
The Republic ◽  
Economic Zones

At present, all countries of the world, including Kazakhstan, in the sphere of the global economy are solving the problem of increasing the rates of economic growth. Experience shows that special economic zones can be such “points of economic growth”. The level of economic development, geographic location, natural and climatic factors and a number of other factors, of course, distinguish Kazakhstan in terms of the existing potential for the development of special economic zones. The zones created in Kazakhstan have different specializations and, accordingly, different goals, which are solved with varying degrees of success. The real results of the functioning of SEZ in Kazakhstan are still difficult to be attributed to absolutely positive. Taking into account the ambiguous results of the activities of special economic zones, the state has been taking measures for a number of years to increase their efficiency and transform the institutional framework of their activities. The existing and new promising special economic zones are intended to contribute to the achievement of these goals. Therefore, it is necessary to expand the use of such a tool as SEZ in every possible way, to study methods to improve the efficiency of their functioning. This will make it possible to objectively assess the possible prospects for the creation and development of SEZ in the Kazakhstan’s economy.

scholarly journals The Relation between Economic Development and International Trade: A Comparative Analysis of East Asian and Southeast Asian Economies

2015 ◽  
Vol 7 (1) ◽  
pp. 67-101
Author(s):  
Rainer Doppler
Keyword(s):  
Economic Development ◽  
International Trade ◽  
South Korea ◽  
Global Economy ◽  
East Asian ◽  
Southeast Asian ◽  
Industrial Output ◽  
Short Period ◽  
Level Of Economic Development ◽  
The Impact

Abstract The impressive economic development of East Asian and Southeast Asian countries, like China, Japan, South Korea, or Singapore, is often described as the ‘Asian economic miracle’. The transition from a less developed economy to an industrialised country and successful integration into the global economy within a relatively short period of time are characteristics of the economic development process. Academic research is dominated by a general agreement on the causal relationship between economic development and international trade. The research goal of this paper is to analyse the impact of the level of economic development on the degree of international trade in the economies of China, Japan, South Korea, Singapore and Thailand. The applied research model does not follow the traditional research mainstream but rather introduces relative shares of GDP-related industrial output and of manufactures exports by adopting national as well as international perspectives instead. Descriptive trend analysis, correlation analysis and regression analysis are conducted in order to test the hypotheses. The results do not support conventional academic wisdom. A statistically reasonable causality between the level of economic development, in terms of relative industrial output, and the degree of international trade, in terms of relative industrial exports, could not be confirmed.

Peculiarities of Modern Dynamics of the Global Economy

2010 ◽  
pp. 78-92 ◽  
Author(s):  
V. Klinov
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Business Cycles ◽  
Global Economy ◽  
Long Waves ◽  
Rapid Expansion ◽  
Business Taxation ◽  
Modern World ◽  
China And India ◽  
World Economic

Rates and factors of modern world economic growth and the consequences of rapid expansion of the economies of China and India are analyzed in the article. Modification of business cycles and long waves of economic development are evaluated. The need of reforming business taxation is demonstrated.

Our Debts Heavy... (on the Monograph “Debt as a Phenomenon of the XXI Century”)

2015 ◽  
pp. 152-159 ◽  
Author(s):  
T. Leonova
Keyword(s):  
European Union ◽  
Economic Development ◽  
Global Economy ◽  
Debt Financing ◽  
The European Union ◽  
National Economies

Lending capital, credit and debt financing have been around and used to fuel economic development since the time immemorial. There are innumerable studies by international and Russian scholars that look into the evolution of these notions and lending instruments employed. The collective monograph edited by A. Porokhovsky and published by the MSU in 2014 intends to provide an all-around political and economic as well as applied review of the current debt issues faced by the global economy, national economies of Russia, U.S.A. and countries of the European Union. It uses a variety of academic and methodological postulates that range from the reproduction approach to modern macroeconomic doctrines.

Transformation of the intellectual capital structure and a growth in the significance of its components – human capital and intellectual property – in today's economy

2020 ◽  
Vol 16 (4) ◽  
pp. 745-758
Author(s):  
S.N. Larin ◽  
E.Yu. Khrustalev ◽  
N.V. Noakk
Keyword(s):  
Human Capital ◽  
Economic Development ◽  
Intellectual Property ◽  
Intellectual Capital ◽  
Global Economy ◽  
Information Technologies ◽  
Economic Community ◽  
Intellectual Activity ◽  
Accelerated Growth ◽  
Definition Of

Subject. Currently, as the global economy evolves, its innovative components should demonstrate a tendency of accelerated growth as intellectual capital, information technologies, increasing knowledge and digitization of mushrooming production processes. Nowadays, intellectual capital is one of the economic development drivers. However, the economic community is found to have no generally accepted wording of the concept, thus laying the basis for this article. Objectives. The study sums up the analysis of approaches used by the Russian and foreign economists to determining the economic substance of intellectual capital. We also identify the importance of human capital as its components and specify the definition of the concept. Methods. The article overviews and analyzes proceedings by the most renowned authors, which substantiate how the economic substance of intellectual capital should be unveiled, and suggest its definitions. Results. We specified the definition of intellectual capital concerning the current economic development. We suggest integrating a new component into intellectual capital, such as intellectual property, which includes products of intellectual activity and intangible assets. They can be owned by the entity or other legal entities and individuals, including some employees of the entity. Conclusions and Relevance. The specified definition of intellectual capital will help address issues of sustainable economic development and ensure the competitiveness of the Russian entities nationwide and worldwide, since it directly contributes to intellectual capital and its components.

Spatial Development of Innovation Systems in Russia

2014 ◽  
Vol 9 (4) ◽  
pp. 289-304 ◽  
Author(s):  
Lidija Sergevna Arkhipova
Keyword(s):  
Economic Development ◽  
Russian Federation ◽  
Chemical Industry ◽  
Innovation System ◽  
Machine Building ◽  
Competitive Advantages ◽  
Regional Aspect ◽  
Level Of Economic Development ◽  
The Russian Federation ◽  
Effective Development

While the development of the country's national innovation system as a whole is very important and should be prioritized, its regional aspect is even more important. The specifics of the Russian Federation's transition to an innovation-based economy is in that that, at the present time, prioritized is the need to ensure the effective development of those economy sectors that underlie the country's specialization and may provide regional and national competitive advantages. To such sectors belong the chemical industry, machine-building and power energetics. We would like to note that initial innovation awareness indicators in the regions are comparable and do not differ greatly but the growth of activity can be observed only in some of the regions. The problem of large differentiation among the constituent entities of the Russian Federation by their level of economic development remains important and has to be dealt with. 

Formation of background of sustainable development and transition to the «green» economy strategy

2020 ◽  
pp. 75-83
Author(s):  
L.Z. Khalishkhova ◽  
A.Kh. Temrokova ◽  
I.R. Guchapsheva
Keyword(s):  
Sustainable Development ◽  
Economic Development ◽  
Global Economy ◽  
Social Problems ◽  
Green Economy ◽  
Human Needs ◽  
Environmental Processes ◽  
Environmental Development ◽  
Current Stage

The article is devoted to the issues of measuring environmentally oriented economic development. The current stage of economic development requires the integration of environmental development, taking into account: environmental boundaries, biosphere processes, social problems, human needs and environmental processes. A green economy can become the main point of growth for the modern global economy. The article presents a complex of measures for the transition to a green economy, as well as tools for their implementation.

CONTROLLING TOOLS IN MODELING THE EAEU TAX LOAD

2020 ◽  
Vol 2 (3) ◽  
pp. 145-152
Author(s):  
V. D. KOVALEVA ◽  
◽  
Z. R. KOCHKAROVA ◽  
L. V. IONIDI ◽  
◽  
...  
Keyword(s):  
Economic Development ◽  
Optimization Technique ◽  
Tax Burden ◽  
Urgent Problem ◽  
Level Of Economic Development ◽  
Soviet Space ◽  
Post Soviet Space

The article is devoted to the urgent problem of taxation of the EAEU countries, the methods of tax burden optimization are disclosed, the feasibility of using the tax burden indicator as a criterion for the level of economic development of a business entity is substantiated, the tax burden of the countries of the Eurasian and post-Soviet space is analyzed, a tax burden optimization technique based on controlling tools is proposed.

Growth and Social Capital: Empirical Analysis of the Relationship

2019 ◽  
pp. 128-134
Author(s):  
Ksenia V. Bagmet
Keyword(s):  
Economic Growth ◽  
Social Capital ◽  
Economic Development ◽  
Social Development ◽  
Empirical Analysis ◽  
Panel Data Analysis ◽  
Well Being ◽  
Developed Countries ◽  
International Institute ◽  
Level Of Economic Development

The article provides an empirical test of the hypothesis of the influence of the level of economic development of the country on the level of development of its social capital based on panel data analysis. In this study, the Indices of Social Development elaborated by the International Institute of Social Studies under World Bank support are used as an indicators of social capital development as they best meet the requirements for complexity (include six integrated indicators of Civic Activism, Clubs and Associations, Intergroup Cohesion, Interpersonal Safety and Trust, Gender Equality, Inclusion of Minorities), comprehensiveness of measurement, sustainability. In order to provide an empirical analysis, we built a panel that includes data for 20 countries divided into four groups according to the level of economic development. The first G7 countries (France, Germany, Italy, United Kingdom); the second group is the economically developed countries, EU members and Turkey, the third group is the new EU member states (Estonia, Latvia, Lithuania, Romania); to the fourth group – post-Soviet republics (Armenia, Georgia, Russian Federation, Ukraine). The analysis shows that the parameters of economic development of countries cannot be completely excluded from the determinants of social capital. Indicators show that the slowdown in economic growth leads to greater cohesion among people in communities, social control over the efficiency of distribution and use of funds, and enforcement of property rights. The level of tolerance to racial diversity and the likelihood of negative externalities will depend on the change in the rate of economic growth. Also, increasing the well-being of people will have a positive impact on the level of citizens’ personal safety, reducing the level of crime, increasing trust. Key words: social capital, economic growth, determinant, indice of social development.

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