G34 - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate GovernanceReturn

The article looks at exit taxation within the European Union, including how it affects cross-border mergers. It starts with an explanation of the concept of exit tax, followed by an analysis of the current legislation and an analysis of the case law of the European Court of Justice. The article presents the results of the research, the implementation of exit taxes in a particular country, including how it is calculated, the determination of the market and tax value and the tax rate. The second objective is to examine how the rule is applied to cross-border mergers. The data was obtained through a qualitative data collection method in the form of a questionnaire survey from December 2023 to January 2024. The Baker Tilly Group’s advisory network was selected to obtain high quality information. The questionnaire was sent to the employees of this company at the highest management positions who are responsible for tax advisory. The results of the survey showed that all countries analysed have implemented exit tax according to the rules set by the EU and mostly apply this tax to cross-border mergers. However, the application to mergers is not uniform and an assessment is needed for each case implemented as to whether it will be exempt from the exit tax.

This paper attempts to portray the empirical difference in investors' perception towards the cross-border and domestic merger and acquisition (M&A) announcements of UK acquirer firms reflected through the significant abnormal stock return. The researcher conducts a short-run event study on the daily stock return of 100 UK bidding firms (50 involved in domestic and 50 involved in cross-border M&As between 2015 and 2016) to compare any significant abnormal returns (AAR and CAAR) around the event announcement period. National and international mergers and acquisitions have witnessed a considerable expansion globally, with the United Kingdom being one of the pioneers in the worldwide market for corporate domination. Research results exhibit that in domestic M&A bidding, firms experience a significant positive announcement return (CAAR) in the event window (t1 ̶ t0) redolent to the positive expectation of investors from the M&A transaction. However, the post-announcement negative return concurrently proves the initial overreaction of investors and the semi-efficient market hypothesis. Foreign M&As result in an insignificant positive return (CAAR) in all the three event windows. There was existence of a positive trend in the cross-border pre-event return (AAR) indicative of narrow possibilities of insider trading or investors' optimistic anticipation, but this is not significantly conclusive.

The article examines the role of consulting services in the restructuring of enterprises. It describes how consulting firms help to increase the efficiency of enterprises and their value by providing information and recommendations. The work grounds the importance of the restructuring implementation adaptation for enterprises to external market conditions in order to increase their value and improve efficiency, competitiveness and market activity. The authors describe the stages of the restructuring and the participation of a consulting firm at each stage. The work shows the methodology of the restructuring with the involvement of consulting services. Our theoretical arguments are supported by case from the experience of the auditing company has conducted the restructuring in industrial enterprise. The example of implementation the restructuring of the organizational structure of the industrial holding in Ukraine through the services of an auditing company is given. This paper provides an effective way of the restructuring acceptable not only for industrial companies in Ukraine but also for enterprises that operate in a transitional economy.

We examine the valuation of synergies and control in mergers and acquisitions (M&A) in Central and Eastern European (CEE) transition economies. We determine this value based on comprehensive contemporaneous financial findings extracted from the Thomson Reuters database. Worldwide the market of mergers and acquisitions (M&A) is increasing, reaching in 2016 a value of 6.000 billion EUR globally. Among the CEE transition economies, the M&A total value in the same period was 50 billion EUR. It is widely accepted that between 60% and 80% of M&As are unsuccessful in value creation, so we further research evidences about an alternative framework to value the M&A also qualitatively. We develop a valuation model for prediction of the value of control and synergy in M&A deals. We suggest further directions for analysis in the field of M&A value creation, and recommend an alternative to the most used earning per share metric to enhance the predictability and transparency of valuation worldwide.

The paper deals with cross-border mergers that may be performed either out of or into the Czech Republic and focuses on the accounting and tax aspects of these transactions. Attention was also paid to the most important legal requirements imposed on merger projects and the net assets valuations. The Directive 2005/56/EC brought in new possibilities of business transformations across the EU member states' borders. Income tax advantages that may be gained in cross-border mergers were implemented by virtue of the Directive 90/434/EEC. It may be difficult to meet stringent requirements that are conditional upon enjoyment of the neutral tax treatment.

The international tendency towards the deregulation of restrictions and administrative settlements has suppressed the barriers between national financial markets. The adoption of a common currency and the rapid spread of new technologies lead to intense competition, imposing the acceleration of reformations in the European financial sector. Financial institutions have consequently adjusted their strategies, in order to confront the challenges and exploit the opportunities of new developments. In this work, a review of strategies that have been applied by financial institutions in the most important European markets is presented, as well as the repercussions of those strategies on the structure of the European financial sector. The controversial question is which form of affiliation will allow them to encounter successfully the expected intensity of international financial competition.