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Role of strategic investors in Polish companies: Catalysts for organisational change or opportunists?
Date Issued
2004-12-13
Date Available
2016-10-03T16:05:48Z
Abstract
The entry of large activist (or so-called 'strategic') investors has become a prevalent phenomenon in transforming economies, such as the Polish one. This paper investigates the relationship between firm performance and the likelihood of a strategic investor entry, as well as the changes firms undergo under control of an activist investor. Theoretical predictions and empirical analyses of 211 Polish companies in the period of 1994–2000 allow us to conclude that strategic investors are more likely to buy stakes in firms of higher labor productivity, and tend to catalyze changes in poorly performing firms. There is also some evidence that investors refrain from committing resources to restructuring the target firms before seizing significant control over them.
Type of Material
Journal Article
Publisher
Wiley
Journal
European Management Review
Volume
1
Issue
2
Start Page
145
End Page
156
Copyright (Published Version)
2004 EURAM Palgrave Macmillan Ltd.
Language
English
Status of Item
Peer reviewed
This item is made available under a Creative Commons License
File(s)
No Thumbnail Available
Name
EMR04_171_research_gate.doc
Size
174 KB
Format
Microsoft Word
Checksum (MD5)
6b82a71cb24c8855eb9c4b3e9f247753
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