Role of strategic investors in Polish companies: Catalysts for organisational change or opportunists?
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|Title:||Role of strategic investors in Polish companies: Catalysts for organisational change or opportunists?||Authors:||Janowicz, Martyna
Piaskowska-Lewandowska, Dorota Anna
|Permanent link:||http://hdl.handle.net/10197/8015||Date:||13-Dec-2004||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||Copyright (published version):||2004 EURAM Palgrave Macmillan Ltd.||Keywords:||Strategic investors;Transition economies;Organizational change;Corporate restructuring;Shareholder activism;Privatization||DOI:||10.1057/palgrave.emr.1500019||Language:||en||Status of Item:||Peer reviewed|
|Appears in Collections:||Business Research Collection|
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