Role of strategic investors in Polish companies: Catalysts for organizational change or opportunists?

被引：5
|
作者：
Janowicz, Martyna [1 ]
Piaskowska, Dorota [2 ]
Trojanowski, Grzegorz [3 ]
机构：
[1] Tilburg Univ, Fac Social Sci, Dept Org Studies, NL-5000 LE Tilburg, Netherlands
[2] Tilburg Univ, Fac Econ & Business Adm, Dept Org & Strategy, NL-5000 LE Tilburg, Netherlands
[3] Univ Exeter, Xfi Ctr Finance & Investment, Exeter, Devon, England
来源：
EUROPEAN MANAGEMENT REVIEW | 2004年 / 1卷 / 02期
关键词：
strategic investors; transition economies; organizational change; corporate restructuring; shareholder activism; privatization;
D O I：
10.1057/palgrave.emr.1500019
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
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. European Management Review (2004) 1,145-156, advance online publication, 26 November 2004 doi: 10.1057/palgrave.emr.1500019
引用
收藏
页码：145 / 156
页数：12
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