IDEAS home Printed from https://ideas.repec.org/p/zbw/hbsmbr/74.html
   My bibliography  Save this paper

Unternehmenskäufe und -übernahmen in Deutschland: Entwicklung, Goodwill und Mitbestimmung

Author

Listed:
  • Eulerich, Marc
  • Fligge, Benjamin
  • Scholz, Robert
  • Vitols, Sigurt
  • Campagna, Sebastian

Abstract

Zwischen 2006 und 2019 haben die ausgewählten börsennotierten Unternehmen aus dem Mitbestimmungsindex-Datensatz (MB-ix-Datensatz) mehr als 400 Milliarden Euro für Unternehmensaufkäufe ausgegeben und damit fast ein Viertel ihrer erwirtschafteten finanziellen Mittel (Ergebnis der betrieblichen Tätigkeit). Unternehmensaufkäufe und -übernahmen können eine positive Rolle in der Wachstumsstrategie eines Unternehmens spielen, zugleich besteht aber die Gefahr, dass das Zielunternehmen "zu teuer" übernommen wird. Wenn ein Unternehmen mehr kostet als dessen Buchwert, taucht diese Differenz als "Goodwill" in der Bilanz des akquirierenden Unternehmens auf. Zwischen 2006 und 2019 ist der Anteil des Goodwills am Eigenkapital von durchschnittlich 34% auf 38% gestiegen. Sollte die Situation entstehen, dass Goodwill abgeschrieben werden muss, wird das Eigenkapital (und damit der finanzielle Puffer des Unternehmens) reduziert. Die quantitative Analyse zeigt, dass diese Gefahr in stark mitbestimmten Unternehmen geringer ist als in Unternehmen mit schwacher oder keiner Mitbestimmung. Das Goodwill-zu-EigenkapitalVerhältnis ist ca. 20 Prozentpunkte niedriger in Unternehmen mit einem maximalen Wert des Mitbestimmungsindex (MB-ix = 100) gegenüber Unternehmen, die nicht mitbestimmt sind (MB-ix = 0).

Suggested Citation

  • Eulerich, Marc & Fligge, Benjamin & Scholz, Robert & Vitols, Sigurt & Campagna, Sebastian, 2022. "Unternehmenskäufe und -übernahmen in Deutschland: Entwicklung, Goodwill und Mitbestimmung," Mitbestimmungsreport 74, Hans-Böckler-Stiftung, Düsseldorf.
    • Handle: RePEc:zbw:hbsmbr:74
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/264564/1/1816463329.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Tomi Laamanen & Thomas Keil, 2008. "Performance of serial acquirers: toward an acquisition program perspective," Strategic Management Journal, Wiley Blackwell, vol. 29(6), pages 663-672, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Phebo D. Wibbens & Nicolaj Siggelkow, 2020. "Introducing LIVA to measure long‐term firm performance," Strategic Management Journal, Wiley Blackwell, vol. 41(5), pages 867-890, May.
    2. Øyna, Stine & Almor, Tamar & Elango, B. & Tarba, Shlomo Y., 2018. "Maturing born globals and their acquisitive behaviour," International Business Review, Elsevier, vol. 27(3), pages 714-725.
    3. Lukas, Elmar & Pereira, Paulo J. & Rodrigues, Artur, 2019. "Designing optimal M&A strategies under uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 104(C), pages 1-20.
    4. Kanungo, Rama Prasad, 2021. "Uncertainty of M&As under asymmetric estimation," Journal of Business Research, Elsevier, vol. 122(C), pages 774-793.
    5. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
    6. Karolis Andriuškevičius & Dalia Štreimikienė, 2022. "Sustainability Framework for Assessment of Mergers and Acquisitions in Energy Sector," Energies, MDPI, vol. 15(13), pages 1-20, June.
    7. Jerayr J. Haleblian & Michael D. Pfarrer & Jason T. Kiley, 2017. "High-Reputation Firms and Their Differential Acquisition Behaviors," Strategic Management Journal, Wiley Blackwell, vol. 38(11), pages 2237-2254, November.
    8. Michael Weber & Dodo zu Knyphausen-Aufseß & Lars Schweizer, 2019. "Improving the M&A Decision-Making Process: Learning from Serial Acquirers," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 71(3), pages 295-342, August.
    9. Luc Renneboog & Peter G. Szilagyi & Cara Vansteenkiste, 2017. "Creditor rights, claims enforcement, and bond performance in mergers and acquisitions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 174-194, February.
    10. Akie Iriyama & Weilei Shi & John Prescott, 2014. "Frequency and directional reversal of equity ownership change in international joint ventures," Asia Pacific Journal of Management, Springer, vol. 31(1), pages 215-243, March.
    11. Nancy Huyghebaert & Mathieu Luypaert, 2013. "Sources of Synergy Realization in Mergers and Acquisitions: Empirical Evidence from Non-Serial Acquirers in Europe," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 4(2), pages 49-67, April.
    12. Colman, Helene Loe, 2020. "Facilitating integration and maintaining autonomy: The role of managerial action and interaction in post-acquisition cabability transfer," Journal of Business Research, Elsevier, vol. 109(C), pages 148-160.
    13. Anca-Simona HROMEI, 2013. "Reasons For Mergers And Their Impact On Companies," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 1, pages 82-88, June.
    14. Abebe Shawul Arsedi & Yu Li, 2020. "Skill Resources Similarity and Post-acquisition Performance of the Acquiring Firms: Role of the Acquiring firms Size," International Journal of Science and Business, IJSAB International, vol. 4(9), pages 79-100.
    15. Breuer, Wolfgang & Ghufran, Bushra & Salzmann, Astrid Juliane, 2018. "National culture, managerial preferences, and takeover performance," International Business Review, Elsevier, vol. 27(6), pages 1270-1289.
    16. Wu, Chunying & Xiong, Xiong & Gao, Ya & Zhang, Jin, 2022. "Does social media coverage deter firms from withholding bad news? Evidence from stock price crash risk," International Review of Financial Analysis, Elsevier, vol. 84(C).
    17. Maria L. Goranova & Richard L. Priem & Hermann A. Ndofor & Cheryl A. Trahms, 2017. "Is there a “Dark Side” to Monitoring? Board and Shareholder Monitoring Effects on M&A Performance Extremeness," Strategic Management Journal, Wiley Blackwell, vol. 38(11), pages 2285-2297, November.
    18. Sharma, Revti Raman & Chowdhury, Sharmistha & Yu, Yang, 2024. "The Effect of Cross-border Acquisition Experience on Subsequent Cross-border Acquisitions: A Test of the S-shape Hypothesis," Journal of International Management, Elsevier, vol. 30(3).
    19. Laurence Capron, 2016. "Strategies for M&As: when is acquisition the right mode to grow?," Accounting and Business Research, Taylor & Francis Journals, vol. 46(5), pages 453-462, August.
    20. Ilaria Galavotti & Daniele Cerrato & Franca Cantoni, 2020. "Surviving after Cross-Border Acquisitions: How Business Relatedness, Host Country Experience, and Cultural Distance Affect Acquired Firms," Sustainability, MDPI, vol. 12(17), pages 1-18, August.

    More about this item

    Keywords

    Strategie; Unternehmen; Wirtschaft;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:hbsmbr:74. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/boeckde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.