REGIONAL INTERESTS AND BEHAVIOR OF AGENTS ON THE DOMESTIC M&A MARKET

Abstract

The article shows the importance of mergers and acquisitions (M&A) for the Russian economy; demonstrates the characteristics of domestic transactions from the position of target companies and acquirers. We exhibit results of a two-level analysis of the current regional characteristics of the domestic M&A market: by federal districts and by constituent entities of the Russian Federation. The developed methodology for identifying dependencies between regional economic indicators and the number of M&A transactions (for the target and acquiring companies) is one of the first attempts to conduct econometric analysis for domestic M&A transactions. For the period of 2008- 2014, we constructed regression models for panel data, using a pooled model, a model with fixed effects, and a model with random effects. The article discusses the estimates from the econometric study of the regional orientation of agents of the Russian M&A market. We specified the factors which influence the beginning of formation of a new profile of domestic M&A transactions and which change the regional priorities of investors.

Keywords

• слияние и поглощение компаний
• внутрироссийские сделки
• регрессионные модели
• фиксированные и случайные индивидуальные эффекты
• эконометрическая оценка
• mergers and acquisitions of companies
• domestic transactions
• regression models
• fixed and random individual effects
• econometric estimation