The Experience of the European Union in the Field of Administrative and Legal Support for Asset-Grabbing Prevention
Abstract
The relevance of the study is determined by the necessity to improve criminal and legal antitakeover measures in the current context. The article deals with the comparative analysis of asset-grabbing as a wide-spread phenomenon existing all over the world and mainly typical for the CIS countries. The authors also analyze the experience of the European Union in counteracting illegal takeover of businesses. The analysis has shown that the phenomenon of ‘asset-grabbing’ is absent in the countries with a developed economies. Special state structures should be created to regulate the merger and acquisition transactions in the stock market. The present study is unique as it generalizes a broad legislative experience and shows significant discrepancy between legislation aimed at protecting the interests of shareholders in the countries with developed market economies and in the CIS countries.
References
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[3] Barragato, Charles A and Ariel Markelevich. (2008). Earnings quality following corporate acquisitions. Managerial Finance, 34(5): 304-315.
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[7] Billett, Matthew T., and Hui Xue. 2007. The Takeover Deterrent Effect of Open Market Share Repurchases. Journal of Finance, 62(4): 1827-1850. DOI: 10.1111/j.1540-6261.2007.01258.x.
[8] Bloom, Derek A., Ratnikov, Kirill Y., Osipov, Konstantin A., Areshev, Sergei M. 2004. Corporate Takeovers, Russian Style, And Necessary Legal Reform. Corporate Ownership and Control, 1(3), 127-138. DOI: 10.22495/cocv1i3p12.
[9] Caiazza, Stefano, and Alberto Franco Pozzolo. 2016. The determinants of failed takeovers in the banking sector: Deal or country characteristics? Journal of Banking and Finance, 72, Supplement: S92-S103. https://doi.org/10.1016/j.jbankfin.2016.04.011.
[10] Cain Matthew D., McKeon, Stephen B., and Steven Davidoff Solomon. 2017. Do takeover laws matter? Evidence from five decades of hostile takeovers, Journal of Financial Economics, 124(3): 464-485. doi: 10.1016/j.jfineco.2017.04.003
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[23] Ferrarini, Guido, and Geoffrey P. Miller. 2009. A Simple Theory of Takeover Regulation in the United States and Europe. New York University Law and Economics Working Papers. Paper 197. http://lsr.nellco.org/nyu_lewp/197
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[26] FSMA, 2000. Financial Services and Markets Act http://www.legislation.gov.uk/ukpga/2000/8/pdfs/ukpga_20000008_en.pdf
[27] Gleason, Katherine I., and Mark S. Klock. 2009. Is There Power Behind the Dead Hand? An Empirical Investigation of Dead Hand Poison Pills. Corporate Ownership and Control, 7(1): 370-379. DOI: 10.22495/cocv7i1c3p4.
[28] Golovanova, Natalya A., Eremin Vladimir N., Ignatova Milena A., Kozochkin Ivan D., Krylova Natalya E. and Anna V. Serebrennikova. 2013. Criminal law of foreign countries. General and Special parts. 4th ed. Moscow: Yurayt, pp. 742–745.
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[30] Gregory, Alan. 2005. The Long Run Abnormal Performance of UK Acquirers and Free Cash Flow Hypothesis. Journal of Business Finance and Accounting, 32(5/6): 777-814. DOI: 10.1111/j.0306-686X.2005.00614.x
[31] Humphery-Jenner, Mark. 2012. The impact of the EU takeover directive on takeover performance and empire building. Journal of Corporate Finance, 18(2): 254-272. DOI: 10.2139/ssrn.1992888
[32] Jandik, Tomas, Lallemand, Justin, and William McCumber. 2017. The value implications of target debt issuance in withdrawn takeovers: What role do country-specific M&A regulations play? Journal of Multinational Financial Management, 40: 14-32. DOI: 10.1016/j.mulfin.2017.02.002.
[33] Jo, Hoje, and Carrie Pan. 2009. Why are firms with entrenched managers more likely to pay dividends? Review of Accounting and Finance, 8(1): 87-116. DOI: 10.1108/14757700910934256.
[34] Kahan, Marcel, and Edward B. Rock. 2002How I Learned to Stop Worrying and Love the Pill: Adaptive Responses to Takeover Law, Faculty Scholarship. Paper 1281. http://scholarship.law.upenn.edu/faculty_scholarship/1281.
[35] Kozochkin, Ivan D. 2007. Criminal law of the USA: successes and problems of reforming. St. Petersburg: Legal Center Press, pp. 421–423.
[36] Laabs, Jan-Peer, and Dirk Schiereck. 2010. The long-term success of M&A in the automotive supply industry: determinants of capital market performance. Journal of Economics and Finance, 34(1): 61-88. DOI: 10.1007/s12197-008-9065-z.
[37] Masulis, Ronald W., Wang, Cong, and Fei Xie. 2007. Corporate Governance and Acquirer Returns’, Journal of Finance, 62(4): 1851-1889. DOI: 10.1111/j.1540-6261.2007.01259.x
[38] Fernandez, Matilde Olvido, and Juan Samuel Baixauli. 2003. Motives for partial acquisitions between firms in the Spanish stock market. European Journal of Finance, 9(6): 581-601. DOI: 10.1080/1351847032000051956
[39] McCahery Joseph A., Renneboog Luc, Ritter Peer, and Haller Sascha. 2003. The Economics of the Proposed European Takeover Directive. Centre for European Policy Studies. CEPS Research Report In Finance and Banking, No. 32. http://aei.pitt.edu/9562/2/9562.pdf
[40] Mikryukov, Viktor A. 2012. Encumbrance as a way of protecting property against asset grabbing. Lawyer, 4, 3–10.
[41] Mukherjee, Tarun. K., Kiymaz, Halil, and H.Kent Baker. 2004. Merger Motives and Target Valuation: A Survey from CFOs. Journal of Applied Finance, 14(2), 7-24. https://ssrn.com/abstract=670383
[42] Otsubo, Minoru, and Yusuke Miyoshi. 2010. Empirical Study on Subsidiary Reacquisition among Japanese Companies. Japanese Economy, 36(4), 31-60.
[43] Pashkov’s Library, 2012. Model Penal Code of the United States. Russian legal portal ‘Pashkov’s Library’. http://constitutions.ru/?p=8105 (Date of access: 10.08.2014).
[44] Popova, Ekaterina V., and Evgeniy V. Popov. 2008. Cross-border acquisition: a comparative legal analysis. Legislation, 6, 69-76.
[45] Pshipiy, Rustam M. 2014. Comparative characteristics of criminal law norms with a blanket form of dispositions under the laws of Russia and Germany (a case study of criminal acts in the sphere of economic activity). Criminal law: development strategy in the 21st century: Proceedings of the International Scientific-Practical Conference (Moscow, January 30-31, 2014), pp. 135-141.
[46] Puziak, Marcin, and Maciej Martyniuk. 2012. Defensive strategies against hostile takeovers. The analysis of selected case studies. Journal of International Studies, 5(1), 60-69. http://www.jois.eu/files/PuziakV5_N1.pdf
[47] Raj Mahendra, and Uddin Md Hamid. 2011. Bidder Motivation and Long-Term Performance of UK Mergers. Corporate Ownership and Control, 8(2), 227-238. DOI: 10.22495/cocv8i2c1p7
[48] Brown, Rayna, and Neal, Sarma, 2007. CEO overconfidence, CEO Dominance, and corporate acquisitions. Journal of Economics and Business, 59(5), 358-379. DOI: 10.1016/j.jeconbus.2007.04.002.
[49] Winter, Jaap (Chairman). 2002. Report of the High Level Group of Company Law Experts on A Modern Regulatory Framework for Company Law in Europe, Nov. 4, Brussels. http://www.ecgi.org/publications/documents/report_en.pdf
[50] Rose Caspar. 2002. Corporate Finance Performance and the Use of Takeover Defenses. European Journal of Law and Economics, 13(2), 91-112. DOI: 10.1023/A:1013612718581
[51] Schneper, William D., and Mauro F. Guillén. 2004. Stakeholder Rights and Corporate Governance: A Cross-National Study of Hostile Takeovers. Administrative Science Quarterly, 49(2), 263-295. http://www-management.wharton.upenn.edu/guillen/PDF-Documents/Hostile_ASQ_2004.pdf
[52] Schwert, G.William. 2000. Hostility in takeovers: in the eyes of the beholder? Journal of Finance, 55(6), 2599-2640. DOI: 10.1111/0022-1082.00301
[53] Second Council Directive 77/91/EEC. 1976. On coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent. Official Journal of the European Union L26, p.1. http://eur-lex.europa.eu/legal-content/en/ALL/?uri=CELEX:31977L0091
[54] Sixth Council Directive 82/891/EEC. 1982. On Article 54 (3) (g) of the Treaty, concerning the division of public limited liability companies. Official Journal of the European Union L378, p. 47. http://eur-lex.europa.eu/legal-content/en/ALL/?uri=CELEX%3A31982L0891
[55] Smirnov, Oleg V. 2013. Conceptual bases of counteraction to unfriendly takeover and capture of the enterprises. Property Management: Theory and Practice, 4, 9-15;
[56] Stavilo, Sergey P. 2010. Criminal takeover using instruments of securities markets: the main areas of counteraction: scientific-practical manual. Krasnodar: Krasnodar University of the Ministry of Internal Affairs of Russia. pp. 11–13.
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Published
2017-10-29
How to Cite
SHAPOVAL, Roman Volodymyrovych; DEMENKO, Olga Ivanivna; SOLNTSEVA, Khrystyna Volodymyrivna.
The Experience of the European Union in the Field of Administrative and Legal Support for Asset-Grabbing Prevention.
Journal of Advanced Research in Law and Economics, [S.l.], v. 8, n. 3, p. 994-1008, oct. 2017.
ISSN 2068-696X.
Available at: <https://journals.aserspublishing.eu/jarle/article/view/1479>. Date accessed: 27 apr. 2024.
Section
Articles
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