Success and failure factors of the mergers and acquisitions performance : evidence from Bulgaria

This paper presents a study on the success and failure factors that influence the mergers and acquisitions (M&A) performance. In the initial part major theoretical studies, developed in the field of strategic management, corporate finance, organisational studies, and human resources are analysed. These works are used to outline ten main elements that can be considered essential for the success of the transactions. The discussed examines are founded on a number of leading theories – Agency theory, Resourced-based theory, Diversification theory, Learning theory, etc. Therefore, the empirical application of these theories is tested in the local context of the Bulgarian M&A deals. By the means of factor and regression analysis, three specific factors of successful M&A performance are empirically drawn. The conclusions are that leadership qualities of the managers, synergy of resources, and fast post-merger integration appear to be crucial for the successful performance of these strategic combinations.peer-reviewe

Communism in plural: legacies for cities in the era of postmodernism

Guest Editoria

A comparison of social media marketing between B2B, B2C and mixed business models

This paper explores the implicit assumption in the growing body of literature that social media usage is fundamentally different in business-to-business (B2B) companies than in the extant business-to-consumer (B2C) literature. Sashi’s (2012) customer engagement cycle is utilized to compare B2B, B2C, Mixed B2B/B2C and B2B2C business model organizational practices in relation to social media usage, importance, and its perceived effectiveness as a communication channel. Utilizing 449 responses to an exploratory panel based survey instrument, we clearly identify differences in social media marketing usage and its perceived importance as a communications channel. In particular we identify distinct differences in the relationship between social media importance and the perceived effectiveness of social media marketing across business models. Our results indicate that B2B social media usage is distinct from B2C, Mixed and B2B2C business model approaches. Specifically B2B organizational members perceive social media to have a lower overall effectiveness as a channel and identify it as less important for relationship oriented usage than other business models

Insertion de la réserve huronne dans l’espace urbain de la ville de Québec : Influences de la proximité de Québec sur Wendake

Cet article analyse certains aspects liés à la situation urbaine de Wendake dans la périphérie de la ville de Québec, aspects qui sont à la base des particularités du développement socio-économique de la communauté huronne. La proximité de la capitale provinciale joue un important rôle positif dans le développement économique de Wendake et lui assure une position de centre politique pour les nations autochtones du Québec. L’urbanisation de la région de Québec a progressivement entraîné Wendake dans ce processus un métissage tangible. La morphologie du cadre bâti de la réserve a aussi subi une évolution particulière, reflétant aujourd’hui l’amalgame des cultures amérindienne et européenne. Réserve située au carrefour des cultures, de la modernité et de la tradition, Wendake est aujourd’hui le lieu de vie d’une communauté jeune et dynamique.This article analyzes certain aspects of the urban situation of Wendake as it relates to the socio-economic development of this Huron community, located in the periphery of Quebec City. The proximity of the provincial capital plays a positive role in the economic development of Wendake and ensures it a central political position vis-à-vis the Indigenous Nations of Quebec. The urbanization of the area surrounding Quebec City gradually enveloped Wendake in this process of mixing cultures. The character of the Reserve’s development also reflects a particular evolution and an amalgam of the Amerindian and European cultures. As a reserve at the cross-roads of cultures and of modernity and tradition, Wendake today is a young and dynamic community

Sustainable tourism practices of accommodation establishments in Bulgaria

The goal of current paper is to identify whether property’s category, location and size influence the degree of application of various sustainable practices by Bulgarian accommodation establishments. Results from the Kruskal-Wallis χ2 tests show that all three factors (category, location and size) cause statistically significant differences among the accommodation establishments in Bulgaria regarding the degree of application of the sustainable tourism practices. The paper concludes that Bulgarian accommodation establishments are still in the beginning of sustainable practices adoption. Managerial implications, limitations and directions for future research are also discussed

"Business-Government Relations in EU-Acceding Countries: Towards a Model of Institutional Change"

[From the introduction]. Using an institutionalist approach grounded in the comparative Europeanization literature, this study explores institutional change in the business-government relationship in the EU acceding countries from the post-communist region. Similar to the neo-pluralist (societal) approach (see Nowell, 1996), the institutionalist approach emphasizes the importance of business-state alliances in determining political and policy outcomes and the fulfillment of business strategic objectives. Unlike the neo-pluralist approach, however, which emphasizes primarily the desire of business to control the state (Gibbs, 1991; Cox, 1994; Ferguson, 1983, 1984, 1995; Ferguson and Rogers, 1986; Frieden, 1988; Abraham, 1986), the institutionalist approach counts for the goals of business, but regards these goals as significantly constrained – defined and shaped – by institutions.3 Institutions have always played a vital role in the EU integrative processes, including EU accession; the European Union is a polity heavily grounded in institutions (Katzenstein, 1997). What matters most in the case of European integration are the European common law, the acquis communautaire, and the EU common policy content and procedures. As Christopher Preston observes, the requirements that EU candidate countries take on board the entire acquis communautaire with no permanent derogations allowed; and that the accession negotiations concentrate exclusively on the practical aspects of the adoption of the acquis by the applicants, stand on top of the list of principles applied in all EU enlargement rounds (Preston, 1997). These requirements consequently define EU integration and more specifically the EU enlargement process as a highly institutionalized one

Multi-Level Bargaining Cartels in Periods of Transitions: On the Example of Bulgaria

This paper examines the levels of social dialogues and the specific links among them that have emerged during the post-communist transformations of central and eastern Europe. Using evidence from Bulgaria, the author adds to the debate over the type of worldwide change in bargaining structures, with the argument that currently the post-communist region is experiencing neither decentralization nor centralization of bargaining structures. Instead, surviving state socialist structures designed to resolve conflicts on a hierarchical basis and the new, transformation-driven centralization of power have combined with decentralizing and democratizing efforts to create specific multi-level bargaining cartels. In such cartels, the scope of bargaining is both more extensive and intensive. It involves the interplay of participants and issues from different levels that contributes importantly for the advancement of economic restructuring and political democratization

The role of self-gentrification in sustainable tourism: Indigenous entrepreneurship at Honghe Hani Rice Terraces World Heritage Site, China

This article examines three forms of tourism gentrification occurring within the newly inscribed (2013) Honghe Hani Rice Terraces UNESCO World Heritage Site in Yunnan, China. The indigenous Hani and Yi communities who populate this remote mountainous area, possess distinct cultural practices that have supported the rice terrace ecosystem for centuries. This article draws on interviews and non-participant observation conducted with inhabitants and newcomers to analyse the types of gentrification occurring within the site. We argue that indigenous cultural practices, and consequently rice cultivation in the area, are threatened by gentrifier-led and state-led gentrification combined with high levels of outward migration of indigenous persons. This could pose a significant threat to the sustainability of tourism at this site and may ultimately compromise the site’s World Heritage Status. In the midst of these dangers, some indigenous people are shown to be improving their socioeconomic standing – and becoming “middle class” or “gentry” – particularly through adopting entrepreneurial strategies gleaned from their encounters with outside-gentrifiers and tourists. This article proposes the concept of “self-gentrification” as a way to describe individuals who seek to improve themselves and their own community, while under threat of gentrification

Determinants of Sovereign Investment Protectionism: the Case of Bulgaria’s Nuclear Energy Sector

Foreign direct investment (FDI) by entities controlled by foreign governments (especially state-owned enterprises) is a new global phenomenon that is most often linked to the rise of emerging markets such as China and Russia. Host governments have struggled to properly react to this type of investment activity especially in key strategic sectors and critical infrastructure that ultimately raise questions of national security. Academic research on sovereign investment as a factor contributing to the new global protectionist trend is very limited, and predominantly focused on sovereign investors from China. This study explores the specifics of Russian sovereign investment in the former Soviet Bloc countries, now members of the European Union, especially in strategic sectors such as energy. We use the case of Bulgaria’s nuclear energy sector and the involvement of Russia’s state-owned company Rosatom in the halted Belene nuclear power plant project to analyze the dynamics of policy and politics, political-economic ideologies and historical legacies in the formation of national stances towards Russia as a sovereign investor. Our research contributes to the emerging literature on FDI protectionism and sovereign investment by emphasizing the significance of political-ideological divides and the heritage of the past as determinants of sovereign investment protectionism