دانلود رایگان مقاله محرک ها، انتظارات و نتایج حاصل از فرآیندهای خصوصی سازی 2000-2009 M&A

Abstract

In the 20th century, almost all of the 350 kibbutzim’s industrial plants were solely owned by the kibbutzim, which were managed like family communal cooperatives. In 2011, almost all of these cooperative-like firms were privatized and started to employ a public type of management. More than 50% of them went public by IPOs or underwent an M&A process. Questioning those who were involved in the above process as well as the details of financial reports before and after the IPO and M&A events, reveal that in contrast to the expectations and incentives, the IPOs and the M&As harmed the profitability of the acquired industrial firms compared with the industrial firms that remained fully owned by the communal cooperatives of the kibbutzim.

7. Summary and recommendations

From the perspective of the kibbutz leaders of the process, the most important goals of the kibbutz in diluting the kibbutz’s holdings in their industrial firms were risk diversification, equity capital for growth and ensuring business continuity. The most important goals of the board of directors were increasing sales and profitability and financing the growth of the business. The most important goals of the partner who invested in the kibbutz industrial firm were to increase revenue and profit. The shared goals of the three parties involved in the M&A transaction were business growth and increasing its profitability. According to our findings, sales and assets have grown in industrial firms with partners more than in industrial firms without partners, whereas the efficiency and profit ratio increased more in the kibbutz industrial firms that were fully owned by the cooperative-like kibbutz.