Efficiency of the M&A deals Involving State-owned Enterprises

Student: Musaelyan Daria

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2019

In the 21st century state-owned enterprises have changed dramatically: now these companies are operating in the local and international market and create innovations, develop technologies, invest in socially important and capital-intensive projects with high risks. According to the Federal Antimonopoly Service, every third company has a state participation on the Russian market. The features and effectiveness of transactions of Russian state-owned companies in the market for mergers and acquisitions have not been studied yet, but they have a direct impact on the country's economy. The purpose of the study is to identify factors affecting the effectiveness of M&A transactions involving state-owned enterprises in Russia. The research is based on 334 deals collected from Thompson One and Capital IQ, with the use of econometric model and elements of the cumulative abnormal return method and factors characterizing deals and companies.

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