Mergers and Acquisitions as a Tool of Industrial Corporate Governance
The paper investigates the strategy of mergers and acquisitions as tools of corporate governance. In the analysis of mergers and acquisitions inability to standardize integration procedures of companies is marked. The paper examines the nature of mergers and acquisitions, the reasons for their implementation, the main stages of companies’ integration. The paper deals with Western and Russian studies of mergers and acquisitions, diversification processes of goods and services. Integration forms are justified by the objectives of the acquirer. The paper examines implementation phases of mergers and acquisitions and the structure of the costs for these transactions. The paper notes the presence of multidirectional relationship between the processes of mergers and acquisitions and macroeconomic indicators, identifies the main factors that influence the development of mergers and acquisitions market, stressing that the main factors are the level of stock market capitalization, the dynamics of market interest rates, the antitrust laws. In general, there is the importance of mergers and acquisitions as an essential tool to enhance corporate governance.