A network analysis of cross-border mergers and acquisitions in Poland, Czechia and Hungary





cross-border mergers and acquisitions, Central Eastern Europe, social network analysis, centrality


Background: Cross-border mergers and acquisitions (CBM&As) have taken the form of a network, as there are complex business relationships between the participating entities. The concept of social network analysis (SNA) to study business connections is poorly described in the literature. There is also a lack of comprehensive structure studies on CBM&A purchases by Central and Eastern Europe (CEE) companies.

Research purpose: The purpose is to evaluate the geographical and sectoral structure of the Polish, Czech, and Hungarian CBM&A network in 2010–2020. This article also aims to present a new methodological approach to studying the structure of the M&A market related to the application of SNA metrics.

Methods: The study is carried out using social network analysis. Sectoral M&A data taken from the Eikon Refinitiv database are used, and several network indicators are applied, i.e., degree, prestige, and betweenness centrality, for the analysis.

Conclusions: In 2010–2020, Polish, Czech, and Hungarian companies were characterized by investment activity not only in the CEE countries, but also in Western Europe, Russia, and the United States. Enterprises from the financials, industrials, consumer cyclicals, and technology sectors have played an important role in CBM&A networks. Entities operating in the energy and healthcare sectors (in Hungary) and the real estate and utilities sectors (in Czechia) have also occupied a central place in the analyzed networks. Private equity and hedge funds play a key role in cross-sectoral transactions.


Download data is not yet available.


Barabasi A.L., Network Science, BarabasiLab, Boston 2012.

Birkinbine B.J., Gómez R., New Methods for Mapping Media Concentration: Network Analysis of Joint Ventures among Firms, Media, Culture and Society 2020/42 (7–8), pp. 1078–1094, https://doi.org/10.1177/0163443720902907

Brózda-Wilamek D., The social network analysis of Chinese cross-border mergers and acquisitions, w: M. Rosińska-Bukowska, K. Zielińska-Lont (eds.), Asia’s global expansion: business and financial aspects, Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2020, pp. 59–72.

Caiazza R., Volpe T., M&A process: A literature review and research agenda, Business Process Management Journal 2015/21 (1), pp. 205–220, https://doi.org/10.1108/BPMJ-11-2013-0145

De Benedictis L., Nenci S., Santoni G., Tajoli L., Vicarelli C., Network Analysis of World Trade using the BACI-CEPII Dataset, Global Economy Journal 2014/14 (3/4), pp. 287–343, https://doi.org/10.1515/gej-2014-0032

Eichengreen B., Tong H., Is China’s FDI coming at the expense of other countries?, Journal of the Japanese and International Economies 2007/21 (2), pp. 153–172, https://doi.org/10.1016/j. jjie.2006.07.001

Elliott M., Golub B., Jackson M., Financial networks and contagion, American Economic Re¬view 2014/104 (10), pp. 3115–3153, https://doi.org/10.1257/aer.104.10.3115

Freeman L.C., Centrality in social networks conceptual clarification, Social Networks 1979/1 (3), pp. 215–239, https://doi.org/10.1016/0378-8733(78)90021-7

Guo X.-Y., Yang K., Wu X.-M., Liu J.-G., Statistical properties of Chinese merger and acquisition network, Physica A: Statistical Mechanics and its Applications 2019/526, pp. 1–8, https://doi.org/10.1016/j.physa.2019.04.219

He Z., Chong Zh., Yang Y., Zhou Yn., Liu Y., Evolutionary investment network and the emerging energy power in Central Asia: From the perspective of cross-border mergers and acquisitions, Journal of Geographical Sciences 2020/30 (11), pp. 1849–1870, https://doi. org/10.1007/s11442-020-1815-7

Kazmierska-Jozwiak B., Activity of Central Eastern Europe Countries on Mergers and Acquisitions Market, Social Sciences 2014/83 (1), pp. 72–79, https://doi.org/10.5755/j01. ss.83.1.6864

Klimek A., Cross-Border Mergers and Acquisitions by Chinese State-Controlled Enterprises, Research Papers of the Wroclaw University of Economics 2016/447, pp. 147–155, https:// doi.org/10.15611/pn.2016.447.1

Kurt Y., Kurt M., Social network analysis in international business research: An assessment of the current state of play and future research directions, International Business Review 2020/29 (2), pp. 1–12, https://doi.org/10.1016/j.ibusrev.2019.101633.

Lee H., Sohn I., Fundamentals of Big Data Network Analysis for Research and Industry, John Wiley & Sons, Ltd, United Kingdom 2016.

Luty P., Połączenia i przejęcia transgraniczne z udziałem polskich spółek w latach 2005–2014 – wybrane zagadnienia, Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia: Ryzyko, zarządzanie, wartość 2015/3 (73), pp. 547–557.

Melnarowicz K., Finansowanie transakcji fuzji i przejęć z udziałem funduszy private equity w Polsce, Roczniki Ekonomii i Zarządzania 2016/44 (1), pp. 157–173.

Minoiu C., Reyes J.A., A network analysis of global banking: 1978–2010, Journal of Financial Stability 2013/9 (2), pp. 168–184, https://doi.org/10.1016/j.jfs.2013.03.001

Mirc N., Merging networks – contributions and challenges of social network analysis to study mergers and acquisitions, in: A. Risberg, D. King, O. Meglio (eds.), Routledge companion on mergers and acquisitions, Routledge, London 2015, pp. 259–271.

Rosińska-Bukowska M., Global Business networks. Concept – structure – competitiveness, Publisher of the University of Lodz, Lodz 2020, https://doi.org/10.18778/8220-046-1

Sánchez Díez A., Galaso Reca P., García de la Cruz J.M., Mergers and acquisitions carried out by Spanish firms in Latin America: a network analysis study, CEPAL Review 2016/2016 (120), pp. 51–69.

UNCTAD, World Investment Report, 2000.

Vitali S., Battiston S., The community structure of the global corporate network, PLoS ONE 2014/9 (8), e104655, pp. 1–13.

Wang L., Zhang N., Ye F., Lau Y.-Y., Ducruet C., The complex network analysis of liner shipping networks: Lessons from the merger between COSCO and CSCL, Growth and Change 2020/51 (4), pp. 1877– 1893, https://doi.org/10.1111/grow.12428

Wasserman S., Faust K., Social Network Analysis – Methods and Applications, Cambridge University Press, Cambridge 1994.

Yang S., Keller F.B., Zheng L., Social network analysis: methods and examples, CA: Sage Publications, Los Angeles 2017.




How to Cite

Brózda-Wilamek, D. (2021). A network analysis of cross-border mergers and acquisitions in Poland, Czechia and Hungary. Studia Prawno-Ekonomiczne, 121, 163–181. https://doi.org/10.26485/SPE/2021/121/10