The Impact of the Subprime Crisis on the Course


  • Alina Gorczyńska Silesian University of Technology



consolidation processes, subprime crisis, conduct of business entities during the crisis


The subprime crisis limited the investment activities of economic entities. The manifestation of the crisis was the decrease in the quantity and value of cross-border consolidation processes. These trends were especially visible in the developed countries. The main reasons for the reduction of mergers and acquisitions were the restrictions of access to external capital due to the collapse of stock markets, banks crash, the decline of private equity activity and decrease of the financial health of businesses as well as market pessimism. In addition to reduction and therefore cancellation of several mergers and acquisitions, these factors forced certain actions upon the consolidating companies. Among other things, they led to restructuring activities aimed at reducing costs. They also contributed to a number of divestments. Since the second half of 2009, there has been a noticeable improvement of the financial situation of enterprises, as well as of general economic indicators (GDP). However, these phenomena are still accompanied by unregulated financial markets situation, inter alia, concerning the regulation limiting the emergence of financial crises, including relation to the activities of private equity funds. Therefore, it is difficult to determine whether the period of crisis in relation to transactions of consolidation is over, and if we can talk about recovery in the course of these processes.


Download data is not yet available.


Back to the domestic future. From strategic expansion to rapid contraction in financial services M&A in EMEA, Raport PriceswaterhouseCoopers, March 2009.
Central and Eastern Europe Statistics 2009, Special Paper is published by the European Private Equity & Venture Capital Association (EVCA), Brussels, July 2010.
European Central Bank (2009). Opinion of the European Central Bank of 16 October 2009 on a proposal for a directive of the European Parliament and of the Council on Alternative Investment Fund Managers and Amending Directives 2004/39/EC and 2009/?/EC.
Fandrejewska A. (2009), Fuzje i przejęcia w czasach kryzysu, CEO - Magazyn Menadżerów, 2 kwietnia 2009.
FS M&A in Europe?s developed and developing markets, Raport PriceswaterhouseCoopers, 2008.
Fuzje i przejęcia(2008), pod red. W. Frąckowiaka, PWN, Warszawa.
IPO Watch Europe, (situation at 01.03.2011).
Kryzys na rynkach finansowych. Wyzwania stojące przed spółkami,(2009) Raport PricewaterhouseCoopers.
Mergers and acquisitions: looking beyond the global downturn,(2009) International Business Report Grant Thorton.
Mishkin F. S. (2002), Ekonomika pieniądza, bankowości i rynków finansowych, PWN, Warszawa.
Rok kryzysu. Co dalej? Wyzwania stojące przed spółkami (2009), Raport PricewaterhouseCoopers.
Sławiński A. (2006), Rynki finansowe, PWE, Warszawa.
Suszyński C. (1992), Synergia w działalności rynkowej przedsiębiorstw, Szkoła Główna Handlowa, Warszawa.
UNCTAD (2009), World Investment Report. Transnational Corporation, Agricultural Production and Development, New York and Geneva.
UNCTAD (2010), World Investment Report. Investing in Low-Carbon Economy, New York and Geneva.
UNCTAD, WIR 2010, anxtab_14.pdf (situation at 01.03.2011).
UNCTAD, WIR 2010, anxtab_15.pdf (situation at 01.03.2011).
UNSD Statistical Databases, (situation at 01.03.2011).
Zorska A. (1998), Ku globalizacji? Przemiany w korporacjach transnarodowych i w gospodarce światowej, PWN, Warszawa.




How to Cite

Gorczyńska, A. (2011). The Impact of the Subprime Crisis on the Course. Equilibrium. Quarterly Journal of Economics and Economic Policy, 6(2), 7–22.



Small and Medium Enterprises During the Crisis

Similar Articles

<< < 1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.