It is possible to find scientific confirmation of positive, negative or neutral influence of takeovers on company’s profitability. Therefore, this study aimed to highlight the sensitivity of research results on manipulation in terms of used methodology and indicators. Using t -test for paired samples and five selected profitability indicators for target and peer companies, it has been proven that it is possible to obtain significantly different results even when using the same sample and the same reference period. The research has been performed on the sample of Croatian companies, which were taken over in the period from year 2003–2008.

This research aims to determine variables that affect the aggregate value of incoming cross-border M&As in European transitional countries. Dynamic panel models have been estimated using Arellano and Bond GMM estimator for period between year 1994 and 2008. The ratio of the total value of cross-border M&A to GDP of the country is the dependent variable. Independent variables include following indicators: lagged value of cross-border M&A to GDP, lagged GDP per capita, lagged GDP growth, inflation, interest rate spread, lagged private credit to GDP ratio, market capitalization to GDP ratio, lagged rule of law and lagged control of corruption.