Επιστημονικές Δημοσιεύσεις
Μόνιμο URI για αυτήν τη συλλογήhttps://repository2024.ihu.gr/handle/123456789/30488
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Πλοήγηση Επιστημονικές Δημοσιεύσεις ανά Συγγραφέα "Alexandrakis, Alexandros"
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Τεκμήριο Are acquiring firms better off after an acquisition? Evidence from a knowledge-intensive industry in Greece(2011-07) Pazarskis, Michail; Alexandrakis, Alexandros; Notopoulos, Panagiotis; Kydros, DimitriosThis study examines the impact of mergers and acquisitions (M&As) on the post-merger operating performance of merger-involved firms in Greece at information technology industry, a knowledge-intensive industry. Using accounting data (financial ratios), the post-merger performance of all the Greek companies, listed on the Athens Stock Exchange at information technology industry, that executed one merger or acquisition in the period from 2004 to 2007 as acquirers (a sample of five firms), is investigated and the degree their successful knowledge transfer to the new merged firm is evaluated. For the purpose of the study, a set of eleven ratios is employed, in order to measure acquiring firms’ operating performance and to compare pre- and post-merger operating performance for two years before and after the M&A announcements. The results revealed that M&As had a negative impact on the post-merger performance of the mergerinvolved firms from a knowledge-intensive industry, concerning their total debt analysis, two years after the M&A transaction. Also there were not some other positive or negative impacts at any other examined ratio, which reveals a possible successful transfer of knowledge, but not the creation of potential synergies or cost reductions.Τεκμήριο Evaluating post-merger performance of greek firms: a theoretical financial accounting perspective(2011) Pazarskis, Michail; Alexandrakis, AlexandrosThis study examines diachronically through empirical past studies the post-merger firm performance in Greece. There is an attempt to depicture the M&As effects on their post-merger performance within a theoretical financial accounting perspective in many aspects. Even though there is a scarcity of studies on this specific subject, the more important studies in the area of post-merger performance in Greece are evaluated and categorised in three thematically discrete areas of related past: accounting studies, event studies, and studies from empirical surveys of executives. As there is no similar past effort, the motivation of this study is to fill this gap in the existing literature and provide a useful framework for academics, researchers and business practitioners about Greek merger activity. The theoretical research results from the post-merger performance studies analysis indicate the existence of special peculiarities to the Greek firms’ post-merger performance.Τεκμήριο IFRS adoption effects in Greece: evidence from the IT sector(2011) Pazarskis, Michail; Alexandrakis, Alexandros; Notopoulos, Panagiotis; Kydros, DimitriosFrom January 2005 all the listed firms in the EU member states were required to prepare their financial statements according to the International Financial Reporting Standards – IFRS. In Greece, this transition from Greek GAAP to IFRS may have an effect on firms’ financial results. This study examines the possible impact of adoption of IFRS at Greek firms of the Information Technology (IT) sector, listed on the Athens Exchange. For this reason, the study analyses the financial statements of the sample firms for three years before and after the IFRS adoption in Greece with some ratios. Also, a further analysis is applied in order to estimate the exact influence of IFRS adoption effects in a different time interval and is compared the year 2002 (the year that was firstly announced the IFRS adoption in E.U.) with the year 2005 (the first year of IFRS official adoption on firms’ financial statements). The received results reveiled that, concerning the IFRS adoption effects, compared the year 2002 with the year 2005, as none of the accounting ratios had a statistically significant change due to the IFRS adoption, there is no evidence for a specific impact of the adoption of IFRS on accounting-based information and performance from financial statements at the sample firms. In contrary, in examining the data for the sample firms over a threeyear-period before and after the IFRS adoption, the results revealed that two (EBIT margin; gearing) out of twenty accounting ratios had a statistically significant change and a positive impact due to the IFRS adoption.Τεκμήριο International M&As of greek listed firms at south-east Europe: effects on their accounting performance(2011) Pazarskis, Michail; Alexandrakis, Alexandros; Karagiorgos, TheofanisThis study examines the international mergers and acquisitions (M&As) of Greek firms in South-Eastern European countries. The main objective of this paper is to evaluate the post-merger performance of Greek listed firms in the Athens Stock Exchange that executed as acquirers one merger or acquisition in a five-year-period (from 1998 to 2002). For the purpose of the study, a set of twenty ratios is employed, in order to measure firms’ post-merger performance and to compare pre- and post-merger accounting data for three years before and after the M&As events. The selected countries of South-Eastern Europe for the research sample are the three countries with the larger Greek investments in that period: Romania, Bulgaria and Albania. The results revealed that the international M&As activities of the Greek listed sample firms in the selected countries of this research have not lead them to enhanced postmerger performance, but, in general, to an accounting performance deterioration that also have a negative impact on three profitability examined ratios. Also, the most interesting that is revealed is that the worsening of the two years after the M&As is greater in the next period (three years after the examined event) and there is no negative or positive ratio significant change in the first year after the international M&As. Last, the study further analyses these ratio results with the method of payment of the acquiring firms: cash and stock exchange (with minor cash amounts); the conclusion for this is that the method of payment has no impact on the post-merger accounting performance of the examined firms.Τεκμήριο The post-merger accounting performance of greek listed firms in south-eastern european countries(2011-09) Pazarskis, Michail; Alexandrakis, Alexandros; Karagiorgos, TheofanisThis study examines the international mergers and acquisitions (M&As) of Greek firms in South-Eastern European countries. The main objective of this paper is to evaluate the post-merger performance of Greek listed firms in the Athens Stock Exchange that executed as acquirers one merger or acquisition in a five-year-period (from 1998 to 2002). For the purpose of the study, a set of twenty ratios is employed, in order to measure firms’ post-merger performance and to compare pre- and post-merger accounting data for three years before and after the M&As events. The selected countries of South-Eastern Europe for the research sample are the three countries with the larger Greek investments in that period: Romania, Bulgaria and Albania. The results revealed that the international M&As activities of the Greek listed sample firms in the selected countries of this research have not lead them to enhanced post-merger performance, but, in general, to an accounting performance deterioration that also have a negative impact on three profitability examined ratios. Also, the most interesting that is revealed is that the worsening of the two years after the M&As is greater in the next period (three years after the examined event) and there is no negative or positive ratio significant change in the first year after the international M&As. Last, the study further analyses these ratio results with the method of payment of the acquiring firms: cash and stock exchange (with minor cash amounts); the conclusion for this is that the method of payment has no impact on the post-merger accounting performance of the examined firms.Τεκμήριο Successful Merger Decisions in Greece: Facts or Delusions?(2012) Pazarskis, Michail; Pantelidis, Panagiotis; Alexandrakis, Alexandros; Serifis, PanagiotisThis study examines the success of merger decision in Greece during the last years through an extensive accounting study. The events of mergers and acquisitions (M&As) that have been performed from all merger-involved firms listed on the Athens Stock Exchange in the period from 2005 to 2007 are evaluated using accounting data (financial ratios), and from them the final sample of the study that is finally investigated consists from thirty five Greek firms, which executed one merger or acquisition in the period from 2005 to 2007 as acquirers and have not performed any other important acquiring decision in a three-year-period before or after the examined M&As transactions. For the purpose of the study, a set of sixteen ratios is employed, in order to measure firms’ post-merger performance and to compare pre- and post-merger performance for three years (or two years or one year) before and after the M&As announcements (with data analysis from 2002 to 2010). Furthermore the impact of the means of payment is evaluated. The results revealed that mergers have not any impact on the post-merger performance of the acquiring firms. Thus, the final conclusion that conducted is that the M&As activities of the Greek listed firms of this research have not lead them to enhanced postmerger accounting performance. Last, from the research results, it is clear that there is no difference from the mean of payment (cash or stock exchange) on the post-merger performance at the acquiring firms.Τεκμήριο Threshold conditions’ and regional convergence in european agriculture(2008-12) Alexiadis, Stilianos; Alexandrakis, AlexandrosConvergence across regional economies has spurred one of the most debatable issues in contemporary research in economics. In this paper we seek to address the question of whether, during the period 1995-2004 the NUTS-2 regions of EU-26 exhibited a tendency to converge in terms of agricultural labour productivity. The approach used in this paper is mainly quantitative, with emphasis on empirical results. However, it is hoped that this paper will be able to isolate some interesting views on the issue of regional convergence in Europe. Application of a series of models indicates that the NUTS-3 regions follow a pattern of club-convergence. This pattern is attributed to initial ‘threshold conditions’ that determine the composition of the convergence-club.