2. Ερευνητικές - Επιστημονικές Δημοσιεύσεις του Ακαδημαϊκού Προσωπικού
Μόνιμο URI για αυτήν την κοινότηταhttps://repository2024.ihu.gr/handle/123456789/30486
Περιηγούμαι
Πλοήγηση 2. Ερευνητικές - Επιστημονικές Δημοσιεύσεις του Ακαδημαϊκού Προσωπικού ανά Θέμα "Acquisition"
Τώρα δείχνει 1 - 3 από 3
- Αποτελέσματα ανά σελίδα
- Επιλογές ταξινόμησης
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.