Successful Merger Decisions in Greece: Facts or Delusions?
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Ημερομηνία
2012
Τίτλος Εφημερίδας
Περιοδικό ISSN
Τίτλος τόμου
Εκδότης
Δικαιώματα
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Άδειες
Παραπομπή
Παραπομπή
Περίληψη
This 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.
Περίληψη
Περιγραφή
JEL Classifications: G32, G34, M21, M40