MERGER DECISIONS, ACCOUNTING INFORMATION AND PERFORMANCE STABILITY INSIDE AND OUTSIDE OF ECONOMIC CRISIS PERIODS: EVIDENCE FROM GREECE

IF 2.6 3区 经济学 Q1 Business, Management and Accounting
Michail Pazarskis, Nikolaos Giovanis, Andreas G. Koutoupis, Aikaterini Chasiotou
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引用次数: 3

Abstract

This study examines the merger decisions from a sample of Greek listed companies in the economic crisis period and shortly after its end, by employing various quantitative and qualitative variables of mergers that signalize different levels of risk. The results revealed that the performance subsequent of mergers is not significantly different for the merged companies. But in comparison to control sample of companies without mergers for the examined period, the results reveal that merger transactions signalize a more stable profitability and better performance for the companies with mergers. Furthermore, merger events signalize different performance levels during and after the crisis: mergers that took place when there was no economic crisis are far more profitable and lead to better performance from mergers during the period of economic crisis. Last, regarding the industry relatedness of the merged firms, the industry type and the merger combination of merged companies, there is not any impact from them on the post-merger performance in the examined accounting measures. The study proposes for companies that during crisis periods maybe merger be the only way to survive and provide a stable profitability and accounting performance for shareholders.
经济危机时期内外的并购决策、会计信息和业绩稳定性:来自希腊的证据
本研究考察了希腊上市公司在经济危机时期和危机结束后不久的并购决策样本,通过采用各种量化和定性的并购变量,表明不同的风险水平。结果表明,被并购企业的并购后绩效差异不显著。但与研究期间未进行并购的公司的控制样本相比,结果表明,并购交易标志着并购公司更稳定的盈利能力和更好的绩效。此外,并购事件在危机期间和危机后表现出不同的绩效水平:在没有经济危机时发生的并购利润要高得多,并导致经济危机期间并购的绩效更好。最后,在被并购企业的行业关联度、行业类型和被并购企业的并购组合对并购后绩效的影响在被审查的会计措施中均不存在。该研究提出,在危机时期,公司可能合并是唯一的生存方式,并为股东提供稳定的盈利能力和会计业绩。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
5.80
自引率
3.80%
发文量
48
审稿时长
15 weeks
期刊介绍: The Journal of Business Economics and Management is a peer-reviewed journal which publishes original research papers. The objective of the journal is to provide insights into business and strategic management issues through the publication of high quality research from around the world. We particularly focus on research undertaken in Western Europe but welcome perspectives from other regions of the world that enhance our knowledge in this area. The journal publishes in the following areas of research: Global Business Transition Issues Economic Growth and Development Economics of Organizations and Industries Finance and Investment Strategic Management Marketing Innovations Public Administration.
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