银行业并购活动的短期和长期影响:来自新兴市场的证据

IF 1.3 Q3 ECONOMICS
Mohammad Alsharif
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引用次数: 0

摘要

本研究旨在深入研究合并活动对沙特阿拉伯银行的影响。设计/方法/方法2016Q1-2022Q4样本期间使用事件研究、财务比率和有效前沿分析,并混合使用参数和非参数测试。事件研究分析表明,并购银行(竞标方)的正累积异常收益高于被并购银行(目标方),表明投资者认为竞标银行将从并购战略中获益最多。同时发现合并后的沙特英国银行和Alawwal银行合并后的效率指标出现恶化,而国民商业银行和沙特美国银行合并后的效率指标有所改善,证实了投资者的观点。虽然这项研究的重点是沙特银行业,但其研究结果可以推广到该地区的其他银行,因为沙特银行业是中东地区最大的银行业之一,预计未来还会进一步增长。单纯的银行合并行为并不能保证实现成本协同效应或效率提升。研究表明,并购并不会自动产生成本效益,并购的成功取决于良好的整合和重组策略。原创性/价值据作者所知,这是第一个对沙特银行业合并活动的短期和长期影响进行全面分析的研究。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Short- and long-term impacts of merger activities in the banking industry: evidence from an emerging market
Purpose This study aims to examine in depth the impact of merger activities on banks in Saudi Arabia. Design/methodology/approach Event study, financial ratio and efficient frontier analyses with a mixture of parametric and non-parametric tests are used for the sample period 2016Q1–2022Q4. Findings Event study analysis shows that merging banks (bidders) have higher positive cumulative abnormal returns than merged banks (targets), indicating that investors believe that bidding banks will benefit the most from the merger strategy. It was also found that the efficiency measures of the combined banks of Saudi British Bank and Alawwal Bank deteriorated, while they improved for the combined banks of National Commercial Bank and Saudi American Bank in the post-merger period, confirming investors' views. Research limitations/implications Although the study focuses on the Saudi banking sector, its findings could be generalized to other banks in the region, as the Saudi banking sector is one of the largest in the Middle East region and is expected to grow further in the future. Practical implications The mere act of merging two banks does not guarantee the realization of cost synergies or efficiency gains. This research shows that mergers are not automatically cost-effective and that their success depends on good integration and restructuring strategies. Originality/value To the best of the author's knowledge, this is the first study to provide a comprehensive analysis of the short- and long-term impacts of merger activities in the Saudi banking sector.
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来源期刊
CiteScore
2.80
自引率
8.30%
发文量
13
期刊介绍: The Journal of Financial Economic Policy publishes high quality peer reviewed research on financial economic policy issues. The journal is devoted to the advancement of the understanding of the entire spectrum of financial policy and control issues and their interactions to economic phenomena. Economic and financial phenomena involve complex trade-offs and linkages between various types of risk factors and variables of interest to policy makers and market participants alike. Market participants such as economic policy makers, regulators, banking and competition supervisors, corporations and financial institutions, require timely and robust answers to the contemporary and emerging policy questions. In turn, such answers require thorough input by the academics, policy makers and practitioners alike. The Journal of Financial Economic Policy provides the forum to satisfy this need. The journal publishes and invites concise papers to enable a prompt response to current and emerging policy affairs.
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