Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms

Tong, Fang; Liu, Xiaohui; Gao, Lan; Xia, Enjun

doi:10.1016/j.ibusrev.2016.06.006

Cited by 123 publications

(91 citation statements)

References 154 publications

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“…The new management strategies, after the change of the control, could increase postmerger performance, as it is reported in the financial statements of a firm (Belz et al, 2013). Despite the fact that many researchers are very enthusiastic about the merger effects, some others are sceptic about this approach (Ramaswamy and Waegelein, 2003;Stunda, 2014;Tao et al, 2017). A characteristic declaration of this contradiction is in a well-known article from Jensen *Corresponding author.…”

Section: Introductionmentioning

confidence: 99%

“…E-mail: pazarskis@gmail.com. Over time, merger transactions attract the interest of researchers worldwide: Jensen and Ruback (1983) and Jarrell et al (1988) provided a comprehensive literature review for the US studies; Gregory (1997) for the UK studies and Mueller (1980) presents, apart from the US and UK market, the experience for several European countries; Sharma and Ho (2002) for the Australian market, while Tao et al (2017) provides a literature review of cross-border M&As deals for developed countries and emerging economies.…”

Section: Introductionmentioning

confidence: 99%

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Mergers, taxation and accounting performance: Some evidence from Greece

Pazarskis¹,

Drogalas²,

Koutoupis³

2017

J. Account. Taxation

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The study examines the merger effects on the accounting performance of Greek firms, in parallel with their taxation impact, during the period of economic crisis in Greece. The study analyses twelve accounting measures from financial statements and financial ratios of a sample of Greek listed firms in the Athens Exchange that carried out one merger in the period from 2010 to 2015 as acquirers. The results revealed that none of the twelve examined accounting measures have changed significantly due to the merger event, one year after the merger transaction. Different results are proposed regarding the impact of the type of industry, as the findings of the study indicate a better accounting performance for the constructions firms than the others from our sample. Furthermore, the study investigates the impact of the new Greek Income Tax Code (GITC) (Law 4172/2013) that refers to the corporate restructuring in Greece. There is evidence that there is some effect from the new GITC and it provides further opportunities for capital gains, not subject to tax from mergers, during the period of the economic crisis in Greece.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Mergers, taxation and accounting performance: Some evidence from Greece

Pazarskis¹,

Drogalas²,

Koutoupis³

2017

J. Account. Taxation

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“…Also, recent international developments (enlargement of European Union) and global integration of markets prompted companies to search worldwide for new partners and merger deals in order to profit by reducing production costs, expanding their distribution network and ultimately increasing profits (Tao et al, 2017). This study analyzes the effect of mergers on employment and labor productivity with the analysis of acquiring firms after the merger transactions.…”

Section: Resultsmentioning

confidence: 99%

“…How decision makers agree or disagree on strategic issues is an important topic for discussion over to organizations and many researchers and business practitioners are confident and enthusiastic for mergers, despite the fact that many others regard with scepticism this hypothesis (Rodionov and Mikhalchuk, 2016;Tao et al, 2017). Furthermore, there is always an impact of mergers on business activity and firms" human factor (the workers at every management level), which are one of the most valuable assets of an organization.…”

Section: Introductionmentioning

confidence: 99%

Assessing employment effects of mergers using accounting measures: Some evidence from Greece in the period of economic crisis

Giovanis¹,

Pantelidis²,

Pazarskis³

et al. 2017

J. Account. Taxation

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This study analyzed the interdependencies between employment and accounting measures, in order to evaluate the merger effects during the period of the economic crisis in Greece. More specifically, the study analyses five accounting measures in comparison to the total number of employees, as financial ratios, from a sample of all Greek listed firms in the Athens Exchange that executed one merger in the period from 2009 to 2013 as acquirers. From the analysis of the results, it is clear that the mergers had no effect on employment and labor productivity for the whole sample firms merged from 2009 to 2013 and the productivity of workers have not improved significantly after the mergers. Lastly, the study examined the industry differentiation of labor productivity after mergers. The results reveal, in general, a better performance for the commerce and services (CMS) firms from the sample in contrast to the three other basic industry categories: Primary sector (PRI), industrial sector (IND), and constructions and building materials (CNΒ).

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“…Merger and acquisition have been adopted by companies mostly as a growth strategy and as an approach for business internationalization. M & As had received high usage and importance of abundant studies, which have been discussed in several fields including; finance, economy, management, accounting [8] [9] [10]. In today's world of globalization and fast technological changes, mergers and acquisitions have become a convincing strategic growth for companies, to expand business geographical operations, accomplish economies of scale, and achieve financial performance [11].…”

Section: Literature Reviewmentioning

confidence: 99%

Merger and Acquisition Patterns and Trends: An Evidence of an Emerging Economy, Turkey 2014-2018

Alhanhanah¹,

Akbalik²,

Akosile³

2019

OALib

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This study aims to provide contemporary and comparative analysis on mergers and acquisitions (M & As) activities that Turkish companies are involved between 2014-2018, by analyzing trends in deal number, deal volume activity and characteristics, and an attempt to explore the challenges, issues and implications opposing companies in M & As in Turkey. The study follows a qualitative method for data collection and analysis, using secondary data and the annual merger and acquisitions review reports of Deloitte 2014-2018. The paper will display probable outcomes of these events in the future and their effects on firms and government or economical conjuncture. This paper will add to related research in the future. The findings show that M & As in Turkey had fluctuated in that period in deal number and activity. Merger and acquisition data and figures in the selected period of the study show a positive record for instance deal number was 1275 transactions were announced, with accumulated total value US $64 billion.

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Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms

Cited by 123 publications

References 154 publications

Mergers, taxation and accounting performance: Some evidence from Greece

Mergers, taxation and accounting performance: Some evidence from Greece

Assessing employment effects of mergers using accounting measures: Some evidence from Greece in the period of economic crisis

Merger and Acquisition Patterns and Trends: An Evidence of an Emerging Economy, Turkey 2014-2018

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