“…Many past studies on post-merger performance that employed accounting ratios and were conducted during the last decades supported an improvement in the corporate performance after the M&As action (Cosh et al, 1980;Parrino and Harris, 1999;Vijayakumar and Sridevi, 2013;Muhammad and Zahid, 2014;Oruc Erdogan and Erdogan, 2014;Rao-Nicholson et al, 2016), while others claimed that there was a deterioration in the post-merger firm performance (Meeks, 1977;Salter and Weinhold, 1979;Mueller, 1980;Kusewitt, 1985;Ravenscraft and Scherer, 1987;Dickerson et al, 1997;Sharma and Ho, 2002;Oduro and Agyei, 2013), and some others concluded a "zero" result or ambiguous results from the M&As action (Kumar, 1984;Healy et al, 1992;Chatterjee and Meeks, 1996;Ghosh, 2001;Srivastava and Prakash, 2014;Rodionov and Mikhalchuk, 2016).…”