Corporate mergers and accounting performance during a period of economic crisis: evidence from Greece
Abstract
Merger deals are one of the most important business strategies which can change the company value dramatically. Mergers have been constantly a subject of debate and analysis over the past decades. Thus, it is a matter of great interest to analyze merger activities during economic crisis periods, as it was in Greece recently. This paper explores the accounting performance of Greek listed companies after mergers in 2009–2015, the economic crisis period in Greece. Thus, all mergers of listed companies during the above period are initially examined through several financial ratios from financial statements for one year before and after the merger. The analysis of Greek listed companies that comprise the final sample is performed with several regression models. The study provides positive and statistically significant results for mergers, in the sense that the period of crisis that the merger took place is positively correlated with several performance measures. Regarding the industry relatedness, the study provides evidence that conglomerate mergers have more positive impact to the improvement of the companies’ profitability than non-conglomerate mergers. Last, for the merger events that take place far from the climax of the economic crisis, the profitability of merged companies is increased.
Keyword : merger, ratios, financial statements, accounting performance, Greece, economic crisis
How to Cite
Pazarskis, M., Vogiatzoglou, M., Koutoupis, A., & Drogalas, G. (2021). Corporate mergers and accounting performance during a period of economic crisis: evidence from Greece. Journal of Business Economics and Management, 22(3), 577-595. https://doi.org/10.3846/jbem.2021.13911
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Edi, E., & Rusadi, S. (2017). Analisis pengukuran kinerja keuangan pasca merger dan akuisisi pada perusahaan yang terdaftar di bei. Jurnal Benefita, 2(3), 230–242. https://doi.org/10.22216/jbe.v2i3.1435
Fischer, M. (2017). The source of financing in mergers and acquisitions. Quarterly Review of Economics and Finance, 65(1), 227–239. https://doi.org/10.1016/j.qref.2017.01.003
Francis, J., & Martin, X. (2010). Acquisition profitability and timely loss recognition. Journal of Accounting and Economics, 49(1–2), 161–178. https://doi.org/10.1016/j.jacceco.2009.09.003
Fu, L., & Wang, Q. (2019). Driving factors of merger momentum in China: Empirical evidence from listed companies. China Finance Review International, 9(2), 235–253. https://doi.org/10.1108/CFRI-06-2017-0153
Ghosh, A. (2001). Does operating performance really improve following corporate acquisitions? Journal of Corporate Finance, 7(2), 151–178. https://doi.org/10.1016/S0929-1199(01)00018-9
Golubov, A., Petmezas, D., & Travlos, N. (2013). Empirical mergers and acquisitions research: A review of methods, evidence and managerial implications. In A. Bell, C. Brooks, & M. Prokopczuk (Eds.), Handbook of research methods and applications in empirical finance (pp. 287–313). Edward Elgar Publishing. https://doi.org/10.4337/9780857936097.00021
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Gupta, B., & Banerjee, P. (2017). Impact of merger and acquisitions on financial performance: Evidence from selected companies in India. International Journal of Commerce and Management Research, 3(1), 14–19. http://www.managejournal.com/up/conference/20170210153824.pdf
HaiYue, L., YiXian, L., Rui, Y., & XiaoPing, L. (2021). How do Chinese firms perform before and after cross-border mergers and acquisitions? Emerging Markets Finance and Trade, 57(2), 348–364. https://doi.org/10.1080/1540496X.2018.1556636
Healy, P., Palepu, K., & Ruback, R. (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31(2), 135–175. https://doi.org/10.1016/0304-405X(92)90002-F
Hoshino, Y. (1982). The performance of corporate mergers in Japan. Journal of Business Finance & Accounting, 9(2), 153–165. https://doi.org/10.1111/j.1468-5957.1982.tb00982.x
Hu, M., & Yang, J. (2016). The role of leverage in cross-border mergers and acquisitions. International Review of Economics and Finance, 43(1), 170–199. https://doi.org/10.1016/j.iref.2015.10.039
Hu, N., Zhang, Y., & Tan, S. (2016). Determinants of Chinese cross-border M&As. Annals of Economics and Finance, 17(1), 209–233. http://aeconf.com/Articles/May2016/aef170110.pdf
Hummel, J., & Amiryany, N. (2015). Determinants of acquisition performance: A multi-industry analysis. In J. Humell & N. Amiryany (Eds.), Advances in mergers and acquisitions (pp. 143–169). https://doi.org/10.1108/S1479-361X20150000014009
Ibrahim, Y., & Raji, J. O. (2018). Cross-border merger and acquisition activities in Asia: The role of macroeconomic factors. Studies in Economics and Finance, 35(2), 307–329. https://doi.org/10.1108/SEF-06-2017-0146
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Kusewitt, J. (1985). An explanatory study of strategic acquisition factors relating to performance. Strategic Management Journal, 6(2), 151–169. https://doi.org/10.1002/smj.4250060205
Lakstutiene, A., Stankeviciene, J., Norvaisiene, R., & Narbutiene, J. (2015). The impact of acquisitions on corporate performance results during the period of economic slowdown: Case of Lithuania. Procedia – Social and Behavioral Sciences, 213, 455–460. https://doi.org/10.1016/j.sbspro.2015.11.433
Lebedev, S., Peng, M., Xie, E., & Stevens, C. (2015). Mergers and acquisitions in and out of emerging economies. Journal of World Business, 50(1), 651–662. https://doi.org/10.1016/j.jwb.2014.09.003
Lev, B., & Mandelker, G. (1972). The microeconomic consequences of corporate mergers. Journal of Business, 45(1), 85–104. https://www.jstor.org/stable/2351600
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