文章基本信息

标题：International M&As of Greek Listed Firms at South-East Europe: Effects on their Accounting Performance
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作者：Michail Pazarskis ; Alexandros Alexandrakis ; Theofanis Karagiorgos 等
期刊名称：MIBES Transactions
印刷版ISSN：1790-9899
出版年度：2011
卷号：5
期号：1
页码：105-120
出版社：T.E.I. of Larissa
摘要：This study examines the international mergers and acquisitions (M&As) of Greek firms in South-Eastern European countries.The main objective of this paper is to evaluate the post-merger performance of Greek listed firms in the Athens Stock Exchange that executed as acquirers one merger or acquisition in a five-year-period (from 1998 to 2002).For the purpose of the study, a set of twenty ratios is employed, in order to measure firms’ post-merger performance and to compare pre- and post-merger accounting data for three years before and after the M&As events.The selected countries of South-Eastern Europe for the research sample are the three countries with the larger Greek investments in that period: Romania, Bulgaria and Albania.The results revealed that the international M&As activities of the Greek listed sample firms in the selected countries of this research have not lead them to enhanced post-merger performance, but, in general, to an accounting performance deterioration that also have a negative impact on three profitability examined ratios.Also, the most interesting that is revealed is that the worsening of the two years after the M&As is greater in the next period (three years after the examined event) and there is no negative or positive ratio significant change in the first year after the international M&As.Last, the study further analyses these ratio results with the method of payment of the acquiring firms: cash and stock exchange (with minor cash amounts); the conclusion for this is that the method of payment has no impact on the post-merger accounting performance of the examined firms.
关键词：merger; acquisition; international business strategies