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标题：Mergers & Acquisition and Firm Performance: Evidence from the Ghana Stock Exchange
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作者：Isaac Marfo Oduro ; Samuel Kwaku Agyei
期刊名称：Research Journal of Finance and Accounting
印刷版ISSN：2222-1697
出版年度：2013
卷号：4
期号：7
页码：99-107
语种：English
出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：Firm growth, improved efficiency and profitability are among the key benefits sought from mergers and acquisitions (M&A). This study is a modest attempt to seek for the effects M&As on the performance of firms in the Ghanaian Stock Market from 1999 to 2010. The study was accounting based and used univariate analysis with T-testing as well as panel data methodology for the analysis. The univariate analysis revealed dwindling profitability after the merger for all the firms with the t-test showing significant difference in profitability before and after merger. The evidence from panel methodology indicates that M&A has significant negative effect on the profitability of firms. It is therefore imperative that M&As are properly planned, executed and evaluated. Specifically, efforts should be made to attract and retain key personnel of the merged firms through performance contracts or bonuses, proper conflict resolution measures should be put in place and conscious effort made to reap the expected benefits of the merger. This is because gains from mergers and acquisitions do not just occur. Additionally, our results indicate that risk and firm size have significantly negative relationship with firm profitability while debt capital and firm growth enhance firm profitability.
关键词：Merger and Acquisition; Profitability; Ghana