全部 标题 作者
关键词 摘要

OALib Journal期刊
ISSN: 2333-9721
费用:99美元

查看量下载量

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

DOI: 10.4236/oalib.1105837, PP. 1-4

Subject Areas: Business Analysis

Keywords: Acquisition and Merger, Emerging Economy, Emerging Market, Turkey

Full-Text   Cite this paper   Add to My Lib

Abstract

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.

Cite this paper

Alhanhanah, W. M. , Akbalik, M. and Akosile, A. L. (2019). Merger and Acquisition Patterns and Trends: An Evidence of an Emerging Economy, Turkey 2014-2018. Open Access Library Journal, 6, e5837. doi: http://dx.doi.org/10.4236/oalib.1105837.

References

[1]  Zheng, N., Wei, Y., Zhang, Y. and Yang, J. (2016) In Search of Strategic Assets through Cross-Border Merger and Acquisitions: Evidence from Chinese Multinational Enterprises in Developed Economies. International Business Review, 25, 177-186. https://doi.org/10.1016/j.ibusrev.2014.11.009
[2]  Bauer, F. and Matzler, K. (2014) Antecedents of M & A Success: The Role of Strategic Complementarity, Cultural Fit, and Degree and Speed of Integration. Strategic management journal, 35, 269-291. https://doi.org/10.1002/smj.2091
[3]  Grant, R.M. (2016) Contemporary Strategy Analysis: Text and Cases Edition. John Wiley & Sons, New York.
[4]  Schiffbauer, M., Siedschlag, I. and Ruane, F. (2017) Do Foreign Mergers and Acquisitions Boost Firm Productivity? International Business Review, 26, 1124-1140.
https://doi.org/10.1016/j.ibusrev.2017.04.003
[5]  Pandya, V.U. (2018) Mergers and Acquisitions Trends—The Indian Experience. International Journal of Business Administration, 9, 44-54.
https://doi.org/10.5430/ijba.v9n1p44
[6]  Porter, M.E. (1985) Competitive Advantage. Free Press, New York.
[7]  Goold, M. and Campbell, A. (1998) Desperately Seeking Synergy. Harvard Business Review, 76, 131-143.
[8]  Tao, F., Liu, X., Gao, L. and Xia, E. (2017) Do Cross-Border Mergers and Acquisitions Increase Short-Term Market Performance? The Case of Chinese Firms. International Business Review, 26, 189-202. https://doi.org/10.1016/j.ibusrev.2016.06.006
[9]  Banerjee, T. and Nayak, A. (2015) Comparing Domestic and Cross-Border Mergers and Acquisitions in the Pharmaceutical Industry. Atlantic Economic Journal, 43, 489-499. https://doi.org/10.1007/s11293-015-9476-0
[10]  Gregory, A. and O’Donohoe, S. (2014) Do Cross Border and Domestic Acquisitions Differ? Evidence from the Acquisition of UK Targets. International Review of Financial Analysis, 31, 61-69. https://doi.org/10.1016/j.irfa.2013.09.001
[11]  Kumar, B.R. (2019) Mergers and Acquisitions. In: Wealth Creation in the World’s Largest Mergers and Acquisitions, Springer, Cham, 1-15.
https://doi.org/10.1007/978-3-030-02363-8_1
[12]  Gaughan, P.A. (2010) Mergers, Acquisitions, and Corporate Restructurings. John Wiley & Sons, New York. https://doi.org/10.1002/9781118269077
[13]  Sudarsanam, P.S. (1995) The Role of Defensive Strategies and Ownership Structure of Target Firms: Evidence from UK Hostile Takeover Bids. European Financial Management, 1, 223-240. https://doi.org/10.1111/j.1468-036X.1995.tb00018.x
[14]  Srivastava, R.K. (2018) Managing Mergers and Acquisitions in Health Care: A Case Study in the Pharmaceutical Sector. International Journal of Healthcare Management, 1-13. https://doi.org/10.1080/20479700.2017.1422337
[15]  Anyanwu, S.A. and Agwor, T.C. (2015) Impact of Mergers and Acquisitions on the Performance of Manufacturing Firms in Nigeria. African Research Review, 9, 156- 165. https://doi.org/10.4314/afrrev.v9i2.12
[16]  Tao, F., Liu, X., Gao, L. and Xia, E. (2017) Do Cross-Border Mergers and Acquisitions Increase Short-Term Market Performance? The Case of Chinese Firms. International Business Review, 26, 189-202. https://doi.org/10.1016/j.ibusrev.2016.06.006
[17]  Calipha, R., Tarba, S. and Brock, D. (2010) Mergers and Acquisitions: A Review of Phases, Motives, and Success Factors. In: Advances in Mergers and Acquisitions, Emerald Group Publishing Limited, ?Bingley, West Yorkshire, 1-24.
[18]  Petitt, B.S. and Ferris, K.R. (2013) Valuation for Mergers and Acquisitions: Valuation 2. FT Press, Upper Saddle River, NJ.
[19]  Weston, J.F., Chung, K.S., Hoag, S.E. (2006) Mergers Restructuring and Corporate Control. Prentice Hall, Upper Saddle River, NJ.
[20]  Huh, K.S. (2015) The Performances of Acquired Firms in the Steel Industry: Do Financial Institutions Cause Bubbles? The Quarterly Review of Economics and Finance, 58, 143-153. https://doi.org/10.1016/j.qref.2015.03.001
[21]  Dash, A.P. (2013) Mergers and Acquisitions. IK International Pvt Ltd., New Delhi.
[22]  Mallikarjunappa, T. and Nayak, P. (2013) A Study of Wealth Effects of Takeover Announcements in India on Target Company Shareholders. Vikalpa: The Journal for Decision Makers, 38, 23-50. https://doi.org/10.1177/0256090920130303
[23]  Pillania, R.K., Kumar, S. and Bansal, L.K. (2008) The Impact of Mergers and Acquisitions on Corporate Performance in India. Management Decision, 46, 1531-1543.
[24]  Bhabra, H.S. and Huang, J. (2013) An Empirical Investigation of Mergers and Acquisitions by Chinese Listed Companies, 1997-2007. Journal of Multinational Financial Management, 23, 186-207. https://doi.org/10.1016/j.mulfin.2013.03.002
[25]  Jensen, M.C. and Meckling, W.H. (1976) Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305- 360. https://doi.org/10.1016/0304-405X(76)90026-X
[26]  Benda?, G. and Bü?ra, F. (2015) The Effects of Acquisitions on Firm Value, Evidence from Turkey.
[27]  ?larslan, K. and A?iko?lu, R. (2012) Birle?me ve sat?n almalar?n i?letmelerin finansal performans? üzerindeki etkilerinin incelenmesi: Panel veri analizi. Finans Politik ve Ekonomik Yorumlar, 49, 59-78.
[28]  Mandac?, P.E. (2005) The Effects of Mergers and Acquisitions on the Financial Struc-ture and Performance of the Firms. ?ktisat, ??letme ve Finans Dergisi, 20, 60-67.
https://doi.org/10.3848/iif.2005.233ek.0628
[29]  Akben-Sel?uk, E. (2008) The Impact of Cross-Border Non Target Company Performance: Evidence from Turkey. Economics Bulletin, 13, 1-9.
[30]  Arslan, H. and Simsir, S.A. (2014) Sat?n Al?m ?ncesi Ve Sonras? Türk Hedef ?irketlerinin Finansal Performans? (The Financial Performance of Turkish Target Firms Around Acquisitions) ?ktisat, ??letme ve Fi-nans.
https://doi.org/10.3848/iif.2014.345.4251
[31]  Akben-Selcuk, E. and Altiok-Yilmaz, A. (2011) The Impact of Mergers and Acquisitions on Acquirer Performance: Evidence from Turkey. Business and Economics Journal, 22, 1-8.
[32]  Hekimo?lu, M.H. and Tanyeri, B. (2011) Stock Market Reactions to Mergers of Non-Financial Turkish Firms (Türk ?irket Birle?melerinin Hisse Senedi Fiyatlar? üzerindeki Etkileri). https://doi.org/10.2139/ssrn.1768015
[33]  Shaver, J.M. (2006) A Paradox of Synergy: Contagion and Capacity Effects in Mergers and Acquisitions. Academy of Management Review, 31, 962-976.
https://doi.org/10.5465/amr.2006.22527468
[34]  Kaplan, S.N. and Weisbach, M.S. (1992) The Success of Acquisitions: Evidence from Divestitures. The Journal of Finance, 47, 107-138.
https://doi.org/10.1111/j.1540-6261.1992.tb03980.x
[35]  Kiymaz, H. and Baker, H.K. (2008) Short-Term Perfor-mance, Industry Effects, and Motives: Evidence from Large M & As. Quarterly Journal of Finance and Accounting, 47, 17-44.
[36]  Fuller, R.B. (1982) Synergetics: Explorations in the Geometry of Thinking.
[37]  Berkovitch, E. and Narayanan, M.P. (1993) Motives for Takeovers: An Empirical Investigation. Journal of Financial and Quantitative analysis, 28, 347-362.
https://doi.org/10.2307/2331418
[38]  Carpenter, M.A. and Sanders, W.G. (2007) Strategic Management: A Dynamic Perspective. Pearson Prentice Hall, Upper Saddle River, NJ.
[39]  Haleblian, J., McNamara, G., Kolev, K. and Dykes, B.J. (2012) Exploring Firm Characteristics that Differentiate Leaders from Followers in Industry Merger Waves: A Competitive Dynamics Perspective. Strategic Management Journal, 33, 1037-1052.
https://doi.org/10.1002/smj.1961
[40]  Melicher, R.W., Ledolter, J. and D’Antonio, L.J. (1983) A Time Series Analysis of Aggregate Merger Activity. The Review of Economics and Statistics, 65, 423-430.
https://doi.org/10.2307/1924187
[41]  McNamara, G.M., Haleblian, J. and Dykes, B.J. (2008) The Perfor-mance Implications of Participating in an Acquisition Wave: Early Mover Advantages, Bandwagon Effects, and the Moderating Influence of Industry Characteristics and Acquirer Tactics. Academy of Management Journal, 51, 113-130.
https://doi.org/10.5465/amj.2008.30755057
[42]  Martynova, M. and Renneboog, L. (2008) Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions. Journal of Corporate Finance, 14, 200-223. https://doi.org/10.1016/j.jcorpfin.2008.03.004
[43]  Institute for Mergers, Acquisitions and Alliance (2019).
https://imaa-institute.org/mergers-and-acquisitions-statistics/
[44]  Y?ld?r?m, C. (2017) Turkey’ Outward Foreign Direct Investment: Trends and Patterns of Mergers and Acquisitions. Journal of Balkan and Near Eastern Studies, 19, 276-293. https://doi.org/10.1080/19448953.2017.1277084
[45]  ?mür, G.A., Tun?, A.?. and Düren, A.Z. (2012) Patterns of Mergers and Acquisitions in Turkey in the Era of “New Normal”. Procedia-Social and Behavioral Sciences, 58, 1611-1617. https://doi.org/10.1016/j.sbspro.2012.09.1148
[46]  Deloitte (2015) Deloitte Annual Turkish Mergers and Acquisitions Review 2014.
[47]  Deloitte (2016) Deloitte Annual Turkish Mergers and Acquisitions Review 2015.
[48]  Deloitte (2017) Deloitte Annual Turkish Mergers and Acquisitions Review 2016.
[49]  Deloitte (2018) Deloitte Annual Turkish Mergers and Acquisitions Review 2017.
[50]  Deloitte (2019) Deloitte Annual Turkish Mergers and Acquisitions Review 2018.
[51]  Bloomberg (2018) Turkish Lira Tumbles as Volatility Returns.
https://www.bloomberg.com/news/articles/2018-08-27/turkish-lira-tumbles-as-volatility-returns-after-holiday-week
[52]  World Bank (2018) Turkish Annual Report Review.
https://www.worldbank.org/en/country/turkey

Full-Text


comments powered by Disqus

Contact Us

service@oalib.com

QQ:3279437679

WhatsApp +8615387084133

WeChat 1538708413