Value Creation through M&A in CEE, Greece, Turkey: An Empirical Study

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ISBN-13:
9783330064775
Einband:
Paperback
Seiten:
80
Autor:
Efe Tokmen
Gewicht:
136 g
Format:
220x150x5 mm
Sprache:
Englisch
Beschreibung:

This research examines 350 M&A deals that were announced and completed in CEE, Turkey and Greece between 2000 and 2010. Descriptive statistics show that the majority of the deals announced during that period were cross-border in nature and the CEE, Turkey and Greece companies were the target in the majority of cross-border deals. The result of event studies support previous research with regards to M&A activity in emerging markets: M&A deals in CEE, Turkey and Greece create significant value for both the target, the bidder companies and for the combined entity. The analysis of value drivers shows that cross-border deals create significantly less value than local deals. Moreover, transactions in which a CEE company enters a foreign market create less value amongst cross-border deals. We also find evidence that supports the agency theory of free cash flow: transactions announced during the credit crisis period in which firms held less cash create more value. Finally, there is strong evidence that intra-industry M&A deals have a more positive impact on equity value than inter-industry transactions.

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