Yayınlanmış 17.04.2016
Anahtar Kelimeler
- Birleşme ve Satın Alma İşlemleri,
- Finansal Performans,
- Sektörel Etkiler
Nasıl Atıf Yapılır
Nasıl Atıf Yapılır
Öz
Bu çalışmanın amacı şirket birleşme ve satın alma (B&S) işlemlerinin hem mikro hem makro düzeyde etkilerini konu alan çalışmaları inceleyen bir literatür çalışması ortaya koymaktır. İnceleme üç ayrı kısımda gerçekleştirilmiştir. Birinci kısımda B&S işlemlerine makro düzeyde yaklaşan çalışmalar ele alınarak, bu işlemlerin sektör ve piyasa düzeyinde etkileri ile bu işlemlerin sayısını etkileyen faktörler üzerinde durulmaktadır. İkinci bölümde B&S işlemlerinin katılımcı firmaların finansal performansında meydana getirdiği değişiklikleri inceleyen çalışmalara yer verilecekmiştir. Üçüncü ve son bölümde ise B&S işlemleri sonrası performans değişimine etki edeceği düşünülen faktörlerden bahsedilmektedir.
Referanslar
- Akben-Selçuk, E., & Yılmaz, A. (2011). The impact of mergers and acquisitions on acquirer performance: Evidence from Turkey. Business and Economics Journal, 2, 1-8.
- Akben-Selçuk, E. (2015). Do mergers and acquisitions create value for Turkish target firms? An event study analysis. Procedia Economics and Finance, 30, 15-21.
- Andrade, G., Mitchell, M., & Stafford, E. (2001). New Evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103-120.
- Arslan, H. (2004). Bulmacanın eksik parçası: birleşme ve satın almalarda insan kaynakları. Ankara: Siyasal Kitabevi.
- Balkin, D. B., & Gomez-Mejia, L. R. (1990). Matching compensation and organizational strategies. Strategic Management Journal, 11, 153-169.
- Benzing, C. (1993). Mergers-What the “Grimm” data tell us. Review of Industrial Organization, 8, 747-753.
- Bernstein, D. (1984). Company image and reality a critique of corporate communications. New York, NY: Holt, Rinehart and Winston Ltd.
- Boyer, K. D. (1992). Mergers that harm competition. Review of Industrial Organization, 7, 191202.
- Brown S. J., & Warner J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3-31.
- Buono, A. F., Bowditch J. L., & Lewis J. W. (1985). When cultures collide: The anatomy of a merger. Human Relations, 38(5), 477-500.
- Chang, S. (1998). Takeovers of privately held targets, methods of payment, and bidder returns. The Journal of Finance, 53(2), 773-784.
- Chatterjee, S., Lubatkin, M. H., Schweiger, D. M., & Weber, Y (1992). Cultural differences and shareholder value in related mergers: linking equity and human capital. Strategic Management Journal, 13(5), 319-334.
- Clark, K., & Ofek, E. (1994). Mergers as a means of restructuring distressed firms: an empirical investigation. Journal of Financial and Quantitative Analysis, 29, 541-566.
- Dickerson A. P., Gibson H. D., & Tsakalotos, E. (1997). The impact of acquisitions on company performance: Evidence from a large panel of U.K. firms. Oxford Economic Papers, 49, 344-361.
- Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross-border mergers and acquisitions. The Journal of Finance, 68(3), 1045-1082.
- Farrell, J., & Shapiro, C. (1990). Horizontal mergers: an equilibrium analysis. American Economic Review, 80, 107-125.
- Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4),17631793.
- Galbraith, J. R. (1977). Organizational design. Reading, MA: Addison-Wesley.
- Ghosh, A. (2001). Does operating performance really improve following corporate acquisitions? Journal of Corporate Finance, 7, 151-178.
- Ghosh, A., & Jain, P. J. (2000). Financial leverage changes associated with corporate mergers. Journal of Corporate Finance, 6, 377-402.
- Goergen M., & Renneboog, L. (2004). Shareholder wealth effects of european domestic and cross-border takeover bids. European Financial Management Journal, 10, 9-45.
- Govindarajan, V., & Fisher, J. (1990). Strategy, control systems, and resource sharing: effects on business unit performance. Academy of Management Journal, 33(2), 259-285.
- Gugler K, Mueller D. C., Yurtoglu B. B., & Zulehner, C. (2003). The effects of mergers: an international comparison. International Journal of Industrial Organization, 21, 625653.
- Hansen R. G., & Lott, J. R. (1996). Externalities and corporate objectives in a world with diversified shareholders/consumers. Journal of Financial and Quantitative Analysis, 31(1), 43-68.
- Harford J. (1999). Corporate cash reserves and acquisitions. Journal of Finance, 54, 1969-1998.
- Healy P.J., Palepu, K. G., & Ruback, R. S. (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31, 135-175.
- Hekimoğlu, M. H., & Tanyeri, B. (2011). Türk şirket birleşmelerinin satın alınan şirketlerin hisse senedi fiyatları üzerindeki etkileri, İktisat, İşletme ve Finans, 26, 53-70.
- Heron R. & Lie E. (2002). Operating performance and the method of payment in takeovers, Journal of Financial and Quantitative Analysis, 37, 137-156.
- Hofstede, G. (1991). Cultures and organizations: software of the mind. London: McGraw-Hill.
- Jensen M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
- Kang J. K., Shivdasani, A., & Yamada, T. (2000). The effect of bank relations on investment decisions: an investigation of Japanese takeover bids. Journal of Finance, 55, 21972218.
- Kaplan N. S. (1989). The effects of management buyouts on operating performance and value. Journal of Financial Economics, 24, 217-254.
- Klein, B., & Murphy, K. M. (1997). Vertical integration as a self-enforcing contractual arrangements. American Economic Review, 87, 415-420.
- Kovacic, W. E., & Shapiro, C. (2000). Antitrust policy: A century of economic and legal thinking. Journal of Economic Perspectives, 14(1), 43-60.
- Kruse, T. A., Park, H. Y., Park, K., & Suzuki, K. I. (2002). The value of corporate diversification: evidence from post-merger performance in Japan. AFA 2003 Washington, DC Meetings. Available at SSRN: http://dx.doi.org/10.2139/ssrn.344560
- Linn S. C., & Switzer J.A. (2001). Are cash acquisitions associated with better postcombination operating performance than stock acquisitions? Journal of Banking and Finance, 6, 1113-1138.
- Mandacı, P. E. (2004). Şirketlerin birleşme ve satın alma duyurularının hisse senedi fiyatları üzerine etkileri. İktisat, İşletme ve Finans, 19, 118-124.
- Mandacı, P. E. (2005). Şirket birleşmelerinin şirketlerin finansal yapı ve performanslarına etkileri. İktisat İşletme ve Finans, 20, 60-67.
- Marks, M. L. (1982). Merging human resources. Mergers and Acquisitions, 17(2), 38-42.
- Martynova, M., & Renneboog, L. (2006). Mergers and acquisitions in Europe. Advances in corporate finance and asset pricing. Der.: L. Renneboog, Amsterdam: Elsevier, 15-76.
- Martynova, M., Oosting, S., & Renneboog, L. (2007). The long-term operating performance of European mergers and acquisitions. International mergers and acquisitions activity since 1990: recent research and quantitative analysis. Der.: G. N. Gregoriou ve L. Renneboog, Burlington, MA: Elsevier, 79-116.
- Meeks, G. (1997). Disappointing marriage: a study of the gains from mergers. Cambridge, UK: Cambridge University Press.
- Moeller S. B., & Schlingemann F. P. (2005). Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions. Journal of Banking & Finance, 29(3), 533-564.
- Mueller, W. F. (1982). Conglomerates: A Nonindustry. The structure of American industry. Der.: W. Adams, New York: Macmillan, 427-474.
- Mueller, D. C. (1989). Mergers: Causes, effects and policies. International Journal of Industrial Organization, 7(1), 1-10.
- Mueller, D. C. (1997). Merger policy in the United States: A reconsideration. Review of Industrial Organization, 12, 655-685.
- Murat, G., & Açıkgöz, B. (2007). Yöneticilerin örgüt kültürü algılamalarına ilişkin bir analiz: zonguldak karaelmas üniversitesi örneği. ZKÜ Sosyal Bilimler Dergisi, 3(5), 1-20.
- Nayyar, P. R. (1992). On the measurement of corporate diversification strategy: evidence from large U.S. Service firms. Strategic Management Journal, 13(3), 219-235.
- Powell R. G., & Stark, A.W. (2005). Does operating performance increase post-takeover for UK takeovers? A comparison of performance measures and benchmarks. Journal of Corporate Finance, 11, 293-317.
- Rahman R. A. & Limmack R. J. (2004). Corporate acquisitions and the operating performance of Malaysian companies. Journal of Business Finance & Accounting, 31, 359-400.
- Sackmann, S. A. (1991). Uncovering culture in organizations. Journal of Applied Behavioral Science, 27(3), 295-317.
- Sales, A. L., & Mirvis, P. A. (1984). When cultures collide: issues of acquisitions. Managing organizational transitions. Der.: J. R. Kimberly ve R. Quinn, Boston, MA: Irwin, 107133.
- Salinger, M. A. (1988). Vertical mergers and market foreclosure. Quarterly Journal of Economics, 103, 345-356.
- Sargut, S. (2001). Kültürel farklılaşma ve yönetim. Ankara: İmge Kitabevi.
- Sathe, V. (1985). Culture and related corporate realities. Homewood, IL: Irwin.
- Schein, E. (1990). Organizational culture. American Psychologist, 45(2), 109-119.
- Scott, J. T. (1989). Purposive diversification as a motive for merger. International Journal of Industrial Organization, 7(1), 35-47.
- Sharma D. S., & Ho, J. (2002). The impact of acquisitions on operating performance: some Australian evidence. Journal of Business Finance & Accounting, 29, 155-200.
- Switzer, J. A. (1996). Evidence on real gains in corporate acquisitions. Journal of Economics and Business, 48, 443-460.
- Walter G. A., & Barney J. B. (1990). Management objectives in mergers and acquisitions. Strategic Management Journal, 11, 79-86.
- Weston, J. F., Mulherin, J. H., & Ahern, K. (2014). Takeovers, restructuring, and corporate governance. Upper Saddle River, NJ: Prentice Hall.
- Williamson, O. E. (1968). Economies as an antitrust defense: the welfare tradeoffs. American Economic Review, 58, 18-36.
- Yeh T. M., & Hoshino, Y. (2002). Productivity and operating performance of Japanese merging firms: Keiretsu-related and independent mergers. Japan and the World Economy, 14, 347-366.