BibTex RIS Cite

BİRLEŞME VE SATIN ALMALARIN TOPLUMSAL REFAH BOYUTU

Year 2013, Volume: 2 Issue: 3, 0 - 0, 01.01.2013

Abstract

Birleşme ve satın almaların toplumsal refah üzerine etkisi konusunda çok sayıda çalışma yapılmıştır. Bu
çalışmada ise birleşme ve satın almaların toplumsal refah üzerine etkisi konusunda bazı seçilmiş çalışmaların gözden
geçirilmesi amaçlanmaktadır. Bu çalışmaların incelenmesi ile ortaya çıkan en önemli bulgu çalışma sonuçlarının büyük
ölçüde farklılık gösterdiğidir. Çalışmaların çoğunda birleşme ve satın almaların fiyatta yarattığı değişme ile tüketicilerin
refahı, karda yarattığı değişme ile de üreticilerin refahı üzerine olan etkisine bakılmaktadır. Bununla birlikte çalışmaların her
birinde toplumsal refahı oluşturan unsurların bir veya ikisi ele alınmakta; unsurların hepsine (tüketiciler, üreticiler,
hissedarlar, rekabetçiler, işverenler ve çalışanlar) bir bütün olarak bakılmamaktadır.

References

  • Acharya, R. C. (2001). The impacts of mergers and acquisitions on firms’ profitability: An empirical study of canadian firms. Industry Canada, 1-26.
  • Asquith, P., Bruner, R. F., & Mullins, D. W. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11, 121-139.
  • Aydemir, M. (1998). Küreselleşme, rekabet ve sınır-ötesi birleşmeler: Daimler-Benz ve Chrysler Örneği. Süleyman Demirel Üniversitesi İktisat ve İdari Bilimler Fakültesi Dergisi, 3, 45-54.
  • Barton, D. M., & Sherman, R. (1984). The price and profit effects of horizontal merger: A Case Study. The Journol of Industrial Economics, 33 (2), 165-177.
  • Borenstein, S. (1990). Airline mergers, airport dominance and market power. American Economic Review, 80 (2), 400-404.
  • Caves, R. E. (1987). Effects of mergers and acquisitions on the economy: An Industrial Organization Perspective. L. E. Browne ve E. S. Rosengren (Ed.), The Merger Boom, Federal Reserve Bank of Boston, October 153-155, 165-166.
  • Church, J., & R. Ware. (2000). Industrial organization: A strategic approach, Boston, New York, San Francisco: Irwin McGraw-Hill, 715-726.
  • Claugherty, J. A. (2002). U.S. domestic airline mergers: The neglected international determinants. International Journal of Industrial Organization, 20, 557-576.
  • Conyon, M. J., Girma, S., Thompson, S., & Wright, P. W. (2002). The impact of mergers and acquisitions on company employment in The United Kingdom. European Economic Review, 46, 31-49.
  • Çetintaş, H. (2001,Temmuz). Global bir ekonomide doğrudan yabancı yatırımlar ve rekabet. DTDERGİ, 1-10. Erişim <http://www.foreigntrade.gov.tr/ead/DTDERGI/tem 2001/global.html>.
  • Dalkır, S., & Kalkan, E. (2003). Application of the proportionality-calibrated AIDS model to predicting potential welfare effects of mergers between fertilizer sellers as part of The Turkish Privatization Program. ERC Lecture in Economics, Retrieved from <http://www.erc.metu.edu.tr/menu/sayfa. php? içerik= lectures & lang = eng>
  • Dockner, E. J., & Gaunersdorfer, A. (2001). On the profitability of horizontal merger in industries with dinamic competition. Japan and the World Economy, 13, 195-216.
  • Eckbo, B. E. (1983). Horizontal mergers, collusion and stockholder wealth. Journal of Financial Economics, 11, 241-273.
  • Ford, G. S., & Jackson, J. D. (1997). Horizontal concentration and vertical integration in the cable television industry. Review of Industrial Organization, 12, 501-518.
  • Franks, J. R., & Haris, R. S. (1989). Shareholder wealth effects of corporate takeovers: The U.K.
  • Experience 1955-1985. Journal of Financial Economics, 23, 225-249.
  • Gallet, C. A. (2001). The gradual response of market power to mergers in the U.S. steel industry. Review of Industrial Organization, 18, 327-336.
  • Gedikkaya, T., & Gürler, C. (1999). Birleşmeler ve edinimler (Mergers and Acquisitions-M&A), Türkiye Cumhuriyeti Merkez Bankası, Dış İlişkiler Genel Müdürlüğü Avrupa Birliği ile İlişkiler Müdürlüğü, 1- 32.
  • George, K. D., Joll, C., & Lynk, E. L. (1992). Industrial organisation: competition, growth and structural change, New York, London: Routledge, Chapman and Hall Inc. 61-64, 89-90,108.
  • Gugler, K., Mueller, D. C., Yurtoğlu, B. B., & Zulehner, C. (2001). The effects of mergers: an international comparison. Discussion Papers, Research Arca Markets and Political Economy, ISSN. Nr:0722- 6748, 7-9.
  • Head, K., & Ries, J. (1997). International mergers and welfare under decentralized competition policy.” The Canadian Journal of Economics, 30(4), 1104-1123.
  • Hergott, M. J. (1997). Airport concentration and market power: An events study approach. Review of Industrial Organization, 12, 793-800.
  • Horn, H., & Persson, L. (2001). The equilibrium ownership of an international oligopoly. Journal of International Economics, 53, 307-333.
  • Kim, E. H., & Singal, V. (1993). Mergers and market power: evidence from the airline industry. American Economic Review, 83 (3), 549-569.
  • Kleinert, J., & Klodt, H. (2002). Causes and consequences of merger waves. Kiel Woring Papers, 1092, 1-28.
  • Malatesta, P. H. (1983). The wealth effect of merger activity and the objective functions of merging firms. Journal of Financial Economics, 11, 155-181.
  • Mcafee, R. P., & Williams, M. A. (1988). Can event studies detect anticompetitive mergers?. Economic Letters, 28, 199-203.
  • Mcintosh, J. (2002). A welfare analysis of Canadian Chartered Bank Mergers. Canadian Journal of Economics, 35(3), 457-475.
  • Mueller, D. C. (1997). Merger policy in the United States: A reconsideration. Review of Industrial Organization, 12, 655-685.
  • Pesendorfer, M. (2003). Horizontal mergers in the paper industry. RAND Journal of Economics, 34 (3), 495-515.
  • Pilloff S. J. (1996). Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions. Journal of Money, Credit and Banking, 28 (3), 294-310.
  • Punt, L.W., & Van Rooij, M.C.J. (1999). The profit-structure relationship, efficiency and mergers in the European Banking Industry: “An Empirical Assessment.” Research Memorandum WO&E, 604, 1-36.
  • Röller, L.H., Stennek, J. & Verboven, F. (2000). Efficiency gains from mergers. Research Area Market Processes and Corporate Development, ISSS Nr.0722-6748, 19,23,47,50-56.
  • Salant, S. W., Switzen, S., & Reynolds, R. J. (1983). Lessons from horizontal merger: the effects of an exogenous change in industry structure on Cournot-Nash Equilibrium. The Quarterly Journal of Economic, 98 (2), 185-199.
  • Simpson, J. D. (2001). Did may company’s acquisition of associated dry goods corporation reduce competition? An event study analysis. Review of Industrial Organization, 18, 351-362.
  • Singh, A., & Dhumale, R. (1999). The Global merger wave: Concequences for developing countries. South Centre, 1-5.
  • Stewart, J. F., & Kim, S. (1993). Mergers and social welfare in U.S. manufacturing 1985-1986. The Southern Economic Journal, 1-28.
  • Stigler, G. J. (1950). Monopoly and oligopoly by merger. The American Economic Review, 40 (2), 23- 34.
  • Trillas, F. (2002). Mergers, acquisitions and control of telecommunications firms in Europe. Telecommunications Policy, 26, 269-286.
  • Unctad. (1999). Mega mergers reshaping global production system. UNCTAD’s World Investment Report, 1-3.
  • Waldman, D. E., & Jensen, E. J. (1994). Industrial organization: Theory and practice. Boston, San Francisco, New York: Addision Wesilley, 105-108, 190, 110.
  • Werden, G. J., Joskow, A. S., & Johnson, R. L. (1991). The effects of mergers on price and output: Two case studies from the airline industry. Managerial and Decision Economics, 12 (5), 341-352.
  • Yeh, T., & Hoshino, Y. (2002). Productivity and operating performance of Japanese merging firms: Keiretsu-related and independent mergers. Japan and World Economy, 14, 347-366.

SOCIAL WELFARE DIMENSION OF MERGERS AND ACQUISITIONS

Year 2013, Volume: 2 Issue: 3, 0 - 0, 01.01.2013

Abstract

A vast number of studies have been conducted about the impact on social welfare of mergers and acquisitions. In this study, some selected studies of the impact of mergers and acquisitions on social welfare is aimed to review. After examining these studies, the most important finding of these studies is the results vary greatly. In most studies, the impact on the profit created by the change in price of mergers and acquisitions and the welfare of the consumers as well as the impact on welfare of producers. However, each of these studies, the components of social welfare are discussed without including all of the elements (consumers, producers, shareholders, competitors, employers and employees) as a whole

References

  • Acharya, R. C. (2001). The impacts of mergers and acquisitions on firms’ profitability: An empirical study of canadian firms. Industry Canada, 1-26.
  • Asquith, P., Bruner, R. F., & Mullins, D. W. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11, 121-139.
  • Aydemir, M. (1998). Küreselleşme, rekabet ve sınır-ötesi birleşmeler: Daimler-Benz ve Chrysler Örneği. Süleyman Demirel Üniversitesi İktisat ve İdari Bilimler Fakültesi Dergisi, 3, 45-54.
  • Barton, D. M., & Sherman, R. (1984). The price and profit effects of horizontal merger: A Case Study. The Journol of Industrial Economics, 33 (2), 165-177.
  • Borenstein, S. (1990). Airline mergers, airport dominance and market power. American Economic Review, 80 (2), 400-404.
  • Caves, R. E. (1987). Effects of mergers and acquisitions on the economy: An Industrial Organization Perspective. L. E. Browne ve E. S. Rosengren (Ed.), The Merger Boom, Federal Reserve Bank of Boston, October 153-155, 165-166.
  • Church, J., & R. Ware. (2000). Industrial organization: A strategic approach, Boston, New York, San Francisco: Irwin McGraw-Hill, 715-726.
  • Claugherty, J. A. (2002). U.S. domestic airline mergers: The neglected international determinants. International Journal of Industrial Organization, 20, 557-576.
  • Conyon, M. J., Girma, S., Thompson, S., & Wright, P. W. (2002). The impact of mergers and acquisitions on company employment in The United Kingdom. European Economic Review, 46, 31-49.
  • Çetintaş, H. (2001,Temmuz). Global bir ekonomide doğrudan yabancı yatırımlar ve rekabet. DTDERGİ, 1-10. Erişim <http://www.foreigntrade.gov.tr/ead/DTDERGI/tem 2001/global.html>.
  • Dalkır, S., & Kalkan, E. (2003). Application of the proportionality-calibrated AIDS model to predicting potential welfare effects of mergers between fertilizer sellers as part of The Turkish Privatization Program. ERC Lecture in Economics, Retrieved from <http://www.erc.metu.edu.tr/menu/sayfa. php? içerik= lectures & lang = eng>
  • Dockner, E. J., & Gaunersdorfer, A. (2001). On the profitability of horizontal merger in industries with dinamic competition. Japan and the World Economy, 13, 195-216.
  • Eckbo, B. E. (1983). Horizontal mergers, collusion and stockholder wealth. Journal of Financial Economics, 11, 241-273.
  • Ford, G. S., & Jackson, J. D. (1997). Horizontal concentration and vertical integration in the cable television industry. Review of Industrial Organization, 12, 501-518.
  • Franks, J. R., & Haris, R. S. (1989). Shareholder wealth effects of corporate takeovers: The U.K.
  • Experience 1955-1985. Journal of Financial Economics, 23, 225-249.
  • Gallet, C. A. (2001). The gradual response of market power to mergers in the U.S. steel industry. Review of Industrial Organization, 18, 327-336.
  • Gedikkaya, T., & Gürler, C. (1999). Birleşmeler ve edinimler (Mergers and Acquisitions-M&A), Türkiye Cumhuriyeti Merkez Bankası, Dış İlişkiler Genel Müdürlüğü Avrupa Birliği ile İlişkiler Müdürlüğü, 1- 32.
  • George, K. D., Joll, C., & Lynk, E. L. (1992). Industrial organisation: competition, growth and structural change, New York, London: Routledge, Chapman and Hall Inc. 61-64, 89-90,108.
  • Gugler, K., Mueller, D. C., Yurtoğlu, B. B., & Zulehner, C. (2001). The effects of mergers: an international comparison. Discussion Papers, Research Arca Markets and Political Economy, ISSN. Nr:0722- 6748, 7-9.
  • Head, K., & Ries, J. (1997). International mergers and welfare under decentralized competition policy.” The Canadian Journal of Economics, 30(4), 1104-1123.
  • Hergott, M. J. (1997). Airport concentration and market power: An events study approach. Review of Industrial Organization, 12, 793-800.
  • Horn, H., & Persson, L. (2001). The equilibrium ownership of an international oligopoly. Journal of International Economics, 53, 307-333.
  • Kim, E. H., & Singal, V. (1993). Mergers and market power: evidence from the airline industry. American Economic Review, 83 (3), 549-569.
  • Kleinert, J., & Klodt, H. (2002). Causes and consequences of merger waves. Kiel Woring Papers, 1092, 1-28.
  • Malatesta, P. H. (1983). The wealth effect of merger activity and the objective functions of merging firms. Journal of Financial Economics, 11, 155-181.
  • Mcafee, R. P., & Williams, M. A. (1988). Can event studies detect anticompetitive mergers?. Economic Letters, 28, 199-203.
  • Mcintosh, J. (2002). A welfare analysis of Canadian Chartered Bank Mergers. Canadian Journal of Economics, 35(3), 457-475.
  • Mueller, D. C. (1997). Merger policy in the United States: A reconsideration. Review of Industrial Organization, 12, 655-685.
  • Pesendorfer, M. (2003). Horizontal mergers in the paper industry. RAND Journal of Economics, 34 (3), 495-515.
  • Pilloff S. J. (1996). Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions. Journal of Money, Credit and Banking, 28 (3), 294-310.
  • Punt, L.W., & Van Rooij, M.C.J. (1999). The profit-structure relationship, efficiency and mergers in the European Banking Industry: “An Empirical Assessment.” Research Memorandum WO&E, 604, 1-36.
  • Röller, L.H., Stennek, J. & Verboven, F. (2000). Efficiency gains from mergers. Research Area Market Processes and Corporate Development, ISSS Nr.0722-6748, 19,23,47,50-56.
  • Salant, S. W., Switzen, S., & Reynolds, R. J. (1983). Lessons from horizontal merger: the effects of an exogenous change in industry structure on Cournot-Nash Equilibrium. The Quarterly Journal of Economic, 98 (2), 185-199.
  • Simpson, J. D. (2001). Did may company’s acquisition of associated dry goods corporation reduce competition? An event study analysis. Review of Industrial Organization, 18, 351-362.
  • Singh, A., & Dhumale, R. (1999). The Global merger wave: Concequences for developing countries. South Centre, 1-5.
  • Stewart, J. F., & Kim, S. (1993). Mergers and social welfare in U.S. manufacturing 1985-1986. The Southern Economic Journal, 1-28.
  • Stigler, G. J. (1950). Monopoly and oligopoly by merger. The American Economic Review, 40 (2), 23- 34.
  • Trillas, F. (2002). Mergers, acquisitions and control of telecommunications firms in Europe. Telecommunications Policy, 26, 269-286.
  • Unctad. (1999). Mega mergers reshaping global production system. UNCTAD’s World Investment Report, 1-3.
  • Waldman, D. E., & Jensen, E. J. (1994). Industrial organization: Theory and practice. Boston, San Francisco, New York: Addision Wesilley, 105-108, 190, 110.
  • Werden, G. J., Joskow, A. S., & Johnson, R. L. (1991). The effects of mergers on price and output: Two case studies from the airline industry. Managerial and Decision Economics, 12 (5), 341-352.
  • Yeh, T., & Hoshino, Y. (2002). Productivity and operating performance of Japanese merging firms: Keiretsu-related and independent mergers. Japan and World Economy, 14, 347-366.
There are 43 citations in total.

Details

Other ID JA79NS59BF
Journal Section Research Article
Authors

Sevilay Sarıca This is me

Publication Date January 1, 2013
Published in Issue Year 2013 Volume: 2 Issue: 3

Cite

APA Sarıca, S. (2013). BİRLEŞME VE SATIN ALMALARIN TOPLUMSAL REFAH BOYUTU. Balkan Sosyal Bilimler Dergisi, 2(3).