ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ

Yener Altunbaş; Ümit Tokul; Ozan Kalaycıoğlu

doi:10.31671/doujournal.972996

ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ

Abstract

Bu çalışmada firma satın alma ve birleşme müzakerelerinin başarısızlıkla sonuçlanmasını etkileyen faktörlerin, müzakere ve firma temelinde araştırılması amaçlanmıştır. Bu kapsamda, Avrupa Birliği’nin ilk 15 büyük ekonomisine sahip ülkeler ile ABD menşeli firmaların 2010-2017 yılları arasındaki birleşme ve satın alma müzakereleri analiz edilmiştir. Yapılan analizler sonucunda, müzakere özellikleri bakımından, müzakere süresinin uzunluğunun müzakerenin olumlu neticelenme ihtimalini azalttığı, peşin ödeme yönteminin teklif edildiği müzakerelerin hibrit ödeme yöntemlerinin teklif edildiği müzakerelere göre olumsuz sonuçlanma ihtimalinin daha yüksek olduğu, sahip olunmak istenen hisse payındaki artışın ise müzakere sonuçlarını pozitif yönde etkilediği belirlenmiştir. Firma özellikleri dikkate alındığında ise, hedef firma büyüklüğünün müzakereler üzerinde olumsuz etkisi olduğu, diğer taraftan finansal kaldıraç rasyosunun yükselmesinin müzakerelerin başarı ihtimalini arttırdığı tespit edilmiştir.

Keywords

References

Andrade, G., Mitchell, M. ve Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15, 103-120.
Asquith, P. (1983). Merger bids, uncertainty, and stockholder returns. Journal of Financial Economics, 11, 51–83.
Assem, S. ve Titman, S. (1999). Leverage and corporate performance: Evidence from unsuccessful takeovers. Journal of Finance, 54, 547-580.
Bargeron, L. L., Lehn, K., Moeller, S. B. ve Schlingemann, F. P. (2014). Disagreement and the informativeness of stock returns: the case of acquisition announcements. Journal of Corporate Finance, 25, 155-172.
Caiazza, S. ve Pozzolo, A. F. (2016). The determinants of failed takeovers in the banking sector: Deal or country characteristics?. Journal of Banking and Finance, 72, 92–103.
Calandro, J. (2011). Strategic M&A: Insights from Buffett’s MidAmerican acquisition. Strategy & Leadership, 39 (4), 41-48.
Carnevalli Filho, W. (2000). Building synergy after acquisition: A Brazilian real case about the integration of companies. Magazine of Business Administration, 40 (2), 2-7.
Chakrabarti, A. ve Mitchell, W. (2015). The role of geographic distance in completing related acquisitions: Evidence from U.S. chemical manufacturers. Strategic Management Journal, 37 (4), 673-694.

Chang, S. ve Suk, D. Y. (1998). Failed takeovers, methods of payment, and bidder returns. Financial Review, 33, 19–34.
Chatterjee, S. (2007). Why is synergy so difficult in mergers of related businesses? Strategy & Leadership, 35, 46-52.
Dikova, D., Rao Sahib, P. ve Witteloostuijn, A. (2010). Cross-border acquisition abandonment and completion: the effect of institutional differences and organizational learning in the business service industry, 1981-2001. Journal of International Business Studies, 41 (2), 223-245.
Dinc, S. I. ve Erel, I. (2013). Economic nationalism in mergers and acquisitions. The Journal of Finance, 68, 2471–2514.
Doan, T. T., Rao Sahib, P. ve van Witteloostuijn, A. (2018). Lessons from the flipside: How do acquirers learn from divestitures to complete acquisitions? Long Range Planning, Elsevier Ltd., 51(2), 252–266.
Ellis, K. M., Reus, T. H., Lamont, B. T. ve Ranft, A. L. (2011). Transfer effects in large acquisitions: how size specific experience matters. Academic Management Journal, 54, 1261-1276.
Epstein, M. J. (2005). The determinants and evaluation of merger success. Business Horizons, 48 (1), 37–46.
Faccio, M. ve Masulis, R. W. (2005). The choice of payment method in European mergers and acquisitions. The Journal of Finance, 60, 1345–1388.
Grantham, S. (2007). Risk assessment as a function of a successful merger: Merrill Lynch- Advest merger. Journal of Communication Management, 11 (3), 247-257.
Holl, P. ve Kyriazis, D. (1996). The determinants of outcome in UK takeover bids. International Journal of Economics and Business, 3 (2), 165-184.
Holl, P. ve Pickering, J. E. (1988). The determinants and effects of actual abandoned and contested mergers. Managerial and Decision Economics, 9, 1-19.
Investopedia (2021). Kenton, W. Erişim Adresi: https://www.investopedia.com/terms/n/negotiation.asp. Jemison, D. B. ve Sitkin, S. B. (1986). Acquisitions: The process can be a problem. Harvard Business Review, 64 (2), 107-116.
Kalaycı, S. (2005). SPSS uygulamalı çok degişkenli istatistik teknikleri. Ankara: Asil Yayın Dağıtım. Kim, H. ve Song, J. (2017). Filling institutional voids in emerging economies: The impact of capital market development and business groups on M&A deal abandonment. Journal of International Business Studies. Palgrave Macmillan UK, 48 (3), 308-323.
Luo, Y. (2005). Do insiders learn from outsiders? Evidence from merger and acquisitions. Journal of Finance, 60 (4), 1951-1982.
Muehlfeld, K., Sahib, P. ve van Witteloostuijn, A. (2007). Completion or abandonment of mergers and acquisitions: Evidence from the newspaper industry, 1981-2000. Journal of Media Economics, 20, 107-137.
Moeller, S. B., Schlingemann, F. P. ve Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73 (2), 201-228.
O’Sullivan, P. (1997). Governance by exit: an analysis of the market for corporate control. In Keasey K, Thompson S and Wright M (eds), Corporate Governance, Economic, Management and Financial Issues, Oxford, 1997.
O’Sullivan, N. ve Wong, P. (1998). Internal versus external control: an analysis of the board composition and ownership in UK takeovers. Journal of Management and Governance, 2, 17-35.
O’Sullivan, N. ve Wong, P. (1998a). The impact of board composition and ownership on the nature and outcome of UK takeovers. Corporate Governance, An International Review, 6, 92-100.
Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. New York: Free Press.
Porth, S. J. (1992). Horizontal mergers and bank profitability: A matched-pair analysis. American Business Review, 10 (1), 36-40.
Raad, E. ve Ryan, R. (1995). Capital structure and ownership distribution of tender offer targets: An empirical study. Financial Management, 46-56.
Ramaswamy, K. (1997). The performance impact of strategic similarity in horizontal mergers: Evidence from the US banking industry. Academy of Management Journal, 40 (3), 697-715.
Rosenkranz, S. ve Weitzel, U. (2005). Bargaining in mergers and termination fees. Working Paper, School of Economics, Universiteit Utrecht.
Saxton, T. ve M. Dollinger (2004). Target reputation and appropriability: Picking and deploying resources in acquisitions. Journal of Management, 30, 123-147.
Schwert, G. W. (2000). Hostility in takeovers: In the eyes of the beholder?. Journal of Finance, 55, 2599-2640.
Seth, A. (1990). Value creation in acquisitions: a re-examination of performance issues. Strategic Management Journal, 11, 99-115.
Shimizu, K., Hitt, M. A., Vaidyanath, D. ve Pisano, V. (2004). Theoretical foundations of cross-border mergers and acquisitions: a review of current research and recommendations for the future. Journal of International Management, 10 (3), 307-353.
Stulz, R. (1988). Managerial control of voting rights: Financing policies and the market for corporate control. Journal of Financial Economics, 20, 461-478
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.
Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms’ stock returns. Journal of Finance, 42, 943-963.
Very, P. ve Schweiger, D. M. (2001). The acquisition process as a learning process: Evidence from a study of critical problems and solutions in domestic and cross-border deals. Journal of World Business, 36 (1), 11-31.
Wall Street Journal (2015). Denning, L. Failed bids flash yellow, not red. Erişim Adresi: https://www.wsj.com/articles/BL-MBB-36098
Weston, J. F., Mitchell, M. L. ve Mulherin, J. H. (2003). Takeovers, restructuring, and corporate governance. Upper Saddle River NJ: Prentice Hall, 4th edition.
Wong, P. ve O’Sullivan, N. (2001). The determinant and consequences of abandoned takeovers. Journal of Economic Surveys, 15, 145–186.
Zhang, J., Zhou, C. ve Ebbers, H. (2011). Completion of Chinese overseas acquisitions: institutional perspectives and evidence. International Business Review, 20 (2), 226-238.
Zhou, C., Xie, J. ve Wang, Q. (2016). Failure to complete cross-border M&As: “to” vs. “from” Emerging Markets. Journal of International Business Studies. Palgrave Macmillan UK, 47 (9), 1077-1105.
Zollo, M. (2009). Superstitious learning with rare strategic decisions: theory and evidence from strategies and integration capability in U.S. bank mergers. Organization Science, 20, 894-908.

Details

Primary Language

Turkish

Subjects

Business Administration

Journal Section

Research Article

Authors

Yener Altunbaş ^* This is me
0000-0002-2088-2288
Türkiye

Ümit Tokul This is me
0000-0003-3145-6812
Türkiye

Ozan Kalaycıoğlu This is me
0000-0002-7593-9835
Türkiye

Publication Date

July 18, 2021

Submission Date

August 8, 2020

Acceptance Date

July 2, 2021

Published in Issue

Year 2021 Volume: 22 Number: 2

DOI

https://doi.org/10.31671/doujournal.972996

IZ

https://izlik.org/JA36LA89SW

Cite

RIS / Bibtex

APA

Altunbaş, Y., Tokul, Ü., & Kalaycıoğlu, O. (2021). ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ. Doğuş Üniversitesi Dergisi, 22(2), 135-149. https://doi.org/10.31671/doujournal.972996

AMA

1.Altunbaş Y, Tokul Ü, Kalaycıoğlu O. ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ. Doğuş Üniversitesi Dergisi. 2021;22(2):135-149. doi:10.31671/doujournal.972996

Chicago

Altunbaş, Yener, Ümit Tokul, and Ozan Kalaycıoğlu. 2021. “ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ”. Doğuş Üniversitesi Dergisi 22 (2): 135-49. https://doi.org/10.31671/doujournal.972996.

EndNote

Altunbaş Y, Tokul Ü, Kalaycıoğlu O (July 1, 2021) ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ. Doğuş Üniversitesi Dergisi 22 2 135–149.

IEEE

[1]Y. Altunbaş, Ü. Tokul, and O. Kalaycıoğlu, “ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ”, Doğuş Üniversitesi Dergisi, vol. 22, no. 2, pp. 135–149, July 2021, doi: 10.31671/doujournal.972996.

ISNAD

Altunbaş, Yener - Tokul, Ümit - Kalaycıoğlu, Ozan. “ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ”. Doğuş Üniversitesi Dergisi 22/2 (July 1, 2021): 135-149. https://doi.org/10.31671/doujournal.972996.

JAMA

1.Altunbaş Y, Tokul Ü, Kalaycıoğlu O. ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ. Doğuş Üniversitesi Dergisi. 2021;22:135–149.

MLA

Altunbaş, Yener, et al. “ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ”. Doğuş Üniversitesi Dergisi, vol. 22, no. 2, July 2021, pp. 135-49, doi:10.31671/doujournal.972996.

Vancouver

1.Yener Altunbaş, Ümit Tokul, Ozan Kalaycıoğlu. ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ. Doğuş Üniversitesi Dergisi. 2021 Jul. 1;22(2):135-49. doi:10.31671/doujournal.972996