BibTex RIS Kaynak Göster

Yıl 2001, Cilt: 2 Sayı: 2, 71 - 90, 01.07.2001

Alövsat Müslümov

Öz

Bu araştırmada ABD ekonomisine ait 56 şirket birleşmeleri örnek alınarak, birleşen firmaların birleşme öncesi farklılıkları analiz edilmektedir. Araştırma bul­guları birleşen firmaların birleşme öncesinde şirket büyüklüğü, likidite ve nakit akış­larına göre istatiksel olarak anlamlı farklılıkları olduğunu, büyüme potansiyeli, geç­miş pazar getirileri ve faaliyet etkinliği açısından ise istatiksel olarak anlamlı fark­lılıkların olmadığını göstermiştir. Alt örnek analizleri dikey şirket birleşmelerinin te­mel amacının satın alınan firmaların güçlü nakit akışlarını elde etmek, yatay şirket birleşmelerinin temel amacının ise büyüme ve gelişme amaçlı yapıldığını göster­mektedir. Birleşme öncesi satın alan ve satın alınan firmaların finansal özellikleri şirket birleşmelerinde kullanılabilecek ödeme yöntemi hakkında bilgi içeriği taşı­maktadır. Satın alan firmanın portföy değişiminin stratejik analizi düşük gelişme perspektifi olan firmaların yüksek büyüme istikametinde, yüksek gelişme perspek­tifi olan firmaların ise nakit akışlarını kuvvetlendirmek istikametinde şirket birleş­melerine gittikleri tespit edilmiştir

Anahtar Kelimeler

Şirket Birleşmeleri Birleşme Öncesi Farklılıklar Ödeme Yöntemi Piyasa Değeri/Defter Değeri Wilcoxon Testi

Kaynakça

  • AMIHUD, Y. and B. LEV (1981). "Risk Reduction as a Managerial Motive for Conglomerate Mergers", Bell Journal o f Economics 12 (Autumn), 605-17.
  • ASQUITH, P., R.F. BRUNER and D.W. MULLINS (1983). "The Gains to Bidding Firms from Mergers", Journal o f Financial Economics 31, 121-139.
  • BERKOVITCH, E., and M.P. NARAYANAN (1993). "Motives for Takeovers: An Empirical Investigation", Journal o f Financial and Quantitative Analysis 28, 347-362.
  • BRADLEY, M., A. DESAI and E.H. KIM (1988). "Synergetic Gains from Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms", Journal o f Financial Economics 21, 3-40.
  • HANSEN, R. (1987). "A Theory for the Choice of Exchange Medium in Mergers and Acquisitions", Journal o f Business 60, 75-95.
  • HARRIS, E.G. (1994). "Why One Firm is the Target and the Other Bidder in SingleBidder, Synergetic Takeovers", Journal o f Business 67, 263-280.
  • JENSEN, M., and R. RUBACK (1983). "The Market for Corporate Control", Journal o f Financial Economics 11, 5-50.
  • KAPLAN, S.K., and M.S. WEISBACH (1992). "The Success of Acquisitions: Evidence from Divestitures", Journal o f Finance 47, 107-138.
  • KIM, C.S., D.C. MAUER and A.E. SHERMAN (1993). "The Determinants of Corporate Liquidity: Theory and Evidence", Journal o f Financial and Quantitative Analysis 33, 335-359.
  • MARTIN, K. (1996). "The Method of Payment in Corporate Acquisitions, Investment Opportunities and Managerial Ownership", Journal o f Finance 51, 1227­ 1246.
  • MUSLUMOV, A. (2001). The Financial Analysis o f Mergers, (Ph. D. dissertation), Bogazici University Institute of Social Sciences.
  • RAU, P.R. and T. VERMAELEN (1998). "Glamour, Value and the Post-Acquisition Performance of Acquiring Firms", Journal o f Financial Economics 49, 223-253.
  • ROLL, R. (1986). "The Hubris Hypothesis of Corporate Takeovers", Journal o f Business 59, 197-216.
  • SEYHUN, H.N. (1990). "Do Bidder Managers Knowingly Pay Too Much for Target Firms", Journal o f Business 63, 439-464.
  • SMITH, R. L., and Joo-Hyun KIM, (1994). "The combined effects of free cash flow and financial slack on bidder and target stock returns", Journal o f Business, 281-310.

The Premerger Discrimination Between Acquirer and Target Firms

Yıl 2001, Cilt: 2 Sayı: 2, 71 - 90, 01.07.2001

Alövsat Müslümov

Öz

This paper examines the premerger discrimination between acquirers and targets using a sample of 56 mergers from U.S. economy. The research findings indicate that acquirers and targets discriminate in terms of size, liquidity and cash flow dimensions, while no statistically significant discrimination are detected in terms of growth potential, past market returns and operating efficiency. The subsample studies show that diversifying mergers aim to exploit cash flow potential of targets, whereas related mergers focus on growth potential. The premerger financial properties of acquirer and targets bear informational clues about method of payment in mergers. Strategic analysis of portfolio shifts show that value acquirers aim to purchase companies with higher growth potential, whereas growth bidders aim to purchase companies with stronger cash flow record.

Anahtar Kelimeler

Mergers Acquisitions Premerger Discrimination Method of Payment Book - to Market Ratios Wilcoxon Signed - Rank Test

Kaynakça

  • AMIHUD, Y. and B. LEV (1981). "Risk Reduction as a Managerial Motive for Conglomerate Mergers", Bell Journal o f Economics 12 (Autumn), 605-17.
  • ASQUITH, P., R.F. BRUNER and D.W. MULLINS (1983). "The Gains to Bidding Firms from Mergers", Journal o f Financial Economics 31, 121-139.
  • BERKOVITCH, E., and M.P. NARAYANAN (1993). "Motives for Takeovers: An Empirical Investigation", Journal o f Financial and Quantitative Analysis 28, 347-362.
  • BRADLEY, M., A. DESAI and E.H. KIM (1988). "Synergetic Gains from Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms", Journal o f Financial Economics 21, 3-40.
  • HANSEN, R. (1987). "A Theory for the Choice of Exchange Medium in Mergers and Acquisitions", Journal o f Business 60, 75-95.
  • HARRIS, E.G. (1994). "Why One Firm is the Target and the Other Bidder in SingleBidder, Synergetic Takeovers", Journal o f Business 67, 263-280.
  • JENSEN, M., and R. RUBACK (1983). "The Market for Corporate Control", Journal o f Financial Economics 11, 5-50.
  • KAPLAN, S.K., and M.S. WEISBACH (1992). "The Success of Acquisitions: Evidence from Divestitures", Journal o f Finance 47, 107-138.
  • KIM, C.S., D.C. MAUER and A.E. SHERMAN (1993). "The Determinants of Corporate Liquidity: Theory and Evidence", Journal o f Financial and Quantitative Analysis 33, 335-359.
  • MARTIN, K. (1996). "The Method of Payment in Corporate Acquisitions, Investment Opportunities and Managerial Ownership", Journal o f Finance 51, 1227­ 1246.
  • MUSLUMOV, A. (2001). The Financial Analysis o f Mergers, (Ph. D. dissertation), Bogazici University Institute of Social Sciences.
  • RAU, P.R. and T. VERMAELEN (1998). "Glamour, Value and the Post-Acquisition Performance of Acquiring Firms", Journal o f Financial Economics 49, 223-253.
  • ROLL, R. (1986). "The Hubris Hypothesis of Corporate Takeovers", Journal o f Business 59, 197-216.
  • SEYHUN, H.N. (1990). "Do Bidder Managers Knowingly Pay Too Much for Target Firms", Journal o f Business 63, 439-464.
  • SMITH, R. L., and Joo-Hyun KIM, (1994). "The combined effects of free cash flow and financial slack on bidder and target stock returns", Journal o f Business, 281-310.
Toplam 15 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makalesi
Yazarlar

Alövsat Müslümov Bu kişi benim

Yayımlanma Tarihi 1 Temmuz 2001
Yayımlandığı Sayı Yıl 2001 Cilt: 2 Sayı: 2

Kaynak Göster

APA Müslümov, A. (2001). The Premerger Discrimination Between Acquirer and Target Firms. Doğuş Üniversitesi Dergisi, 2(2), 71-90.