THE FACTORS AFFECTING THE STOCKHOLDER VALUES OF MERGERS AND ACQUISITIONS: A STUDY ON BORSA ISTANBUL

Abstract

In this study, the factors affecting the cumulative abnormal return changes before and after the announcement were examined separately for the target and the takeover companies.163 mergers and acquisitions in which at least one of the contractors of the merger between 2005 and 2015 was traded in the Borsa Istanbul was included in this study. Models describing the cumulative abnormal returns created by the announcement of the merger to the public, the characteristics of the merger and the variables specific to the company were estimated. According to the results of the analysis; it was concluded that variables such as Tobin’s Q Ratio, sector, type of merger, return on equity, leverage ratio and cash flows have an effect on companies’ cumulative abnormal returns

Keywords

• Merger and Acquisitions,Stockholder Value,Cumulative Abnormal Return

BİRLEŞME VE DEVRALMA İŞLEMLERİNİN YARATTIĞI PAYDAŞ DEĞERİ ÜZERİNDE ETKİLİ OLAN FAKTÖRLER: BORSA İSTANBUL ÜZERİNE BİR UYGULAMA

Öz

Bu çalışmada, duyuru öncesi ve sonrasındaki kümülatif anormal getiri değişimleri üzerinde etkili olan faktörler, hedef ve devralan şirketler için ayrı ayrı araştırılmıştır. Çalışmaya, 2005-2015 yılları arasında gerçekleştirilmiş birleşmelerin taraflarından en az birinin Borsa İstanbul’da işlem gördüğü 163 birleşme ve devralma olayı dâhil edilmiştir. İşlemin kamuya duyurulması ile yaratılan kümülatif anormal getirileri birleşmenin özellikleri ve şirkete özgü değişkenlerle açıklayan modeller tahmin edilmiştir. Yapılan analizin sonuçlarına göre; şirketlerin kümülatif anormal getirileri üzerinde; sektör, Tobin’in Q Oranı, şirket sektör, birleşme çeşidi, özsermaye karlılığı, kaldıraç oranı ve nakit akışları gibi değişkenlerin etkisi olduğu sonucuna ulaşılmıştır.

Anahtar Kelimeler

• Şirket Birleşmeleri ve Devralmalar,Paydaş Değeri,Kümülatif Anormal Getiri

Kaynakça

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