Περίληψη:
This study examines the international mergers and acquisitions (M&As)
of Greek firms in South-Eastern European countries. The main objective
of this paper is to evaluate the post-merger performance of Greek
listed firms in the Athens Stock Exchange that executed as acquirers
one merger or acquisition in a five-year-period (from 1998 to 2002).
For the purpose of the study, a set of twenty ratios is employed, in
order to measure firms’ post-merger performance and to compare pre- and
post-merger accounting data for three years before and after the M&As
events. The selected countries of South-Eastern Europe for the research
sample are the three countries with the larger Greek investments in
that period: Romania, Bulgaria and Albania. The results revealed that
the international M&As activities of the Greek listed sample firms in
the selected countries of this research have not lead them to enhanced
post-merger performance, but, in general, to an accounting performance
deterioration that also have a negative impact on three profitability
examined ratios. Also, the most interesting that is revealed is that
the worsening of the two years after the M&As is greater in the next
period (three years after the examined event) and there is no negative
or positive ratio significant change in the first year after the
international M&As. Last, the study further analyses these ratio
results with the method of payment of the acquiring firms: cash and
stock exchange (with minor cash amounts); the conclusion for this is
that the method of payment has no impact on the post-merger accounting
performance of the examined firms.