THE STUDY OF FINANCIAL PERFORMANCE IN IRANIAN ACQUISITION FIRMS

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AREFI A.

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Journal: Iranian Journal of Trade Studies Year:2009 | Volume:13 | Issue:50 Page(s): 225-245

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Title

THE STUDY OF FINANCIAL PERFORMANCE IN IRANIAN ACQUISITION FIRMS

Author(s)

AREFI A. | Issue Writer Certificate

Keywords

TAKEOVERQ2

MERGERS & ACQUISITIONSQ3

STRATEGIC AND FINANCIAL TAKEOVERSQ3

FRIENDLY AND HOSTILE TAKE OVERSQ3

Abstract

In strategic management, one of the corporate level strategies is the mergers and acquisitions strategy (M&A). The main aims of this strategy are to create value and maximize the shareholder's wealth. Managers acquire companies mostly to create synergy. We examine the post-acquisition performance of target firms using a sample of 57 acquisitions between Iran public industrial firms completed in the period of 1983 to 1997 through non-parametric techniques of Friedman and T Student. We used industry-adjusted measures to control for events in economy and industry that are unrelated to mergers and acquisitions. The results indicate that acquired firms haven't improved in sales growth, asset productivity, and return on equity relative to their industries after acquisitions. Also results indicate that operating cash flows of acquired firms have significant improvements. The empirical results indicate that value isn't created in Iranian target firms.

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ECONOMIC VALUE ADDED (EVA) IN TARGET COMPANIES OF TEHRAN STOCK EXCHANG (TSE)

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APA: Copy

AREFI, A.. (2009). THE STUDY OF FINANCIAL PERFORMANCE IN IRANIAN ACQUISITION FIRMS. IRANIAN JOURNAL OF TRADE STUDIES (IJTS), 13(50), 225-245. SID. https://sid.ir/paper/7494/en

Vancouver: Copy

AREFI A.. THE STUDY OF FINANCIAL PERFORMANCE IN IRANIAN ACQUISITION FIRMS. IRANIAN JOURNAL OF TRADE STUDIES (IJTS)[Internet]. 2009;13(50):225-245. Available from: https://sid.ir/paper/7494/en

IEEE: Copy

A. AREFI, “THE STUDY OF FINANCIAL PERFORMANCE IN IRANIAN ACQUISITION FIRMS,” IRANIAN JOURNAL OF TRADE STUDIES (IJTS), vol. 13, no. 50, pp. 225–245, 2009, [Online]. Available: https://sid.ir/paper/7494/en

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