Open Conference Systems, ICQQMEAS2015

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Exploration of the Impact of the Industry Sector at the Profitability of the Greek Listed Firms after Mergers and Acquisitions
Alexandros Alexandrakis, Panagiotis Pantelidis, Michail Pazarskis, Chrisoula Perperidou

Last modified: 2015-09-24

Abstract


This paper studies the effects of mergers and acquisitions (M&As) of acquiring firms among different industries in Greece. The main objective of this study 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 two-year-period among seven different industry categories. For the purpose of the study, a set of two ratios (ROA and ROE) is employed, in order to measure thirty firms’ post-merger performance per industry, as well as on the whole sample, and selected accounting data from 2006 to 2009 are compared for the post-merger performance of the sample firms at two years after the M&As events. The results revealed the post-merger performance of the acquiring firms was affected by their industry type. Also, M&As have lead to a deterioration of the post-merger performance on the whole examined sample

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