AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS
Yıl: 2020 Cilt: 0 Sayı: 27 Sayfa Aralığı: 1 - 14 Metin Dili: İngilizce DOI: 10.18092/ulikidince.460729 İndeks Tarihi: 06-11-2020
AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS
Öz: Acquisitions have been used as a growth strategy in both developed markets and emerging markets. Turkey, asone of the leading emerging markets in the world, has been home to huge number of acquisitions. In this empiricalstudy, we try to shed light on the outcomes of acquisitions that have occurred in Turkey between 1990 and 2017.In addition to compare post-acquisition with pre-acquisition, we use other Turkish companies that don`t engagein acquisitions as benchmark to see the effect of acquisitions on Turkish companies. Our findings indicate thatacquisitions have a positive effect on Turkish firms` financial performance. We also find that Turkish acquirers aremore aggressive in terms of growth than non-acquirer companies are and have higher values on capitalexpenditures, research and development and staff expenses. When we compare these acquirers with their preacquisition periods, we also find an increase in these financial indicators, which indicates that acquisitions affectTurkish companies significantly.
Anahtar Kelime: SATIN ALMALARIN FİNANSAL PERFORMANS VE İNDİKATÖRLERİ ÜZERİNE AMPİRİK BİR ANALİZ
Öz: Şirket satın almaları hem gelişmiş pazarlarda hem de gelişmekte olan pazarlarda bir büyüme stratejisi olarak kullanılmaktadır. Dünyanın önde gelen gelişmekte olan pazarlarından biri olan Türkiye, çok sayıda satın almaya ev sahipliği yapmaktadır. Bu ampirik çalışmada, 1990 ve 2017 yılları arasında Türkiye'de gerçekleşen satın almaların sonuçlarina ışık tutmaya çalıştık. Satın alma işlemlerinin öncesi ve sonrasını karşılaştırmaya ek olarak, bu işlemlerin Türk şirketlerine etkisini görmek için satın alma işlemlerine dahil olmamış Türk şirketlerini referans olarak kullandık. Bulgularımız satın alımların Türk firmalarının finansal performansına pozitif etkisi olduğunu göstermektedir. Ayrıca, Türk satın alıcıların, alımda bulunmayan şirketlere göre büyüme konusunda daha agresif olduklarını ve sermaye harcamalarında, araştırma & geliştirme ve personel giderlerinde daha yüksek değerlere sahip olduklarını tespit ettik. Satın alma işlemlerinde bulunan şirketleri satın alma öncesi dönemleri ile karşılaştırdığımızda, ilgili değerlerde benzer bir yükseliş saptadık. Nihai olarak, çalışmada elde edilen tüm bulgular satın almaların şirketleri anlamlı bir şekilde etkilediğini göstermiştir.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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| APA | Genc O, Kalkan B (2020). AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. , 1 - 14. 10.18092/ulikidince.460729 |
| Chicago | Genc Omer F.,Kalkan Burak AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. (2020): 1 - 14. 10.18092/ulikidince.460729 |
| MLA | Genc Omer F.,Kalkan Burak AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. , 2020, ss.1 - 14. 10.18092/ulikidince.460729 |
| AMA | Genc O,Kalkan B AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. . 2020; 1 - 14. 10.18092/ulikidince.460729 |
| Vancouver | Genc O,Kalkan B AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. . 2020; 1 - 14. 10.18092/ulikidince.460729 |
| IEEE | Genc O,Kalkan B "AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS." , ss.1 - 14, 2020. 10.18092/ulikidince.460729 |
| ISNAD | Genc, Omer F. - Kalkan, Burak. "AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS". (2020), 1-14. https://doi.org/10.18092/ulikidince.460729 |
| APA | Genc O, Kalkan B (2020). AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 0(27), 1 - 14. 10.18092/ulikidince.460729 |
| Chicago | Genc Omer F.,Kalkan Burak AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. Uluslararası İktisadi ve İdari İncelemeler Dergisi 0, no.27 (2020): 1 - 14. 10.18092/ulikidince.460729 |
| MLA | Genc Omer F.,Kalkan Burak AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. Uluslararası İktisadi ve İdari İncelemeler Dergisi, vol.0, no.27, 2020, ss.1 - 14. 10.18092/ulikidince.460729 |
| AMA | Genc O,Kalkan B AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. Uluslararası İktisadi ve İdari İncelemeler Dergisi. 2020; 0(27): 1 - 14. 10.18092/ulikidince.460729 |
| Vancouver | Genc O,Kalkan B AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS. Uluslararası İktisadi ve İdari İncelemeler Dergisi. 2020; 0(27): 1 - 14. 10.18092/ulikidince.460729 |
| IEEE | Genc O,Kalkan B "AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS." Uluslararası İktisadi ve İdari İncelemeler Dergisi, 0, ss.1 - 14, 2020. 10.18092/ulikidince.460729 |
| ISNAD | Genc, Omer F. - Kalkan, Burak. "AN EMPIRICAL ANALYSIS OF FINANCIAL PERFORMANCE AND INDICATORS OF ACQUISITIONS". Uluslararası İktisadi ve İdari İncelemeler Dergisi 27 (2020), 1-14. https://doi.org/10.18092/ulikidince.460729 |
