Have a personal or library account? Click to login
The Profitability of Legal Mergers in Times of Economic Crisis – A Polish Example Cover

The Profitability of Legal Mergers in Times of Economic Crisis – A Polish Example

Open Access
|Dec 2023

References

  1. Aggarwal, P., Garg, S. (2019). Effectiveness of merger & acquisitions as a tool for growth: A study from Indian corporate sector. Review of Economics and Finance, 17(3), 93–107.
  2. Aggarwal, P., Garg, S. (2022). Impact of mergers and acquisitions on accounting-based performance of acquiring firms in India. Global Business Review, 23(1), 218–236. DOI: 10.1177/0972150919852009.
  3. Ali, H., Amin, H.M.G., Mostafa, D., Mohamed, E.K.A. (2022). Earnings management and investor protection during the COVID-19 pandemic: evidence from G-12 countries. Managerial Auditing Journal, 37(7), 775–797. DOI: 10.1108/MAJ-07-2021-3232.
  4. Aljughaiman, A.A., Nguyen, T.H., Trinh, V.Q., Du, A. (2023). The COVID-19 outbreak, corporate financial distress and earnings management. International Review of Financial Analysis, 88, 102675. DOI: 10.1016/j.irfa.2023.102675.
  5. Baguley, T. (2012). Serious Stats: A Guide to Advanced Statistics for the Behavioral Sciences. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan.
  6. Bouwman, C.H., Fuller, K., Nain, A.S. (2007). Market valuation and acquisition quality: Empirical evidence. The Review of Financial Studies, 22(2), 633–679. DOI: 10.1093/rfs/hhm073.
  7. Bruyland, E., Lasfer, M., De Maeseneire, W., Song, W. (2019). The performance of acquisitions by high default risk bidders. Journal of Banking, Finance, 101, 37–58. DOI: 10.1016/j. jbankfin.2019.01.019.
  8. Carow, K., Heron, R., Saxton, T. (2004). Do Early Birds Get the Returns? An Empirical Investigation of Early-Mover Advantages in Acquisitions. Strategic Management Journal, 25(6), 563–585. DOI: 10.1002/smj.404.
  9. Chen, Y., Lok, C.L., Phua, L.K., Quah, K. (2019). The Impact of Mergers and Acquisitions on Financial Performance of Listed Companies in China. International Journal of Entrepreneurship and Management Practices, 2(8), 01–12. DOI: 10.35631/ijemp.28001.
  10. DePamphilis, D. (2017). Mergers, Acquisitions and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases and Solutions. Great Britain: Elsevier Science.
  11. Galavotti, I. (2019). Firm-level recent profitability and acquisition performance: exploring competing theoretical perspectives. Eurasian Business Review, 9(3), 319–345.
  12. Galpin, T. (2021). As another M&A wave begins: three keys to success. Strategy and Leadership, 49(2), 14–21. DOI: 10.1108/SL-01-2021-0008.
  13. Gugler, K., Mueller, D.C., Weichselbaumer, M. (2012). The determinants of merger waves: An international perspective. International Journal of Industrial Organization, 30(1), 1–15. DOI: 10.1016/j.ijindorg.2011.04.006.
  14. Gupta, B., Banerjee, P. (2017). Impact of merger and acquisitions on financial performance: Evidence from selected companies in India. Conference Proceedings of IMS Business School Doctoral Colloquium, 14–19.
  15. Gupta, I., Raman, T.V., Tripathy, N. (2023). Impact of merger and acquisition on financial performance: Evidence from construction and real estate industry of India. FIIB Business Review, 12(1), 74–84. DOI: 10.1177/23197145211053400.
  16. Harrison, J.S., Hitt, M.A., Hoskisson, R.E., Ireland, R.D. (1991). Synergies and Post-Acquisition Performance: Differences versus Similarities in Resource Allocations. Journal of Management, 17(1), 173–190. DOI: 0.1177/014920639101700111.
  17. Herwadkar, S.S., Gupta, S., Chavan, V. (2022). Do bank mergers improve efficiency? The Indian experience. Reserve Bank of India Occasional Papers, 43(1), 71–118.
  18. Hitt, M.A., King, D., Krishnan, H., Makri, M., Schijven, M., Shimizu, K. (2012). Creating value through mergers and acquisitions. In D. Faulkner, S. Teerikangas, R.J. Joseph (Eds.), The hand-book of mergers and acquisitions (pp. 71–113), Oxford: Oxford University Press. DOI: 10.1093/acprof:oso/9780199601462.001.0001.
  19. Jakubik, P., Zafeiris, D. (2016). Impact of Mergers and Acquisitions on European Insurers: Evidence from Equity Markets. No. 12/2016. IES Working Paper.
  20. Khan, M.U., Bin Tariq, Y. (2023). Synergy or too big to fail: Empirical analysis of mergers and acquisitions in SAARC and ASEAN regions. Cogent Business and Management, 10(1). DOI: 10.1080/23311975.2023.2172023.
  21. Kruskal W.H., Wallis W.A. (1952). Use of ranks in one-criterion variance analysis. Journal of the American Statistical Association, 47(260), 583–621. DOI: 10.1080/01621459.1952.10483441.
  22. Lassoued, N., Khanchel, I. (2021). Impact of COVID-19 Pandemic on Earnings Management: An Evidence from Financial Reporting in European Firms. Global Business Review, 0(0). DOI: 10.1177/09721509211053491.
  23. Lee, H.-S., Degtereva, E.A., Zobov, A.M. (2021). The Impact of the COVID-19 Pandemic on Cross-Border Mergers and Acquisitions’ Determinants: New Empirical Evidence from Quasi-Poisson and Negative Binomial Regression Models. Economies, 9(4), 184. DOI: 10.3390/economies9040184.
  24. Liu, G., Sun, J. (2022), The impact of COVID-19 pandemic on earnings management and the value relevance of earnings: US evidence. Managerial Auditing Journal, 37(7), 850–868. DOI: 10.1108/MAJ-05-2021-3149.
  25. Liu, Q., Sono, H., Zhang, W. (2019). Management quality and acquisition performance: New evidence based on firm profitability. Journal of Corporate Accounting, Finance 30(3), 44–63. DOI: 10.1002/jcaf.22388.
  26. Malmendier, U., Moretti, E., Peters, F.S. (2018). Winning by losing: evidence on the long-run effects of mergers. The Review of Financial Studies, 31(8), 3212–3264. DOI: 10.1093/rfs/hhy009.
  27. Martynova, M., Oosting, S., Renneboog, L. (2007). The long-term operating performance in European mergers and acquisitions. International mergers and acquisitions activity since 1990. In: G. Gregoriou, L. Renneboog (eds.), Quantitative Analysis and Recent Research (pp. 79–116). Massachusetts: Elsevier. DOI: 10.1016/B978-075068289-3.50006-X.
  28. Meeks, G., Meeks, J.G. (1981). Profitability measures as indicators of post-merger efficiency. Journal of Industrial Economics, 29(4), 335–344.
  29. Mehrotra, A., Sahay, A. (2022). Financial Performance of Firms Pre- and Post-M&A: A Study of Selected Indian Acquirers. Vision: The Journal of Business Perspective, 0(0). DOI: 10.1177/09722629221087367.
  30. Pahuja, A., Aggarwal, S. (2016). Impact of Mergers and Acquisitions on Financial Performance: Evidence from Indian Banking Industry. International Journal of Applied Finance and Accounting (IJAFA), 1(2), 1–18.
  31. Pazarskis, M., Giovanis, N., Koutoupis, A., Chasiotou, A. (2022). Merger Decisions, Accounting Information and Performance Stability Inside and Outside of Economic Crisis Periods: Evidence from Greece. Journal of Business Economics and Management, 23(5), 1170–1193. DOI: 10.3846/jbem.2022.17697.
  32. Pazarskis, M., Gkatziou, M., Konstantinidis, C., Kourtesi, S. (2022a). Mergers as a Competitiveness Strategy in Different Business Sectors during Economic Crisis Period: Evidence from Greece. Corporate and Business Strategy Review, 3(2), 169–176. DOI: 10.22495/cbsrv3i2art15.
  33. Pazarskis, M., Vogiatzoglou, M., Koutoupis, A., Drogalas, G. (2021). Corporate mergers and accounting performance during a period of economic crisis: Evidence from Greece. Journal of Business Economics and Management, 22(3), 577–595. DOI: 10.3846/jbem.2021.13911.
  34. Ravenscraft, D.J., Scherer, F.M. (1989). The profitability of mergers. International Journal of Industrial Organization, 7, 101–116.
  35. Rhodes-Kropf, M., Viswanathan, S. (2004), Market Valuation and Merger Waves. The Journal of Finance, 59, 2685–2718. DOI: 10.1111/j.1540-6261.2004.00713.x.
  36. Rutkowski, A. (2018). Profitability of Serial Acquirers on the Polish Capital Market. In: K. Jajuga, H. Locarek-Junge, L. Orlowski (eds.) Springer Proceedings in Business and Economics. Contemporary Trends and Challenges in Finance (pp. 211–218), Cham: Springer. DOI: 10.1007/978-3-319-76228-9_20.
  37. Satapathy, D.P., Mohapatra, S.R. (2020). Effect of corporate governance on acquiring firm performance: Evidence from construction industry. Journal of Critical Reviews, 7(8), 813–817. DOI: 10.31838/jcr.07.08.174.
  38. Thanos, I.C., Papadakis, V.M. (2012). The Use of Accounting-Based Measures in Measuring M&A Performance: A Review of Five Decades of Research. In: C.L. Cooper, S. Finkelstein (eds.), Advances in Mergers and Acquisitions (Advances in Mergers and Acquisitions, Vol. 10) (pp. 103–120). Bingley: Emerald Group Publishing Limited. DOI: 10.1108/S1479-361X(2012)0000010009.
  39. Toborek-Mazur, J., Partacz, K. (2022). Ewaluacja efektu synergii w transakcjach fuzji i przejęć w czasie pandemii COVID-19. Zeszyty Teoretyczne Rachunkowości, 46(1), 101–118. DOI: 10.5604/01.3001.0015.7990.
  40. Wangerin, D. (2019). M&A due diligence, post-acquisition performance and financial reporting for business combinations. Contemporary Accounting Research, 36(4), 2344–2378. DOI: 10.1111/1911-3846.12520.
  41. Wilcoxon, F. (1945). Individual comparisons by ranking methods. Biometrics Bulletin, 1(6), 80–83. DOI: 10.2307/3001968.
  42. Yan, H., Liu, Z., Wang, H., Zhang, X., Zheng, X. (2022). How does the COVID-19 affect earnings management: Empirical evidence from China. Research in International Business and Finance, 63, 101772. DOI: 10.1016/j.ribaf.2022.101772.
DOI: https://doi.org/10.2478/foli-2023-0025 | Journal eISSN: 1898-0198 | Journal ISSN: 1730-4237
Language: English
Page range: 169 - 182
Submitted on: Jun 1, 2023
Accepted on: Sep 25, 2023
Published on: Dec 9, 2023
Published by: Sciendo
In partnership with: Paradigm Publishing Services
Publication frequency: 2 times per year

© 2023 Magdalena Janowicz, published by Sciendo
This work is licensed under the Creative Commons Attribution-ShareAlike 4.0 License.