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  • Влияние сделок слияний и поглощений в финансовом секторе на стоимость компаний-покупателей на развивающихся рынках капитала

Article

Влияние сделок слияний и поглощений в финансовом секторе на стоимость компаний-покупателей на развивающихся рынках капитала

Корпоративные финансы. 2013. № 4(28). С. 63-81.
Григорьева С. А., Гринченко А. Ю.

The performance of M&A deals in financial sector is the actual topic in financial academic literature for many years. Most existing studies examine the performance of M&A deals in developed countries. We contribute to existing literature by examining the impact of mergers and acquisitions on bidder’s value in emerging BRICS countries over 2000–2012. In contrast to existing studies we analyse the latest period and examine the impact of the economic crisis of 2008-2009 on the performance of M&A. Based on the sample of 264 deals we find that mergers and acquisitions create shareholder’s value. We also find that the main determinants of M&A performance are method of payment, deal size, number of previous acquisitions made by the acquirer prior to the current transaction, acquirer’s intellectual capital and the difference in countries development.