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Article

Влияние слияний и поглощений на операционную эффективность компаний на развивающихся рынках капитала

Корпоративные финансы. 2012. № 3 (23). С. 31-43.
Григорьева С. А., Троицкий П. В.

This paper examines the impact of mergers and acquisitions on corporate performance on the sample of companies from BRIC countries over 2005-2009. Based on the accounting study method we find that the operating performance of firms (measured by EBITDA/Sales ratio) improves subsequent to mergers and acquisitions. We also find that the main determinants of M&A performance for the companies from BRIC countries are the acquirer’s size and friendly character of the deal.