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Post-acquisition Value Effects of M&A Deals: A Comparative Analysis in Developed and Emerging Capital Markets
Ch. 5. P. 113–135.
Grigorieva S., Kuzmina Svetlana
This chapter contributes to the literature on M&A performance by examining the impact of M&A deals on company value over the long-run in developed and emerging economies. Examining a sample of 153 and 125 deals from Western European and emerging capital markets respectively, 2002-2013, and employing economic profit as a performance measure,we find that transactions in developed markets create more value for shareholders than M&As in emerging economies over the two-year period surrounding the deals. After adjustments for industry trends, economic profit significantly decreases for firms in emerging capital markets, taking negative values, while for companies in developed markets we observe insignificant improvements in economic profit values following acquisitions. These results indicate that companies in emerging capital markets cannot achieve the planned synergies, integrate successfully and improve the performance of the combined firms. We find that industry and geographical diversification influence the performance of M&A deals in emerging and developed countries respectively. We also find that the effects on company value differ for stock and cash deals, and for high- and low-tech transactions in both markets. Testing the impact of economic crisis of 2007-2008 on the performance of M&A deals we reveal that the adjusted economic profit does not differ significantly between pre- and post-crisis M&As.
In book
Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?
Ivashkovskaya I., Grigorieva S. Switzerland: Springer, 2020.
Ndubuisi Ezenwa, Grigorieva S., SN Business & Economics 2025 Vol. 5 Article 210
Факторы окружающей среды, социального развития и корпоративного управления (ESG) трансформируют ландшафт слияний и поглощений (M&A), однако какие из них действительно создают стоимость сделки? По мере того как вопросы устойчивого развития приобретают глобальное значение, влияние ESG-рейтингов на сделки M&A, в частности на размер премии в сделках, остается областью, представляющей значительный академический и практический интерес. Данное исследование, ...
Added: March 15, 2026
Ivashkovskaya I., Ivaninskiy I., Journal of Corporate Finance Research 2025 Vol. 19 No. 3 P. 55–67
Ecosystem-based business models have received significant attention and praise in both business and research literature. Endeavours in building ecosystems sometimes prove successful, with firms transitioning to ecosystems enjoying valuation multiples significantly higher than their conventional peers. In practice, this entails firms expanding beyond their core offerings, such as a bank venturing into e-commerce. However, despite ...
Added: November 26, 2025
Kasatkina A., Maksimov D. M., В кн.: Российские корпорации на пути к антихрупкости. Финансовая архитектура компаний.: М.: Издательский дом НИУ ВШЭ, 2025. Гл. 10 С. 224–251.
The introduction of large-scale sanctions in 2022–2023 marked a turning point in the legal regulation of mergers and acquisitions (M&A) in the Russian market. The forms and methods of structuring M&A deals, their legal framework, and judicial practice have been fundamentally divided into ‘before’ and ‘after.’ In this context, ‘after’ means that all previously established legal ...
Added: June 20, 2025
Kostochko A., Grigorieva S., Journal of Corporate Finance Research 2024 Vol. 18 No. 4 P. 51–65
TMT (Technology, Media and Telecommunications) companies account for the largest number of M&A deals worldwide. This stems from their need to constantly evolve due to their high dependence on technological change. Participation in M&As is one of the fastest and most strategically promising ways to accelerate product development, gain access to new technologies, and increase ...
Added: January 31, 2025
Grishunin S., Burova E., Suloeva S., International Journal of Technology 2023 Vol. 14 No. 8 P. 1685–1693
We investigated the impact of Economic Sustainability (ES) practices of digitally oriented industrial companies in BRICS (Brazil, Russia, India, China, and South Africa) in various horizons. The relevance is underpinned by numerous controversies in the literature on the topic. The sample included 257 industrial companies from BRICS in 2017-2021. Economic profit in the long-term and ...
Added: June 18, 2024
Wu Y., Journal of Corporate Finance Research 2023 Vol. 17 No. 4 P. 132–150
The paper provides a scholarly examination of academic studies of the ESG landscape in China through a systematic literature review with a major focus on the nature and intensity of regulatory guidelines and policies. While many studies indicate positive effects of Chinese ESG policies on corporate ESG performance and investment, they primarily focus on environmental ...
Added: June 12, 2024
Georgiy Elizariyev, Karminsky A. M., Ella Khromova, Procedia Computer Science 2022 Vol. 214 P. 817–824
Over the last two decades global economy and financial markets have seen many crises with an increasing frequency. Many of them were either unexpected or their effects were unpredictable. Therefore, a lot of conventional and popular investment opportunities have shortened or became less attractive for either private or institutional investors leaving a room for new ...
Added: March 9, 2023
Tikhomirov D., Цехомский Н. В., Известия Санкт-Петербургского государственного экономического университета 2021 № 6 С. 23–27
This article is a continuation of the material presented in No. 5 2020 of the journal «Izvestia of the St. Petersburg State University of Economics» and contains the results of our study of the recognition and goodwill impairment by several the largest Russian companies. We have identified that up to 75 companies from the 500 largest companies in ...
Added: August 18, 2022
Tikhomirov D., Цехомский Н. В., Известия Санкт-Петербургского государственного экономического университета 2021 № 5 С. 44–53
The Russian M&A market was generally stable in 2010-2020 with a downward trend in the total volume, but an increase in the number of transactions. M&A transactions usually imply payments for potential synergies and new strategies, which often lead to a specific intangible asset recognized on the balance sheet, i.e. goodwill. The article discusses possible approaches to the ...
Added: August 18, 2022
Voyko A. V., Войко Д. В., Менеджмент в России и за рубежом 2020 № 4 С. 70–77
In the modern world equipment, real estate, and money savings themselves have ceased to play the role of sufficient factors for the development and growth of companies. Human capital is becoming more and more a determining criterion for evaluating the prospects of companies in the competitive struggle. At the same time, the structure of human ...
Added: November 2, 2021
Lukianova A., Nikulin E., Vedernikov A., Investment Management and Financial Innovations 2017 Vol. 4 No. 1 P. 236–247
The purpose of the current paper is to elaborate the model for assessing cumulative synergetic effect in M&A (Mergers
and Acquisitions) deals on the basis of a real options approach. The majority of papers on the synergetic effects of
M&A deals typically focus on a particular type of synergy, while the current paper proposes a model that ...
Added: November 25, 2020
Nazarova V., Кошелев К., Finance Research Letters 2020 Vol. 36 P. 101454
The article focuses on models that can assess the efficiency of mergers and acquisitions (M&A) deals by evaluating their synergistic effect. Such studies are much needed in the modern society, which is demonstrated by the current state of the market and various integration processes, which produce quite different results. We analyze M&A deals in developed ...
Added: October 31, 2020
Grishunin S., Suloeva S. B., Burova E. V., , in: Innovations in Digital Economy. First International Conference, SPBPU IDE 2019, St. Petersburg, Russia, October 24–25, 2019, Revised Selected Papers.: Switzerland: Springer, 2020. Ch. 1 P. 3–18.
This study discusses the development of a mechanism for assessing cyber risks in investment projects aimed at digitalizing industrial enterprises. The relevance of the study is determined by the increasing susceptibility of companies to cyber risks due to the introduction of innovations, as well as by the growing complexity and frequency of cyber threats. The ...
Added: October 10, 2020
Skvortsova I., Sidelnikova A., Journal of Corporate Finance Research 2020 Vol. 14 No. 2 P. 35–57
Added: September 24, 2020
Eduard Dzhagityan, / Series SSRN Working Paper Series "SSRN Working Paper Series". 2018.
Mergers and acquisitions (M&A) in the banking industry pose serious threat to the post-crisis recovery amid the increasing interconnectedness of credit institutions. Yet M&A remain one of the least manageable contributors to minimization of systemic risk, should post-M&A process run short of objectives and synergy. Financial markets externalities and adverse scenarios of macro-level dynamics put ...
Added: September 20, 2020
Eduard Dzhagityan, / Series SSRN Working Paper Series "SSRN Working Paper Series". 2018.
This article undertakes an empirical analysis of M&A-related risks based on evidence from eight listed U.S. bank holding companies over the period 2000-10. The research model is designed as an inter-domain risk matrix encompassing idiosyncratic and systematic risks underlying horizontal and conglomerate M&A. Risk impact is measured by critical performance metrics at corporate and environmental ...
Added: September 20, 2020
Shtefan M. A., Шубина В. И., Вестник Московского университета. Серия 6: Экономика 2020 № 1 С. 62–80
This article provides the assessment of the impact of the buyer company’s financial position on the M&A effectiveness on the base of the pharmaceutical industry. We have estimated this correlation using OLS method and data for the period from 2005 to 2017. As a result, the hypothesis about the dependence of the M&A efficiency from ...
Added: May 6, 2020
Grigorieva S., Egorova Angelina, Journal of Corporate Finance Research 2019 Vol. 13 No. 3 P. 7–18
A substantial body of academic literature continues to investigate whether M&A deals create or destroy shareholder
value and what are the main determinants of M&A performance, but the results are still inconclusive. In this paper, we
investigate the impact of corporate life cycle on M&A performance from the perspective of acquiring firms.
We shed additional light on the ...
Added: October 31, 2019
Grigorieva S., , in: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?.: Switzerland: Springer, 2020. Ch. 9 P. 223–239.
Researchers have long tried to define the impact of corporate diversification on firm value. Academic papers mainly concentrate on the effects of corporate diversification in mature markets while its consequences in emerging capital markets are less explored. This article presents the results of an empirical analysis of corporate diversification strategies of a sample of companies ...
Added: October 31, 2019
Grigorieva S., , in: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?.: Switzerland: Springer, 2020. Ch. 2 P. 33–61.
This chapter surveys the recent trends in the literature on the performance of M&A deals in developed and emerging capital markets. This literature is voluminous, diverse and challenging. We focus on the transactions within one country – domestic M&As – in particular focusing on the methods that the researchers use to estimate whether M&A deals ...
Added: October 31, 2019
Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?
Ivashkovskaya I., Grigorieva S., Switzerland: Springer, 2020.
The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions ...
Added: October 31, 2019
Vinogradova, Veronika, Journal of Finance and Investment Analysis 2015 No. 4/1 P. 79–99
Strategic M&As mean focus on growth (e.g. revenue growth) and aim to enhance the firm's competitive position. The academic literature reports, however, an extremely high failure rate of strategic M&As – their outcomes are very difficult to forecast and they are extremely risky. Complexity increases even further, if we add the international perspective. At the ...
Added: April 3, 2019
Dzhagityan E. P., , in: XIX Апрельская международная научная конференция по проблемам развития экономики и общества, Москва, 10–13 апреля 2018 г.: М.: Издательский дом НИУ ВШЭ, 2018. P. 1–18.
This article looks into the conceptual framework of regulation of the M&A processes that involve banks. Banking M&A still pose a serious threat to the post-crisis recovery and at the same time they remain one of the factors that can easily exacerbate systemic risks, which is also attributable to poor post-M&A synergy. Inconsistency in the ...
Added: April 3, 2019
Borodin A. I., Yakovenko I., Kiseleva N. et al., International Journal of Mechanical Engineering and Technology 2019 No. 10(2) P. 1085–1101
M&A on expenses R&D the method the difference of differences (DID – Difference-in-Difference) which founder Meyer B is considered is applied to assessment of the impact of transactions. [1995]. The ideas of this method comparison of the companies with various characteristics of expenses R&D before and after the transaction M&A lies. However, at simple comparison ...
Added: March 1, 2019