Yıl 2019, Cilt: 8 Sayı : 1 Sayfalar 38 - 52 2019-03-30
SPEED OF ADJUSTMENT TOWARD CAPITAL STRUCTURE IN CROSS BORDER AND CROSS INDUSTRY MERGERS AND ACQUISITIONS
İrfan U. SHAH,M. Banu DURUKAN
18 261

Öz Purpose - In this study, the speed of adjustment (SOA) toward target capital structure is investigated in cross border and cross industry mergers and acquisitions (M&A).Methodology - As a measure of capital structure both book leverage (BLEV) and market leverage (MLEV) ratios are used in the analysis. The sample consists of 6,520 M&A deals for the period of 2000-2016.Findings - The findings show that for both the BLEV and MLEV, the cross border M&A deals move faster toward the target capital structure compared to non-cross border M&A deals. While the SOA rate for the same and cross industry M&A cases does not show too much difference for BLEV and MLEV.Conclusion - Overall the firms adjust to their target capital structure in maximum three years following the M&A

Anahtar Kelimeler

Speed of adjustment, cross border M&A, cross industry M&A, target capital structure, merger and acquisition
Altinkilic, O., Hansen, R. S. (2000). Are there economies of scale in underwriting fees? Evidence of rising external financing costs. The Review of Financial Studies, 13(1), 191-218.
Birincil Dil en
Konular Beşeri Bilimler, Ortak Disiplinler, Davranış Bilimleri, İktisat, İşletme, İşletme Finans
Yayımlanma Tarihi 30 Mart 2019
Bölüm Articles
Yazarlar Orcid : 0000-0001-7064-0036Yazar: İrfan U. SHAH (Sorumlu Yazar)

Orcid : 0000-0002-3619-2732Yazar: M. Banu DURUKAN

Tarihler

Yayımlanma Tarihi : 30 Mart 2019


Makalenin Yazarları
İrfan U. SHAH
M. Banu DURUKAN