ALICI VE SATICI ŞİRKETLERİN KAYNAKLARININ ŞİRKET SATIN ALMALARININ BAŞARISINDAKİ ROLÜ

Şirket satın almalarda hem alıcı hem de satıcı şirketlerin kaynakları, satın almaların gerek gerekçeleri, gerekse de sonuçları açısından çalışılmıştır. Yapılan çok sayıda çalışmaya rağmen, hangi kaynakların satın almaların başarısında daha önemli olduğu net değildir. Bu çalışmanın amacı alıcı ve satıcıların kaynaklarının satın almaların başarısı üzerindeki rolünü incelemektir. Bu konuyu incelemek için 1990 ve 2017 yılları arasında Türkiye`de gerçekleşmiş tüm satın almalar analiz edilmiştir. Gelişmekte olan pazarlarda yapılan 425 şirket satın alma üzerine yapılan regresyon analizleri sonucu, alıcı şirketlerin kaynaklarının satıcı şirketlerinkinden başarıda daha önemli olduğu gösterilmiştir. Kaynakların şirket satın alma üzerine olan etkisi yerel ve uluslararası satın almalar arasında da karşılaştırılmış ve alıcı şirketlerin kaynaklarının ulusal satın almalarda daha etkili olduğu, satıcı şirketlerin kaynaklarının da uluslararası satın almalarda daha önemli olduğu gösterilmiştir. Çalışma bu bulguların literatür ve şirketler için yansımalarının yanı sıra gelecekteki çalışmalar için öneriler içermektedir.

WHICH IS MORE IMPORTANT TO THE SUCCESS OF AN ACQUISITION; ACQUIRER OR TARGET RESOURCES?

The resources of both acquirers and targets have been studied in terms of thedrivers and success of acquisitions. Despite the large number of studies that have beenconducted, we still do not know whose resources are more critical to the success ofacquisitions. This study aims to examine the role of acquirer and target resources in thesuccess of acquisitions. All acquisitions that took place in Turkey between 1990 and 2017were analyzed to investigate the research question. The findings of a regression analysis of425 acquisitions in this emerging market context reveal that acquirer resources are morecritical than target resources in acquisition performance. The effects of resources on domesticand international acquisitions are also compared, and it is found that acquirer resources aremore critical in domestic acquisitions, whereas target resources are more important ininternational acquisitions. The implications of these findings are discussed in terms ofinformation asymmetry and post-acquisition integration issues, and directions for futureresearch are suggested.

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