BİRLEŞME VE SATIN ALMA İŞLEMLERİNİN ŞİRKET VE SEKTÖR DÜZEYİNDE ETKİLERİ

Bu çalışmanın amacı şirket birleşme ve satın alma (B&S) işlemlerinin hem mikro hem makro düzeyde etkilerini konu alan çalışmaları inceleyen bir literatür taraması ortaya koymaktır. İnceleme üç ayrı kısımda gerçekleştirilmiştir. Birinci kısımda B&S işlemlerine makro düzeyde yaklaşan çalışmalar ele alınarak, bu işlemlerin sektör ve piyasa düzeyinde etkileri ile bu işlemlerin sayısını etkileyen faktörler üzerinde durulmaktadır. İkinci bölümde B&S işlemlerinin alıcı ve hedef şirketlerin finansal performansında meydana getirdiği değişiklikleri inceleyen çalışmalara yer verilmiştir. Üçüncü ve son bölümde ise B&S işlemleri sonrası performans değişimine etki edeceği düşünülen faktörlerden bahsedilmektedir

THE IMPACT OF MERGER AND ACQUISITION TRANSACTIONS AT THE COMPANY AND INDUSTRY LEVEL

The objective of this study is to provide a literature review consisting of studies investigating the impact of mergers and acquisition (M&A) transactions at the micro and macro levels. The review has three different parts. In the first part, the focus is on the macro effects of M&A transactions and the impact of these transactions at the industry and market levels as well as their determinants are investigated. The second part comprises studies analyzing the effects of M&A transactions on the financial performance of the acquirer and target companies. In the third and final section, the factors affecting the financial performance changes as a result of M&A transactions are discussed

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