SATIN ALMALARIN ŞİRKET DEĞERİ ÜSTÜNDEKİ ETKİSİ, TÜRKİYE ÖRNEĞİ

Şirket satın almalarının hem satın alan hem de satılan firmanın piyasa değerini arttırdığı varsayılır. Bu makalede, Türkiye'de 2013 yılında gerçekleşen yerli satın almalar, piyasaların genel trendini de göz önünde bulundurarak incelenmiştir. Standart Piyasa değeri tekniğini kullanarak, satın alan firmanin hisse senedi fiyatlarındaki anormal getiriler hesaplanmıştır . Satın almanin açıklandığı tarih öncesi ve sonrasının karşılaştırılması sonucunda, firma değerindeki artışın uzun vadede istatistiki olarak anlamlı olduğu, fakat kısa vadede anlamlı olmadığı bulunmuştur

Anahtar Kelimeler:

Şirket Satın Almaları, Finansal Piyasalar, Olay Çalışmaları

THE EFFECTS OF ACQUISITIONS ON FIRM VALUE, EVIDENCE FROM TURKEY

Acquisitions are assumed to create value for both the target and the acquiring firm. This paper analyzes the sources of value creation in acquisitions and examines the domestic acquisitions that took place in Turkey in 2013. By taking the overall market considerations into account, I measure the degree of value creation over different periods of time. I use the standard market value technique to calculate abnormal returns in stock prices of the acquiring firms and find that the increase in firm value is statistically significant in the long run but not in the short run.

Keywords:

Acquisitions, Financial Markets, Event Studies,

___

AKBEN-SELÇUK, E., ALTIOK-YILMAZ, A. (2011). The impact of mergers and acquisitions on acquirer performance: Evidence from Turkey. Business and Economics Journal, 22, 1-8.
BJORVATN, K. (2004). Economic integration and the profitability of cross-border mergers and acquisitions. European Economic Review, 48 (6), 1211-1226.
BRADLEY, M., DESAI, A., KIM, E.H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of financial Economics, 21 (1), 3-40.
CHATTERJEE, S. (1986). Types of synergy and economic value: The impact of acquisitions on merging and rival firms. Strategic Management Journal, 7 (2), 119-139.
DATTA, D. K., PINCHES, G. E., NARAYANAN, V. K. (1992). Factors influencing wealth creation from mergers and acquisitions: A meta‐analysis. Strategic Management Journal, 13 (1), 67-84.
Ernst & Young, Mergers And Acquisitions Report Turkey 2013. http://www.ey.com/ Publication/vwLUAssets/EY_Mergers_and_Acquistion_Report_2013/$FILE/EY M&A Report.
HEKİMOĞLU, M. H., TANYERİ, B. (2011). Türk şirket birleşmelerinin satın alınan şirketlerin hisse senedi fiyatları üzerindeki etkileri. İktisat İşletme ve Finans, 26 (308), 53- 70.
HORN, H., LEVINSOHN, J. (2001). Merger policies and trade liberalisation. The Economic Journal, 111 (470), 244-276.
HORN, H., PERSSON, L. (2001). The equilibrium ownership of an international oligopoly. Journal of International Economics, 53(2), 307-333.
LEVY, H., SARNAT, M. (1970). International diversification of investment portfolios. The American Economic Review, 668-675.
MACKINLAY, A.C. (1997). Event studies in economics and finance. Journal of economic literature, 13-39.
MALMENDIER, U., MORETTI, E., PETERS, F.S. (2012). Winning by losing: evidence on the long-run effects of mergers (No. w18024). National Bureau of Economic Research.
MYERS, S.C., MAJLUF, N.S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13 (2), 187-221.
RAU, P.R., VERMAELEN, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of financial economics, 49 (2), 223-253.
SETH, A. (1990). Value creation in acquisitions: A re‐examination of performance issues. Strategic Management Journal, 11 (2), 99-115.
WILLIAMSON, O.E. (1981). The economics of organization: The transaction cost approach. American journal of sociology, 548-577.