ŞİRKET BİRLEŞME VE SATIN ALMA MÜZAKERELERİNİN BAŞARISIZLIK NEDENLERİ: FİRMA VE MÜZAKERE YAPISININ ETKİLERİ

Bu çalışmada firma satın alma ve birleşme müzakerelerinin başarısızlıkla sonuçlanmasını etkileyen faktörlerin, müzakere ve firma temelinde araştırılması amaçlanmıştır. Bu kapsamda, Avrupa Birliği’nin ilk 15 büyük ekonomisine sahip ülkeler ile ABD menşeli firmaların 2010-2017 yılları arasındaki birleşme ve satın alma müzakereleri analiz edilmiştir. Yapılan analizler sonucunda, müzakere özellikleri bakımından, müzakere süresinin uzunluğunun müzakerenin olumlu neticelenme ihtimalini azalttığı, peşin ödeme yönteminin teklif edildiği müzakerelerin hibrit ödeme yöntemlerinin teklif edildiği müzakerelere göre olumsuz sonuçlanma ihtimalinin daha yüksek olduğu, sahip olunmak istenen hisse payındaki artışın ise müzakere sonuçlarını pozitif yönde etkilediği belirlenmiştir. Firma özellikleri dikkate alındığında ise, hedef firma büyüklüğünün müzakereler üzerinde olumsuz etkisi olduğu, diğer taraftan finansal kaldıraç rasyosunun yükselmesinin müzakerelerin başarı ihtimalini arttırdığı tespit edilmiştir.

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Doğuş Üniversitesi Dergisi-Cover
  • ISSN: 1302-6739
  • Yayın Aralığı: Yılda 2 Sayı
  • Başlangıç: 2000
  • Yayıncı: Doğuş Üniversitesi
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