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Author
Kalinowska Aleksandra (Akademia Leona Koźmińskiego w Warszawie), Mielcarz Paweł (Akademia Leona Koźmińskiego w Warszawie)
Title
Methods of Payment in M&A Transactions and the Operational Performance of Acquirers
Wpływ metod płatności w procesie fuzji i przejęć na efektywność finansową transakcji z punktu widzenia firm przejmujących
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2014, nr 67, s. 739-746, tab., bibliogr. 18 poz.
Issue title
Narzędzia zarządzania finansami
Keyword
Metody płatności, Fuzje i przejęcia, Płatność, Efektywność
Methods of payment, Mergers and acquisitions, Payment, Effectiveness
Note
streszcz., summ..
Abstract
Głównym celem prezentowanego artykuły jest weryfikacja, w jaki sposób dokonywanie płatności w fuzjach i przejęciach przekłada się na efektywność finansową transakcji z punktu widzenia przejmującego. Przeprowadzone badanie obejmuje transakcje fuzji i przejęć na rynku polskim i środkowoeuropejskim w latach 2009-2010. W badaniu wykorzystano długookresowe studium przypadku oraz model regresji wieloczynnikowej. Przeprowadzone badanie wskazuje, że podmioty przejmujące osiągają wyższe wartości wskaźników ROA w okresie po dokonaniu transakcji przypadku, gdy fuzja lub przejęcie jest opłacona gotówką. Otrzymane rezultaty wskazują, że sposób finansowania transakcji w Polsce oraz na rynku wschodnioeuropejskim wpływa istotnie na rezultaty. (abstrakt oryginalny)

The main purpose of this article is to verify if the economic results of mergers and acquisitions on Polish and Eastern European markets paid with cash outperform those financed with stocks. We applied a long-term event study methodology to identify the impact of M&A transaction on acquirer financial performance and cross-section regressions to test our main hypothesis. The conducted research shows that cash payments lead to statistically significant higher average ROA in the post-transaction period, while shares or mixed payments lead to a lower return on assets. Our findings prove that the financing of M&A transactions on Polish and Eastern European markets impact the operational performance of acquirers in line with the signalling theory. (original abstract)
Accessibility
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Szczecin University Main Library
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Bibliography
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ISSN
1640-6818
1733-2842
Language
eng
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