Title: An accounting examination of the long-run performance of Greek acquiring firms

Authors: Michail Pazarskis, Katerina Lyroudi, Panagiotis Pantelidis, Petros Christodoulou

Addresses: Department of Accounting, Technological Educational Institute of Serres, Serres, Greece. ' Department of Accounting and Finance, University of Macedonia, Thessaloniki, Greece. ' Department of Business Administration, Technological Educational Institute of Serres, Serres, Greece. ' Department of Business Administration, University of Macedonia, Thessaloniki, Greece

Abstract: This paper examines empirically the impact of M&As on the post-merger performance of Greek merger-involved firms in the long-run perspective. The post-merger performance of an extensive sample of acquiring listed firms is investigated with accounting data analysis. For the purpose of the study, an explanatory set of 24 financial ratios (divided into five main groups) is employed, in order to measure firms| post-merger performance. The results revealed that six out of all the examined ratios had decreased and showed, in general, deterioration in several business functions of merger-involved firms| performance in the post-merger period.

Keywords: mergers; acquisitions; financial ratios; post-merger performance; management; accounting; Greece; firm performance; M&As.

DOI: 10.1504/IJFSM.2011.041922

International Journal of Financial Services Management, 2011 Vol.5 No.2, pp.159 - 176

Published online: 15 Aug 2011 *

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