Productivity and operating performance of Japanese merging firms: Keiretsu-related and independent mergers

Yeh, Tsung-ming; Hoshino, Yasuo

doi:10.1016/s0922-1425(01)00081-0

Cited by 75 publications

(47 citation statements)

References 27 publications

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“…Some studies (Tarawaneh, 2006;Healy, Palepu, & Ruback, 1992;Lau, Proimos & Weight, 2008;Beena, 2004;Feroz, Kim & Raab, 2005;Harris, Ozen and Ozcan, 2000;Wen, 2002;Al-Sharkas et al, 2008;Odeck, 2008;Worthington, 2001;Kwoka & Pollitt, 2010) observed improvement in the operating performances in the post-merger period. However, other studies (Kumar, 2009;Yeh & Hoshino, 2002;Badreldin & Kalhoefer, 2009;Mantravadi & Reddy, 2008;Cabanda & Pascual, 2007;Pawaskar, 2001;Krishnasamy, Ridzwa & Vignesan, 2004;Rezitis, 2008;Sufian & Fadzlan, 2007) indicate decline or no change in the post-merger performances. The current research also resulted in similar findings.…”

Section: Conclusion and Recommendationsmentioning

confidence: 96%

“…Many researchers (Kumar, 2009;Yeh & Hoshino, 2002;Badreldin & Kalhoefer, 2009;AlSharkas, Hassan, & Lawrence, 2008;Odeck, 2008;Kwoka & Pollitt, 2010;Rezitis, 2008;Sufain, 2004;Lin, 2005;Asimakopoulos & Athanasoglou, 2013;Tse & Soufani, 2001;Berger & Humphery, 1992;Vallascas & Hagendorff, 2011) worked on the effects of M & A almost all over the world. However, in Pakistan the phenomenon is quite new and little attention has been paid to this important area of research with quite nominal work done (Arshad, 2012) leaving room for further research.…”

Section: Significance Of the Studymentioning

confidence: 99%

“…Second, the share price approach, which measures the effects of M & A on the basis of share prices of the merged firms (Kumar, 2009). Yeh & Hoshino (2002), Rehman & Limmack (2004), Cabanda & Pascual (2007), Badreldin & Kalhoefer (2009) and Kumar (2009) examine the post merger operating performances of acquiring organizations on the basis of financial ratios analysis and found no improvement in the operating performances. On the other hand, Pawaskar (2001) found lower operating performance in the post-merger period.…”

Section: Review Of Literature and Theoretical Frameworkmentioning

confidence: 99%

“…expenses / profit before tax Table 2 shows the list of liquidity ratios (Arshad, 2012;Kemal, 2011;Pawaskar, 2001;Badreldin & Kalhoefer, 2009;and Yeh & Hoshino, 2002) used to measure the ability of the banks to pay off their short-term obligations as an indicator of their performances. Advances to total assets (Advances / total assets)*100 03 Investment to total assets (Investment / total assets)*100…”

Section: 1mentioning

confidence: 99%

“…For evaluating the effects of the M & A on the operating performances of the respective banks the ratios analysis technique is applied (Kumar, 2009;Yeh & Hoshino, 2002;Healy, Palepu, & Ruback, 1992;Lau, Proimos & Weight, 2008;Badreldin & Kalhoefer, 2009;Mantravadi & Reddy, 2008;Ramaswamy & Waegelein, 2003;Ramakrishnan, 2010;Gugler, Mueller, Yurtoglu & Zulehner, 2003;Beena, 2004;Cabanda & Pascual, 2007;Ismael, Abdou & Annis, 2010;Rehman & Limmack, 2004). In order to determine the significance of change between the mean of the pre and post-merger performances i.e.…”

Section: 1mentioning

confidence: 99%

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Impacts of Mergers and Acquisitions on Acquirer Banks’ Performance

Shah¹,

Khan²

2017

AABFJ

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This study investigates the effects of mergers and acquisitions (M & A) on the operating performance of the acquirer banks in Pakistan. For this purpose, a sample of 18 transactions, involving acquirer banks, listed on the Karachi Stock Exchange, is used. The Financial Ratio Analysis (FRA) is used to determine the effects of M & A. The significance of change in the operating performances is tested through a paired sample t-test. The results indicate deterioration in the performances of the acquirer banks in the post-merger period.

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Section: Conclusion and Recommendationsmentioning

confidence: 96%

Section: Significance Of the Studymentioning

confidence: 99%

Section: Review Of Literature and Theoretical Frameworkmentioning

confidence: 99%

Section: 1mentioning

confidence: 99%

Section: 1mentioning

confidence: 99%

See 3 more Smart Citations

Impacts of Mergers and Acquisitions on Acquirer Banks’ Performance

Shah¹,

Khan²

2017

AABFJ

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The effect of environmental, social and governance score on operating performance after mergers and acquisitions

Teti

Spiga²

2022

Bus Strat Env

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This paper examines how the corporate social responsibility performance of the acquirer firm, measured with the environmental, social and governance score, is related to postmerger operating performance, by analysing 796 merger operations that took place between 2011 and 2018. The analysis was carried out by first considering the full sample and then dividing the sample into three subsamples: acquirer companies with an environmental, social and governance score below the median, acquirer companies with a rating above the median and finally those companies considered to have a very high score (over 80). To support the results obtained from this analysis, a machine learning technique was subsequently applied to the data. The results obtained from the analysis demonstrated that acquiring companies with a high environmental, social and governance rating manage to generate a significant improvement in operating performance postdeal after the merger, whereas this is not the case for companies with a low score or for companies with a score of above 80. These results seem to demonstrate that although a high environmental, social and governance score can have a positive impact on postmerger operating performance, this only true up to a point. A possible explanation for this could be that the costs involved in integrating and aligning the culture of the two merging companies increase when there is the need to maintain a high score.

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How M&A Deals Influence Corporate Performance in Developed and Emerging Capital Markets: A Review of Empirical Results in the Literature

Grigorieva

2019

Advanced Studies in Emerging Markets Finance

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Productivity and operating performance of Japanese merging firms: Keiretsu-related and independent mergers

Cited by 75 publications

References 27 publications

Impacts of Mergers and Acquisitions on Acquirer Banks’ Performance

Impacts of Mergers and Acquisitions on Acquirer Banks’ Performance

The effect of environmental, social and governance score on operating performance after mergers and acquisitions

How M&A Deals Influence Corporate Performance in Developed and Emerging Capital Markets: A Review of Empirical Results in the Literature

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