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Mergers and Accounting Performance: Some Evidence from Greece during the Economic Crisis

Michail Pazarskis (), George Drogalas and Andreas Koutoupis
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Michail Pazarskis: T.E.I. of Central Macedonia, Greece
George Drogalas: University of Macedonia, Greece
Andreas Koutoupis: T.E.I. of Thessaly, Greece

Journal of Accounting and Management Information Systems, 2018, vol. 17, issue 1, 31-45

Abstract: The study examines the impact of mergers on the accounting performance of merger-involved firms in Greece. The study analyses four basic profitability ratios from financial statements of a sample of sixty Greek listed firms at the Athens Exchange that executed as acquirers’ one merger in the period a ten-year-period (2005-2014). In order to measure firms’ accounting performance, comparisons of pre- and post-merger firm profitability are examined for one year before and after the merger events (with data analysis from 2004 to 2015). The results revealed that mergers have had a negative impact on profitability and, in general, on accounting performance of the merger-involved firms. Furthermore, the study investigates the impact of the economic crisis on the success of mergers in Greece. There is evidence there is also a negative effect on accounting performance after mergers during the period of the economic crisis in Greece.

Keywords: mergers; accounting performance; financial ratios; economic crisis (search for similar items in EconPapers)
JEL-codes: G34 M40 (search for similar items in EconPapers)
Date: 2018
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