Bank mergers and acquisitions in emerging markets: evidence from the Middle East and the North Africa region

Sameer Mohammed Sindi, A.N. Bany-Ariffin, Nazrul Hisyam Ab Razak and Fakarudin Kamarudin

International Journal of Business and Globalisation, 2021, vol. 28, issue 1/2, 97-116

Abstract: This study provides an empirical assessment of shareholders' wealth effects resulting from bank mergers and acquisitions (M%As) in emerging markets of the Middle East and North Africa (MENA) region between 2000 and 2018. A sample of 40 listed acquirer banks from different countries in the MENA was examined in this study. The event study method was employed using three different event windows to examine the short-term effects of M%As on acquirer banks within the MENA region. Based on the analysis and results for the cumulative abnormal returns (CARs), this study found that there were positive CARs in all three event windows. Although, the p-values of the regression models indicated that the positive CARs were not statistically significant. As a result, this study concludes that M%As have not caused significant positive nor negative effects in the short-term on acquirer banks in the MENA region.

Keywords: banks; mergers and acquisitions; M%As; event study; emerging market economies; emerging markets. (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbglo:v:28:y:2021:i:1/2:p:97-116

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