Before and after acquisition in Hungary: focus on working capital management

László Zoltán Kucséber ()
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László Zoltán Kucséber: Magyar Nemzeti Bank

Financial and Economic Review, 2016, vol. 15, issue 1, 70–90

Abstract: The European mergers and acquisitions (M&A) market saw a pronounced upswing in 2014, as attested by the 40.5 per cent increase relative to 2013. In the period between 1997 and 2014, 861 acquiring companies took part in M&A transactions subject to authorisation based on the threshold value defined by the Hungarian Competition Authority in Hungary. Were the dynamic tendencies linked to the improvement in the efficiency of working capital management? In this paper, I seek an answer to this question using the findings based on data from balance sheets and profit and loss accounts and their analysis: turnover time, financing time, average working capital, the maturity indicator, ROA and ROE and their components in the framework of the DuPont model.

Keywords: mergers; acquisitions; working capital management (search for similar items in EconPapers)
JEL-codes: G34 G38 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:mnb:finrev:v:15:y:2016:i:1:p:70-90

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