You are here

ŞİRKET BİRLEŞMELERİ VE SATIN ALMALARDA KRİTİK BAŞARI FAKTÖRLERİ: TÜRKİYE PAZARI BAĞLAMINDA BİR DEĞERLENDİRME

CRITICAL SUCCESS FACTORS IN MERGER & ACQUISITION STRATEGIES: EVALUATION OF TURKISH MARKET

Journal Name:

Publication Year:

Keywords (Original Language):

Abstract (2. Language): 
Merger and acquisitions is defined as a strategic decision to increase a firm’s growth and enhance its operations (Saxena, 2012). Some proponents argue that mergers increase efficiency whereas opponents argue that they decrease consumer welfare by monopoly power (Coontz, 2004). There is a growing empirical literature documenting that mergers are efficient means for assets to be reallocated within the economy. In line with all these discussions Mergers and Acquisitions in the corporate world are achieving increasing importance and attention especially in the era of intense globalization. Grubb and Lamb (2000) states that only about 20 percent of all mergers really succeed. In 2014, there was a total of 130 deals with disclosed values totaling US$17.7 billion in Turkey. Of these, 4 of them were above one billion US dollars and accounted for 51% of total transaction volume. This paper analyzes the sources of value creation in mergers and acquisitions; focus on critical success factors in merger & acquisition strategies and examines the transactions that took place in Turkey in 2014.
Abstract (Original Language): 
Şirket Birleşme ve Satın Almaları şirketlerin büyümesi ve faaliyetlerini geliştirmesi için uygulanan stratejik bir karardır (Saxena, 2012). Bu stratejik kararın savunucuları verimlilikteki artışa dikkat çekerken karşı grup monopolleşmeye ve tüketicilerin aleyhindeki etkilere dikkat çekmektedir(Coontz, 2004). Aynı zamanda Şirket Birleşme ve Satın Almalarının ekonomik çevredeki kaynak dağıtımına olumlu yönde katkı verdiğine dair araştırmalar bulunmaktadır. Tüm bu tartışmaların yanısıra Şirket Birleşme ve Satın Almaları özellikle küreselleşme etkisi ile tüm dünyada önem arz etmekte ve iş dünyasının dikkatini çekmektedir. Grubb and Lamb’a (2000) göre bu tür birleşmelerin sadece %20 si başarı ile sonuçlanmaktadır. 2014 yılında Türkiye’de 130 adet birleşme raporlanmış ve toplam değer 51 milyar TL’ye ulaşmıştır. Bu işlemlerin sadece 4 tanesi toplam değerin %51’ine denk gelmektedir. Bu çalışma Şirket Birleşme ve Satın Almalarında nasıl değer oluşturulduğuna odaklanmakta ve kritik başarı faktörlerini ortaya koymayı amaçlamaktadır. 2014 yılında Türkiye pazarında yaşanan birleşmeler de değerlendirmeye alınmıştır.

REFERENCES

References: 

Amoateng, K. A. (2006). Innovation accounting analysis on cross-border
mergers and acquisitions between Europe and the USA since the
late 1990s.Review of Accounting and Finance, 5(1), 72-87.
Amihud, Y., & Lev, B. (1981). Risk reduction as a managerial motive for
conglomerate mergers. The bell journal of economics, 605-617.
Andrade, G., & Stafford, E. (2004). Investigating the economic role of
mergers. Journal of Corporate Finance, 10(1), 1-36.
Brian H. .( 2015). Financial Decision Making, CMA Prep Book
Beladi, H., & Choi, E. K. (2008). Frontiers of Economics and
Globalization.Forecasting in the Presence of Structural Breaks and
Model Uncertainty (Frontiers of Economics and Globalization,
Volume 3) Emerald Group Publishing Limited, pp. v, 3.
Brock, J. (2002). Regulating the Reverse Takeover. U. Toronto Fac. L.
Rev.,60, 1.
Byington, J. R., Christensen, J. A., & McGee, W. J. (2006). M&A checklists
for a post‐ SOX world. Journal of Corporate Accounting & Finance,
17(2), 31-36.
Chanmugam, R., Shill, W., Mann, D., Ficery, K., & Pursche, B. (2005).
The intelligent clean room: ensuring value capture in mergers and
acquisitions. Journal of Business Strategy, 26(3), 43-49
Coontz, G. (2004). Economic impact of corporate mergers and
acquisitions on acquiring firm shareholder wealth. The Park Place
Economist, 12(1), 62-70.
Critical Success Factors in Merger & Acquisition Strategies:
Evaluation of Turkish Market
131
Dash, A. P. (2010). Mergers and Acquisitions. IK International Pvt Ltd.
Deloitte (2014) Annual Turkish M&A Review
Deman, S. (1949) The Theory of Corporate Takeover Bids: A Subgame
Perfect Approach” Managerial and Decision Economics, 15: 4,
Special Issue: Aspects of Corporate Governance, 383-397.
Eckbo, B. E. (1983). Horizontal mergers, collusion, and stockholder
wealth.Journal of financial Economics, 11(1), 241-273.
Edwards, J. B. (2014). The Urge to Merge. Journal of Corporate
Accounting & Finance, 25(2), 51-55.
Engert, O., Gandhi, N., Schaninger, W., & So, J. (2010). Assessing
cultural compatibility: A McKinsey perspective on getting practical
about culture in M&A. Perspectives on merger integration.
Ernst and Young (2015). Mergers and Acquisitions Report Turkey 2014
Fairholm, G. W. (2015). Overcoming Workplace Pathologies.
Goyal, K. A., & Joshi, V. (2012). Merger and Acquisition in Banking
Industry: A Case Study of ICICI Bank Ltd. International Journal of
Research in Management, 2(2), 30-40.
Gitman LJ (1991). Principles of managerial finance. 6th edn. San Diego:
Harper Collins
Gitman, L. J., & Zutter, C. J. (2011). Principles of Managerial Finance
13th Edition. Prentice Hall.
Gurusamy, S. (2009). Financial services and system. Tata McGraw-Hill
Education Private Limited.
Harroch, R. & Lipkin, D. (2014) 20 Key Due Diligence Activities In A
Merger And Acquisition Transaction.
Haberberg, A., & Rieple, A. (2008). Strategic management: theory and
application. Oxford University Press.
Knilans, G. (2009). Mergers and acquisitions: Best practices for successful
integration. Employment Relations Today, 35(4), 39-46.
Levy, H., & Sarnat, M. (1970). Diversification, portfolio analysis and the
uneasy case for conglomerate mergers. Journal of Finance, 795-
802.
Markovits, R. S. (2012). Economics and the Interpretation and
Application of US and EU Antitrust Law. Springer.
Makamson, E. L. (2010). The reverse takeover: implications for
strategy.Academy of Strategic Management Journal, 9(1), 111.
McDonald, J., Coulthard, M., & De Lange, P. (2005). Planning for a
successful merger or acquisition: Lessons from an Australian
study. Journal of Global Business and Technology, 1(2), 1-11.
Ali Fatih Dalkılıç and Melissa Nihal Cagle
132
Naudé, A., Heyns, D., Bester, C., Puig, J., & Tucker, G. (2002). Synergies
within Barloworld. Unpublished manuscript, Barloworld Executive
Development Programme, Gordon Institute of Business Science,
Johannesburg.
Petitt, B. S., & Ferris, K. R. (2013). Valuation for mergers and
acquisitions. FT Press.
Pavkov, A. R. (2005). Ghouls and Godsends-A Critique of Reverse Merger
Policy. Berkeley Bus. LJ, 3, 465-475.
Pettersson, A., Pop, C., Petersson, T., & Svanberg, J. (2013). Who
benefits?.
Rossi, S., Volpin, P. F. (2004) Cross-country determinants of mergers and
acquisitions,” Journal of Financial Economics, 74 (2), 277-304.
Ravenscraft, D. J., & Scherer, F. M. (2011). Mergers, sell-offs, and
economic efficiency. Brookings Institution Press.
Roll, R. (1986) The Hubris Hypothesis of Corporate Takeovers,” Journal
of Business, 59, 197-216.
Saxena, S. P. (2012). Mergers and Acquisitions as a Strategic Tool to
Gain Competitive Advantage by Exploiting Synergies: A Study of
Merging & Non Merging Firms in Indian Aluminium Industry. This
paper was published in edited volume titled Innovation and
Adaptability: Twin Engines of Sustained Growth, by Bhakar SS and
Pandey VK, Excel Books, New Delhi (2010) ISBN, 978-81.
Schuler, R.S. and Jackson, S.E. (2001), HR issues and activities in
mergers and acquisitions, European Management Journal, Vol. 19
No. 3, pp. 239-53.
Schmid, A. S., Sánchez, C. M., & Goldberg, S. R. (2012). M&A today:
Great challenges, but great opportunities. Journal of Corporate
Accounting & Finance, 23(2), 3-8.
Servaes, H. (1996). The value of diversification during the conglomerate
merger wave. Journal of Finance, 1201-1225.
Tamosiuniene, R., & Duksaite, E. The Importance of Mergers and
Acquisitions in Today’s Economy.
Wu, J. (2009). Analysis of the Risk of Enterprise Merger as Viewed from
Merger Motivation. International Journal of Business and
Management, 3(4), 82-96.
Venema, W. H. (2015). Integration: The Critical M&A Success Factor.
Journal of Corporate Accounting & Finance, 26(4), 23-27.
Weber, Y. (2013). A comprehensive guide to mergers & acquisitions:
Managing the critical success factors across every stage of the
M&A process. FT Press.
Critical Success Factors in Merger & Acquisition Strategies:
Evaluation of Turkish Market
133
Weiner, Jeffrey (2010). Due Diligence in M&A Transactions: A Conceptual
Framework.
Zhu, P. C., Jog , V., Otchere, I. (2010) Partial acquisitions in emerging
markets: A test of the strategic market entry and corporate control
hypotheses” Journal of Corporate Finance, 288-305.

Thank you for copying data from http://www.arastirmax.com