scholarly journals The Influence of Acquisitions on a Firm’s Performance within a Sector: An Application on Istanbul Stock Exchange

2014 ◽  
Author(s):  
İbrahim Halil Ekşi ◽  
Nasara Banu Güzel ◽  
Rabia Ecem Küçüktaşdurmaz
Keyword(s):  
Mergers And Acquisitions ◽  
Financial Performance ◽  
Stock Exchange ◽  
Topsis Method ◽  
Listed Firms ◽  
Positive Effects ◽  
Istanbul Stock Exchange

In recent years it have seen a significant increase in the number of business mergers and acquisitions. There are number of reasons led to this trend. Amongst them it is the need to increase the firm financial performances. This paper mainly is focuses on other different effects of mergers and acquisitions on the financial performance of businesses. In this study, looking at Turkish stock exchange listed firms that have experienced acquisitions or mergers and the effects of such mergers on their performance. In this context, it be looked at textile firms and firms based on stone and land work that experienced acquisitions in 2010. The firms are Altinyildiz in textile and Çimbeton in the mining sectors respectively. Having look at the financial performances of these firms in their respective sectors before the acquisitions (2007, 2008, 2009), the acquisitionsin 2010, 9 rates were used the in TOPSIS method. According to findings, the acquisitioned firm’s show that they have positive effects on the financial performances of the firms. It is observed that there are differences in sectors’ period and degrees. In this case, it’s possible to explain the sectoral dynamics and acquisions of the firms’ integration.

scholarly journals Evaluation of Performance of Tourism Industry Companies listed in Istanbul Stock Exchange (BIST) by TOPSIS Methodology

2018 ◽  
Vol 7 (2) ◽  
pp. 8-18 ◽  
Author(s):  
Erdal Yılmaz ◽  
Tunay Aslan
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Tourism Industry ◽  
Topsis Method ◽  
The Past ◽  
Evaluation Of Performance ◽  
Istanbul Stock Exchange ◽  
The Future ◽  
Tourism Enterprises

To evaluate the operations of the companies in the past years and to make forecasts about the future, it is important to evaluate and analyze their financial performance. In this study, the financial performances of tourism enterprises operating in Istanbul Stock Exchange for 2013-2016 are compared with TOPSIS method. As a result of the research, it is determined that the best performances are observed in 2014, 2015 and 2016 for MALT and in 2013 for METUR.

Financial Performance Assessment of Large Scale Conglomerates Via Topsis and Critic Methods

2014 ◽  
Vol 3 (4) ◽  
pp. 203-224
Author(s):  
Halim Kazan ◽  
Omer Ozdemir
Keyword(s):  
Financial Performance ◽  
Performance Assessment ◽  
Large Scale ◽  
Stock Exchange ◽  
Financial Statements ◽  
Financial Ratios ◽  
Topsis Method ◽  
Financial Ratio ◽  
Istanbul Stock Exchange

In this study, TOPSIS method was used to analyze financial statements of the fourteen large-scale conglomerates which are traded on Istanbul Stock Exchange (ISE). At first, the study used CRITIC METHOD to calculate nineteen financial ratios of these holdings over three periods (2009-2011), and found their financial ratio weights. TOPSIS method was applied to the nineteen financial ratio calculated, and the conglomerates were given financial performance scores in accordance with the results reached. Financial performance scores of these conglomerates were compared in order to make an inference as to their future behaviors.

scholarly journals Evaluating Financial Performance of Saudi Listed Firms: Using Statistical Failure Prediction Models

2019 ◽  
Vol 2 (1) ◽  
pp. 1-18
Author(s):  
Deena Saleh Merza Radhi ◽  
Adel Sarea
Keyword(s):  
Financial Performance ◽  
Prediction Models ◽  
Stock Exchange ◽  
Failure Prediction ◽  
Financial Decisions ◽  
Listed Firms ◽  
Industrial Companies ◽  
Statistical Relationships ◽  
The Given ◽  
Altman Model

The study aims to compare the classification power of three statistical failure prediction models for evaluating financial performance of Saudi Listed Firms. The study sample consisted of 122 listed industrial companies in the Saudi Stock Exchange for the period from 2014 to 2016. Altman model 1968, Kida model and Zmijewski are used as examples of statistical failure prediction models to evaluate the classification power of the given models to assess the financial performance of firms listed on Saudi Stock Exchange. The results showed that Zmijewski model was more powerful in predicting the financial performance of Saudi listed firms than Altman model (1986) and Kida model. The results showed that there are a statistical relationships between some ratios included in the three models and the financal performance of industrial companies, which was measured by EPS. The study recommended users of financial statements of Saudi listed companies to use Zmijewski ?model, which performs well in evaluating their finacial position to be used when making the ?financial decisions.

Financial Performance Analysis of Companies Registered on BIST Corporate Governance Index

2021 ◽  
pp. 121-142
Author(s):  
Haşim Bağcı ◽  
Ceyda Yerdelen Kaygın
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Stock Exchange ◽  
Important Indicator ◽  
Time Period ◽  
Istanbul Stock Exchange ◽  
Governance Index ◽  
Significance Levels ◽  
Promethee Method ◽  
Petroleum Refineries

The aim of this study is to measure the 2018 financial performance of 49 businesses that are registered in the Istanbul Stock Exchange Corporate Governance Index. Therefore, the financial performances of 49 businesses were compared to the ROA, ROE, ROS, and MV performance indicators that were determined for the measurement of financial performance. For comparison, first, the significance levels of the indicators were determined by the AHP method, and MV was determined to be the most important indicator. The PROMETHEE method was used to be able to financially compare the businesses, and Tüpraş Türkiye Petrol Rafinerileri A.Ş. (Tüpraş Turkey Petroleum Refineries Inc.) was the most successful corporate governance business within the specified time period. The least successful business is Pınar Su ve İçecek Sanayi ve Ticaret A.Ş. (Pınar Water and Drink Industry and Trade Inc).

scholarly journals The Impact of Experience on Private Target Acquisition in High-Technology Industries

2019 ◽  
Vol 11 (6) ◽  
pp. 1603 ◽  
Author(s):  
Yuri Jo ◽  
Jungho Kim
Keyword(s):  
Mergers And Acquisitions ◽  
Information Asymmetry ◽  
Value Creation ◽  
High Technology ◽  
Target Acquisition ◽  
Listed Firms ◽  
Positive Effects ◽  
The Impact ◽  
Technology Industries ◽  
High Technology Industries

This paper investigates the impact of an acquirer’s experience on the acquisition of private firms (i.e., private target acquisition) in high-technology industries by analyzing a dataset of NASDAQ-listed firms operating in information technology (IT) industries. Specifically, this paper examines whether two types of experience (i.e., early venture capital (VC)-backed experience and prior mergers and acquisitions (M&A) experience) matter to the acquisition. We find that both types of experience have positive effects on private target acquisition, while only prior M&A experience positively influences public target acquisition, implying that early VC-backed experience is effective in mitigating information asymmetry related to private target acquisition and exploring opportunities for value creation. We also find that an acquirer’s growth performance and absorptive capacity prior to the acquisition enhance the positive effects of the experiences on private target acquisition.

scholarly journals The Impact of Board Diversity, CEO Characteristics, and Board Committees on Financial Performance in the Case of Romanian Companies

2021 ◽  
Vol 15 (1) ◽  
pp. 7
Author(s):  
Bogdan Aurelian Mihail ◽  
Dalina Dumitrescu ◽  
Carmen Daniela Micu ◽  
Adriana Lobda
Keyword(s):  
Financial Performance ◽  
Audit Committee ◽  
Stock Exchange ◽  
Board Members ◽  
Board Diversity ◽  
Board Committees ◽  
Positive Effects ◽  
Governance Practices ◽  
The Impact ◽  
Ceo Characteristics

This paper examines the impact of board diversity, CEO characteristics, and board committees on the financial performance of the companies listed on the Bucharest Stock Exchange (BSE). In order to test the influence of these characteristics, detailed data on more than 70 firms are collected by hand, for the 2016–2020 period, and comprehensive regression models are estimated. The findings show that there are positive effects of board diversity especially with regard to the independent board members. In terms of the board committees, the audit committee is found to have a favourable influence. The regression coefficients imply that a 10% increase in the share of independent board members would be associated with a 0.93% increase in ROE. Based on these findings, it can be argued that improving the corporate governance practices of the companies listed on the BSE would increase the performance and the value of these firms.

scholarly journals Market Risk and Financial Performance of Non-Financial Companies Listed on the Moroccan Stock Exchange

Risks ◽  
2019 ◽  
Vol 7 (1) ◽  
pp. 20
Author(s):  
Diby François Kassi ◽  
Dilesha Nawadali Rathnayake ◽  
Pierre Axel Louembe ◽  
Ning Ding
Keyword(s):  
Financial Performance ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Market Risk ◽  
Fixed Effects Model ◽  
Financial Leverage ◽  
Return On Equity ◽  
Positive Effects ◽  
Book To Market Ratio ◽  
The Difference

This study examines the effect of market risk on the financial performance of 31 non-financial companies listed on the Casablanca Stock Exchange (CSE) over the period 2000–2016. We utilized three alternative variables to assess financial performance, namely, the return on assets, the return on equity and the profit margin. We used the degree of financial leverage, the book-to-market ratio, and the gearing ratio as the indicators of market risk. Then, we employed the pooled OLS model, the fixed effects model, the random effects model, the difference-GMM and the system-GMM models. The results show that the different measures of market risk have significant negative influences on the companies’ financial performance. The elasticities are greater following the degree of financial leverage compared with the book-to-market ratio and the gearing ratio. In most cases, the firm’s age, the cash holdings ratio, the firm’s size, the debt-to-assets ratio, and the tangibility ratio have positive effects on financial performance, whereas the debt-to-income ratio and the stock turnover hurt the performance of these non-financial companies. Therefore, decision-makers and managers should mitigate market risk through appropriate strategies of risk management, such as derivatives and insurance techniques.

The Relationship between environmental Financial accounting practices and Financial performance of industrial listed companies in Palestine Stock Exchange

2021 ◽  
pp. 12-31
Author(s):  
Nedal Fareed Abdallah
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Listed Companies ◽  
Least Square ◽  
Financial Accounting ◽  
Listed Firms ◽  
Effect Model ◽  
The Relationship

The research aimed to investigate the applicability of environmental financial accounting practices in the industrial listed companies in Palestine Exchange and to examine the relationship between the disclosure level of environmental financial accounting practices on the company’s financial performance. The research adopted the descriptive-analytical approach, and the analysis method involved a content analysis of the annual financial reports data which were collected from Industrial listed firms on the Palestine Stock Exchange for the period from 2015 to 2019, including the firms disclosed and not disclose EFAP. Ordinary least square (OLS), fixed effect model (FEM), and random effect model (REM) were employed for processing the data. The results reveal that there is a relationship between the EFAP and financial performance. In addition, there is a difference in financial performance between the group of firms disclosed and not disclosed EFAP. Based on the findings, some recommendations are given for motivating EFAP in the listed firms for improving financial performance.

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