Mergers and Acquisitions: Types, principles, historical information and empirical evidence from the Greek banking sector

There has been long-standing debate over whether or not firms gain economic competiveness from reducing their impact on the environment. Although ample literature is available on association between environmental performance and financial performance across various sectors, little empirical evidence is available in context of Indian banking sector. This research aims to analyze whether there is any significant relationship between environmental performance and financial performance of banks operating in India for a period 2013-14 to 2017-18. Secondary data has been collected for a sample of 83 banks operating in India. Content analysis was applied to extract information about environmental performance disclosed by sample banks followedby construction of environmental disclosure score index. Hierarchical multiple regression was applied to analyze relationship between environmental performance and financial performance after controlling for effects of size, financial leverage and capital intensity. Results exhibit no significant relationship between environmental performance and financial performance of banks operating in India. Findings of this research are expected to provide insight to users and readers of financial statements to have better understanding about the environmental practices carried out by banks. It would also contribute significantly towards decision making for policy makers in Indian banking sector to establish mandatory environmental legislations for reporting on environmental practices in order to improve non financial disclosure and financial performance in Indian banking sector.

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THE IMPACT OF M&A TRANSACTIONS ON THE GROWTH OF THE BANKS’ MARKET VALUE

Financial and credit activity problems of theory and practice ◽

10.18371/fcaptp.v5i40.244871 ◽

2021 ◽

Vol 5 (40) ◽

pp. 45-54

Author(s):

L. Prymostka ◽

N. Pantielieieva ◽

I. Krasnova ◽

V. Lavreniuk ◽

O. Lytvynenko

Keyword(s):

Economic Development ◽

Mergers And Acquisitions ◽

Banking Sector ◽

Jel Classification ◽

Economic Indicators ◽

Level Of Economic Development ◽

Banking Business ◽

Economic Trends ◽

The Impact ◽

The Relationship

Abstract. The globalization of markets, the need to comply with modern economic trends and introduce new technological solutions to increase the profitability of the banking business have significantly intensified the processes of mergers and acquisitions in the banking sector. M&A processes are long and complex, their results are difficult to forecast in lack of actual detailed research. The diversity of the results of the available research requires updating the data based on larger volumes of transactions and larger time intervals. The purpose of the article is to substantiate two hypotheses: first, the impact of M&A agreements especially on the increase in the value of banks; and impact of factors that show economic development level on the value of banks. The object of the study is the relationship between the value of commercial banks in domestic and foreign financial markets, M&A agreements, as well as economic indicators published by the World Bank and measuring the level of economic development of countries. The article uses statistical modeling method. The constructed model of linear regression allows to state that the fact of influence of M&A on growth of cost of consolidated banks is fair for 54.8% of cases. The study shows that the M&A processes have the greatest impact on the value of banks in the interval of 3—5 years after the conclusion of the agreement. Analysis of the relationship between economic indicators and the growth of bank value shows that the greatest impact on the value of banks has percent of the growth of GDP and GDP per capita, but the low value of the determinant at 22.9% indicates a low dependence of bank value on the level of economic indicators in general. It was found that external factors do not directly affect the growth in the value of banks in the process of M&A transactions. The question of expanding the system of factors that will influence the M&A processes and, as a consequence, the value of the banks, will be the subject of further research. Keywords: globalization of markets, mergers and acquisitions of banks, consolidation, M&A dynamic, market capitalization, bank value. JEL Classification Е44, Е47, G14 Formulas: 2; fig.: 4; tabl.: 4; bibl.: 14.

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Evidence on the Use of Oxen in the Postbellum South

Social Science History ◽

10.1017/s0145553200023270 ◽

1998 ◽

Vol 22 (2) ◽

pp. 225-249 ◽

Cited By ~ 2

Author(s):

Martin A. Garrett

Keyword(s):

Oral History ◽

Empirical Evidence ◽

Agricultural Production ◽

Point Of View ◽

Historical Information ◽

Personal Stories ◽

American Economy

Given the importance of draft animals—horses, mules, and oxen—in the development of the American economy, it is surprising how little attention has been paid to their contribution. Moreover, this is not, in most cases, attributable to a lack of empirical evidence; the vast majority of the work on draft animals to date is found in oral history and folklore literature. While this literature delighted in presenting the sentiments and personal stories of a few rather than attempting to provide a broader perspective, it does provide valuable historical information. Not surprisingly, however, the sentiments of a few, perhaps sometimes embellished, occasionally led to conclusions that are not consistent with predictions. For example, recent evidence supports the superiority of mules over horses and oxen in southern agricultural production, which refutes the notion that southerners used the mule for cultural reasons (Garrett 1990; Kauffman 1993). As Rockoff (1991: 243) states, “One of the main functions of the economic historian, from the point of view of economics, is to examine the foundation of these myths.”

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