The International Technology Management Review

Volume 8, Issue 1, 2019, Pages 16 - 21

Intra-industry’ Effects from Mergers on Financial Statements, in and out of Technology-intensive Industries: Evidence from Greece

Authors
Michail Pazarskis1, *, George Drogalas2, Andreas Koutoupis3, Grigorios Lazos4
1Department of Economics, International Hellenic University, End of Magnesias Street, Serres, GR-621 00, Greece
2Department of Business Administration, University of Macedonia, 156 Egnatias Street, Thessaloniki, GR-546 36, Greece
3Department of Accounting and Finance, University of Thessaly, University of Thessaly, Larissa, GR-411 10, Greece
4Program of Business Administration, Hellenic Open University, 35 26th Oktovriou Street, Thessaloniki, GR-546 27, Greece
*Corresponding author. Email: pazarskis@gmail.com
Corresponding Author
Michail Pazarskis
Received 17 August 2019, Accepted 19 September 2019, Available Online 16 November 2019.
DOI
https://doi.org/10.2991/itmr.k.191104.001How to use a DOI?
Keywords
Mergers, financial statements, ratios, technology-intensive industrial sector, crisis, Greece
Abstract

The study examines the impact of mergers on accounting performance of Greek listed firms involved in mergers. More specifically, we studied a sample of thirty-two absorbed listed firms in four sectors (primary sector, technology-intensive industrial sector, commercial and services sector, construction sector) during the period of economic crisis by using thirty-two accounting measures and ratios extracted from corresponding financial statements. The results of the study indicated that there is no statistically significant improvement or worsening for none of the examined variables in the post-merger period for the merged firms in the four examined sectors. However, as the whole economic image of the Greek economy is not very encouraging with the economic crisis, we concluded that mergers lead the involved firms to avoid any business losses in such a difficult economic period. Last, the results among four industries showed that none of the examined quantitative variables has a statistically significant change, and thus, did not reveal a different performance of one industry, as economic crisis had horizontal effects all over the Greek business.

Copyright
© 2019 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article distributed under the CC BY-NC 4.0 license (http://creativecommons.org/licenses/by-nc/4.0/).

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Journal
The International Technology Management Review
Volume-Issue
8 - 1
Pages
16 - 21
Publication Date
2019/11
ISSN (Online)
1835-5269
ISSN (Print)
2213-7149
DOI
https://doi.org/10.2991/itmr.k.191104.001How to use a DOI?
Copyright
© 2019 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article distributed under the CC BY-NC 4.0 license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - JOUR
AU  - Michail Pazarskis
AU  - George Drogalas
AU  - Andreas Koutoupis
AU  - Grigorios Lazos
PY  - 2019
DA  - 2019/11
TI  - Intra-industry’ Effects from Mergers on Financial Statements, in and out of Technology-intensive Industries: Evidence from Greece
JO  - The International Technology Management Review
SP  - 16
EP  - 21
VL  - 8
IS  - 1
SN  - 1835-5269
UR  - https://doi.org/10.2991/itmr.k.191104.001
DO  - https://doi.org/10.2991/itmr.k.191104.001
ID  - Pazarskis2019
ER  -