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Mergers And Acquisitions An Empirical Study Of Selected Indian Companies
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Book Synopsis Mergers and Acquisitions An Empirical Study of Selected Indian Companies by : Dr Leesa Mohanty
Download or read book Mergers and Acquisitions An Empirical Study of Selected Indian Companies written by Dr Leesa Mohanty and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mergers and Acquisitions by : Rosy Kalra
Download or read book Mergers and Acquisitions written by Rosy Kalra and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and Acquisitions (M&As) are important corporate strategy actions that help in quick growth and provide competitive advantage. Many big companies continue to exist today after passing through various forms of restructurings, including M&As. The present study is carried out on a sample of 47 firms listed in Indian stock exchanges which have undergone M&A during April 1, 2008-March 31, 2009. The study captures the impact of M&A on liquidity, profitability, operating performance and leverage of sample merged/acquirer companies using ratio analysis and t-test. The financial ratios used in the study are Current Ratio, Quick Ratio, Gross Profit Ratio, Net Profit Ratio, Return on Assets, Return on Capital Employed, Debtors Turnover Ratio, Fixed Assets Turnover Ratio, Total Assets Turnover Ratio, Debt Equity Ratio and Interest Coverage Ratio. The study proves that there is a significant improvement in the liquidity, profitability, operating performance and financial leverage for a few merged/acquirer firms. M&As in the Indian corporate firms over a period of April 2008-March 2009 have had negative effects on the profitability in a majority of the cases.
Book Synopsis AN EMPIRICAL STUDY OF MERGERS AND ACQUISITIONS OF FINANCIAL PERFORMANCE OF TATA GROUP by : Shailaja Dharmagi Kelshikar
Download or read book AN EMPIRICAL STUDY OF MERGERS AND ACQUISITIONS OF FINANCIAL PERFORMANCE OF TATA GROUP written by Shailaja Dharmagi Kelshikar and published by Self Publication. This book was released on 2023-02-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate restructuring has become the major source for the economic development. Indian firms are exposed to the competition and competitiveness across the world. Hence, mergers and acquisitions have been accepted as a major strategic decision by the corporate at the wide level. To sustain with the world level corporate competition, combinations, market share Indian companies have gone for various combinations in the Indian industry. There has been an excess of mergers and acquisitions happening in the Indian industry. Tata Group of companies is one of the proactive respondents to such dynamic Indian industrial environment. It is said that Jamsetji Tata was always ahead of time and as result, a many leaderships and pioneering activities are booked with their names. The group is 148 years old devoted to Indian corporate sector. They have been always the proud for India due to their noble contribution to Indian economy. The Indian conglomerate, was the first for cross border deal, was the first to start India's first integrated power plant, was the first to gift "White Elephant" - Taj, India's first luxurious hotel, was the first to think for Indian family of four to offer the cheapest car "Nano", and water purifier "Swach" and many more. The present study focuses on studying the pre and post-merger financial performance of the selected Tata group companies. Tata group has booked many corporate restructuring in different forms. The researcher puts in the efforts over here to analyse the effect of merger and acquisition decision of the company on the profitability, liquidity, leverage, operational efficiency of the merged company. First chapter deals with the conceptual clarity of corporate restricting as broad umbrella for the various types of changes to be made to existing structure of the corporate. The details like forms, type, reasons, motives and major merger and acquisition cases at the worldwide, in Indian industry Second chapter deals with the literature review done by the researcher. Researcher has taken various existing literature from different sources, which relates to the study. It includes the scholarly articles, research papers from reputed journals, online journals from authentic web sites and thesis related to the topic of the researcher are even considered.
Book Synopsis Market Response to the Announcement of Mergers and Acquisitions by : Neelam Rani
Download or read book Market Response to the Announcement of Mergers and Acquisitions written by Neelam Rani and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The present article examines the short-run abnormal returns to India based mergers and acquisitions during 2003-2008 by using event study methodology. The present work is based on a sample of 623 mergers and acquisitions. We find that acquisitions by Indian companies significantly create short-term wealth on the announcement day to the shareholders of acquiring companies. Cumulative average abnormal return (CAAR) for Indian companies' merger and acquisition activities is 2 per cent (significant at 1 per cent) over event window of 11 days (-5, 5). It seems the market perceives the merger and acquisition activities by Indian companies as efficiency enhancing. However, the results indicate presence of high event-induced variance in abnormal return. The present study reports a high event-induced variance in the abnormal return due to the announcement of mergers and acquisition in Indian context.
Book Synopsis Impact Of Corporate Merger On Financial Performance And Hrm Policies And Practices: A Study On Selected Indian Companies by : Dr Ratna Roy
Download or read book Impact Of Corporate Merger On Financial Performance And Hrm Policies And Practices: A Study On Selected Indian Companies written by Dr Ratna Roy and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Market Reactions to Foreign Investments in Mergers and Acquisitions by : Geeta Duppati
Download or read book Market Reactions to Foreign Investments in Mergers and Acquisitions written by Geeta Duppati and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the short-term stock market reaction to the announcement of outward foreign direct investment related Mergers and Acquisitions (M&As) by Indian companies. A new trend in India evident since 2005 is the increasing number of Indian corporates becoming global players, acquiring companies through M&As in countries such as the USA, the UK, France, Germany and other parts of Europe. Prior research covering Indian cross M&As is limited to the service sector whereas the present study includes companies from seven sectors. The principal aim is to investigate the market reaction on the bidders' stock price and compare this to studies in mature markets relating to a similar time period. The second aim is to determine whether there are industry and locational effects relating to the target companies. An event study approach using both abnormal returns and price-pressure effect analyses is adopted and statistically significant results are obtained. The value and volume patterns surrounding the announcement of proposed M&As are examined conjointly and both affirm of an information effect with price and pressure effects. In general, it is found that the market reacted favourably to the announcements, in contrast to other studies using similar time periods, suggesting there may be some interesting behavioural contrasts between emerging market and mature market responses to such announcements.
Book Synopsis Corporate Acquisitions and Mergers in India by : Pradeep Kumar Jain
Download or read book Corporate Acquisitions and Mergers in India written by Pradeep Kumar Jain and published by Kluwer Law International B.V.. This book was released on 2022-09-20 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Derived from Kluwer’s multi-volume Corporate Acquisitions and Mergers, the largest and most detailed database of M&A know-how available anywhere in the world, this work by a highly experienced team from the leading international law firm Singhania & Co, LLP Contributors provides a concise, practical analysis of current law and practice relating to mergers and acquisitions of public and private companies in India. The book offers a clear explanation of each step in the acquisition process from the perspectives of both the purchaser and the seller. Key areas covered include: structuring the transaction; due diligence; contractual protection; consideration; and the impact of applicable company, competition, tax, intellectual property, environmental and data protection law on the acquisition process. Corporate Acquisitions and Mergers is an invaluable guide for both legal practitioners and business executives seeking a comprehensive yet practical analysis of mergers and acquisitions in India. Equivalent analyses of M&A law and practice in some 50 other jurisdictions, all contributed by leading law firms, are accessible on-line at www.kluwerlawonline.com under Corporate Acquisitions and Mergers.
Author :Dennis C. Mueller Publisher :Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain ISBN 13 : Total Pages :402 pages Book Rating :4.3/5 (97 download)
Book Synopsis The Determinants and Effects of Mergers by : Dennis C. Mueller
Download or read book The Determinants and Effects of Mergers written by Dennis C. Mueller and published by Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain. This book was released on 1980 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mergers and Its Effects in Select Indian Iron and Steel Companies- A Study by : Madhumita Dasgupta
Download or read book Mergers and Its Effects in Select Indian Iron and Steel Companies- A Study written by Madhumita Dasgupta and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As an important sphere of corporate strategy, Mergers and Acquisitions have been undergoing a sea change within the economic set -up since liberalization in India. Massive growth in both Foreign Direct Investment and Foreign Institutional Investors has been witnessed by the economy. Rather than Greenfield Investment, a substantial fraction of the growth in FDI during the late 1990s tends to rapid increase of cross-border deals in form of Mergers and Acquisitions. This study has attempted to identify the performance of some selected Indian Iron and Steel Companies as a regime study through applying techniques like Economic Value Added and Operating Profit.
Book Synopsis The Synergy Trap by : Mark L. Sirower
Download or read book The Synergy Trap written by Mark L. Sirower and published by Simon and Schuster. This book was released on 2010-05-11 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: With acquisition activity running into the trillions of dollars, it continues to be a favorite for corporate growth strategy, but creating shareholder value remains the most elusive outcome of these corporate strategies—after decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much—and predictably never realize the promises of increased performance and competitiveness—in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: -The unique business gamble that acquisitions represent -The managerial challenges already embedded in current stock prices -The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy -The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains -The seductiveness and danger of sophisticated valuation models so often used by advisers The Synergy Trap is the first exposé of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan—and account for huge uncertainties—before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.
Book Synopsis Corporate Governance and Mergers and Acquisitions by : Rabi Narayan Kar
Download or read book Corporate Governance and Mergers and Acquisitions written by Rabi Narayan Kar and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: M&As scenario started changing in India after the introduction of liberalization process in 1991.The policy initiatives of the Government led to a structural transformation in the Indian industries. This industrial transformation has provided a launch pad for the corporate to grow and expand through M&As strategy. Corporate governance broadly refers to a set of practices that are designed to govern the behaviour of corporate enterprises. In the backdrop of several American corporate debacles, corporate governance has been increasingly seen as a means to promote healthier corporate practices and to check the errant enterprises. In this context, M&A serves as a vital instrument of corporate governance to increase corporate efficiency. Corporate governance in the context of a company, deals with laws, procedures, practices and implicit rules that determine a company's ability to take managerial decisions vis-a-vis its stakeholders. In this paper, an attempt has been made to present the relationship between corporate governance and mergers and acquisitions. Further, an exploratory attempt has been made to analyse the impact of M&A on share price bahaviour to identify the important issues, which could improve the corporate governance practices of enterprises. From the literature review, evidence of shareholders gaining positively in case of target firms has been proved at the time of M&As. In case of acquiring firms, there have been divergent of opinions on this issue. However, none of the studies in the Indian context examined these issues. Being an important area having wide policy implications, it needs to be investigated. In the recent past, some corporate actions has proved that hostile M&A front prevailing in the Indian corporate front. Many companies are also playing safe by shoring up their holdings through buy-back of shares to thwart hostile corporate raids. In this backdrop, better corporate governance practices have become more essential. The impact of mergers and acquisitions on corporate performance could be measured in several ways. One way of analysing is to evaluate the impact of M&As in terms of various measures of profitability before and after mergers and acquisitions. There are two sets of arguments. One set of arguments hold that significant improvement in profitability after M&As and vice-versa. Another aspect relating to the performance analysis is that many firms engaged in a series of M&A activities over a time as has been observed in the present study. Thus, it is difficult to isolate the influence of a single acquisition event. Thus, the best course of action is to investigate each of the pre and post merger acquisitions events to analyse impact, which has been followed in this study. The other way to measure the performance is to monitor the share prices after the merger or acquisition deal is struck, which assumes that stock markets are efficient. Empirical studies of this type indicate that a target firm's shareholders benefit and the bidding firm's shareholders either gain or do not lose. An exploratory attempt has been made here to investigate the impact of M&As on share price behaviour of the acquiring firms. This study concentrated only on acquiring firms, as relevant data is not available for target firms because either they are merged or taken over by the acquiring firms. It is observed that in majority of the cases acquiring company's shareholder's gain due to the M&A. This also in consistent with the literature that Indian stock markets do take a positive view of M&A strategies being adopted by the Indian companies. As has been stated in the research findings, the reasons for appreciation may be related to the anticipated value enhancement of the merged entity as a result of expected increase in cash flows from the M&A., This is in tandem with the arguments that the shareholders might have taken into account the expected increase in performance due to better profitability, market leadership, new growth prospects and cost efficiency. It has also been found from the literature that takeovers are motivated by expectations of improved performance due to the realization of synergistic benefits, which reflected in the share prices. This has been reflected in motives of Indian M&As which might have caused the share prices appreciation. A Strong R&D and Strategic alignment has also emerged as important motive of Indian M&As which may have influenced the share price behaviour of the Indian enterprises. However, there are some important issues, which needs to be taken care of for better corporate governance practices when corporate enterprises indulge in mergers and acquisitions.
Book Synopsis Cross-Border Acquisitions by Indian Multinationals by : Sakshi Mittal
Download or read book Cross-Border Acquisitions by Indian Multinationals written by Sakshi Mittal and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: It is the discrete nature of acquisitions--the sudden transformation of two stand-alone companies into a single entity--that creates an exciting living laboratory to explore performance measurement issues. The aim of this study is to assess the performance of cross-border acquisitions and their impact on the acquirer firms especially when the target belongs to a developed nation like United States, Italy, Germany, France etc. and the acquirer is from a developing nation like India. Usually it's captivating to hear the news of acquisition being announced by an Indian company to acquire, a US based company because of the esteem attached to the big name of developed countries. This study aims to analyse whether this delight is enjoyed only by the general public or is shared by the owners of the acquiring firms as well in the form of abnormal returns. The main criterion of the current research was to assess the performance of the acquisition and their impacts on the return to the acquirer firms. The study investigated the Indian market and analyzed the performance of the acquirers between the period January 2000 and December 2008. The market model was used in the research to calculate the abnormal returns to the acquirers during the event window (-10 to 10). A sample size of 111 Indian BSE listed companies was taken into account, whose returns have been compared with the benchmark (BSE 500) returns.
Book Synopsis Post-Merger Scenario of Acquirers by : Sil Basab Kumar
Download or read book Post-Merger Scenario of Acquirers written by Sil Basab Kumar and published by LAP Lambert Academic Publishing. This book was released on 2015-01-05 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic reforms in India since 1991 have made the competition global to the Indian corporates. The new mantra has become "beat them or join them." Growth has become the fulcrum of every business which have been achieved through corporate mergers and acquisitions (M&As). Synergy is popularly cited as one of the prime reasons for planning M&As. In the Indian pharmaceutical industry, over the past few years companies like Ranbaxy, Wockhardt, Cadila, Matrix, Jubilant etc. have targeted developed markets in their pursuit of growth by making one or more international acquisitions, while others are also scouting for potential targets. In this backdrop, the present study is an attempt to examine the post-merger operating and financial performance of some selected Indian pharmaceutical companies that have gone through the process of M&As during 2000 to 2007 on the basis of some financial parameters in order to observe whether the process of M&As had left any significant impact on the post-merger operating and financial performance of the acquirers selected in the sample.
Book Synopsis Predicting the Success of Mergers and Acquisitions in Manufacturing Sector in India by : N M. Leepsa
Download or read book Predicting the Success of Mergers and Acquisitions in Manufacturing Sector in India written by N M. Leepsa and published by . This book was released on 2018 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions (M&As) are significant corporate restructuring activities that attract the attention of shareholders as they focus on wealth creation. Such transactions are considered as very risky and challenging and at the same time very important company investment decisions. Empirical research academicians are keen to know whether mergers and acquisitions as investment transactions lead to the creation or destruction of company value. To date, few studies have analysed the determinants for predicting the success and failure of mergers and acquisitions in India. This paper attempted to use logistic regression to find out the probability of post mergers and aquisitions success or failure of manufacturing companies in India.. The period of study was from 2000 to 2008 for M&A deals during 1997 to 2011. In the study, the rate of EVA (economic value added), considered as a better measure of performance, was used as dependent variable and the independent variables used were M&A experience, size of acquirer, pre-M&A current ratio, quick ratio, return on asset, return on capital employed, return on net worth, net profit margin, asset turnover ratio, and interest coverage ratio. The study found that the probability of a given firm being successful after M&A increased as the pre-M&A current ratio, net profit margin decreased; while its pre-M&A quick ratio and asset turnover ratio increased. It was also estimated that the Z score below 0.02 in the case of M&A would indicate the company was probably headed for failure, while companies with scores above 0.02 were likely to be successful.
Book Synopsis Does Corporate Performance Improve After Mergers? by : Paul M Healy
Download or read book Does Corporate Performance Improve After Mergers? written by Paul M Healy and published by Legare Street Press. This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the phenomenon of corporate mergers and the impact they have on performance. Drawing on extensive research and case studies, the authors explore the conditions under which mergers are most likely to succeed and offer guidance to managers looking to pursue a merger strategy. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Book Synopsis Mergers, Acquisitions, and Corporate Restructurings by : Patrick A. Gaughan
Download or read book Mergers, Acquisitions, and Corporate Restructurings written by Patrick A. Gaughan and published by John Wiley & Sons. This book was released on 2017-11-27 with total page 819 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essential M&A primer, updated with the latest research and statistics Mergers, Acquisitions, and Corporate Restructurings provides a comprehensive look at the field's growth and development, and places M&As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M&As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M&A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension. As the global economy slows, merger and acquisition activity is expected to increase. This book provides an M&A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies. Understand the many forms of M&As, and the laws that govern them Learn the offensive and defensive techniques used during hostile acquisitions Delve into the strategies and motives that inspire M&As Access the latest data, research, and case studies on private equity, ethics, corporate governance, and more From large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. Mergers, Acquisitions, and Corporate Restructurings is an essential resource for executives needing to quickly get up to date to plan their own company's next moves.
Book Synopsis Corporate Governance, Sustainability, and Information Systems in the Aviation Sector, Volume I by : Kasım Kiracı
Download or read book Corporate Governance, Sustainability, and Information Systems in the Aviation Sector, Volume I written by Kasım Kiracı and published by Springer Nature. This book was released on 2022-10-26 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book delves into corporate governance, sustainability, and information systems related to the aviation sector. Due to globalization and rise in cross-border business, the aviation sector has become an essential means of transport. However, the industry has tremendous impact on social, economic, and natural environments and carries significant risks. The book explores such issues plaguing the aviation sector under three key areas: CSR and sustainability, information systems and risk management, and corporate governance and accountability in the airline industry. The book concludes with an analysis of the impact of COVID-19 crisis on the industry and ways to respond and recover from the effects of the pandemic.
