Journal of
Accounting and Taxation

  • Abbreviation: J. Account. Taxation
  • Language: English
  • ISSN: 2141-6664
  • DOI: 10.5897/JAT
  • Start Year: 2009
  • Published Articles: 209

Full Length Research Paper

Mergers, taxation and accounting performance: Some evidence from Greece

Michail Pazarskis
  • Michail Pazarskis
  • Department of Accounting and Finance, Technological Educational Institute of Central Macedonia, Greece.
  • Google Scholar
George Drogalas
  • George Drogalas
  • Department of Business Administration, University of Macedonia, Thessaloniki, Greece.
  • Google Scholar
Andreas Koutoupis
  • Andreas Koutoupis
  • Department of Accounting and Finance, Technological Educational Institute of Thessaly, Greece.
  • Google Scholar


  •  Received: 02 February 2017
  •  Accepted: 04 July 2017
  •  Published: 31 October 2017

References

Agorastos K, Pazarskis M, Karagiorgos T (2012). The Post-Merger Performance of Acquiring Listed Firms among Different Industries in Greece", 7th MIBES International Conference, May 25-27, Larissa, Greece, Conference Proceedings: 1-22. Retrieved from

View

 

Agrawal A, Jaffe J, Mandelker G (1992). The post-merger performance of acquiring firms: A re-examination of an anomaly. J. Financ. 47(4):1605-1621.
Crossref

 
 

Agrawal A, Jaffe J (2000). The post-merger performance puzzle", in book series: "Advances in mergers and acquisitions", 1:7-41.
Crossref

 
 

Artikis P, Vrakas S, Karmi E (2010). Factors affecting expected stock returns: Evidence from the secondary and tertiary sectors of the athens stock exchange. Int. J. Financ. Serv. Manage. 4(3):175-198.
Crossref

 
 

Auerbach A, Reishus D (1987b). The Impact of Taxation on Mergers and Acquisitions", In: A. Auerbach, ed., "Mergers and Acquisitions", NBER: 69-86. Retrieved from

View

 
 

Ayers B, Lefanowicz C, Robinson J (2007). Capital gains taxes and acquisitions activity: Evidence of the lock-in effect. Contemp. Account. Res. 24(2):315-344.
Crossref

 
 

Becker J, Fuest C (2007). Corporate Tax Policy and International Mergers and Acquisitions - Is the Tax Exemption System Superior?", Annual Symposium 2007 - Oxford University Centre for Business Taxation. 

 
 

Becker J, Fuest C (2011). Source versus residence based taxation with international mergers and acquisitions. J. Pub. Econ. 95(1-2):28-40.
Crossref

 
 

Belz T, Robinson L, Ruf M, Steffens C (2013). Tax Avoidance as a Driver of Mergers and Acquisitions, SSRN Papers, Paper no 2371706.
Crossref

 
 

Caves R (1989). Mergers, takeovers, and economic efficiency; foresight vs. hindsight. Int. J. Ind. Organ. 7(1):151-174.
Crossref

 
 

Chatterjee S, Meeks G (1996). The financial effects of takeover: accounting rates of return and accounting regulation. J. Bus. Financ. Account. 23(5-6):851-868.
Crossref

 
 

Clark K, Ofek E (1994). Mergers as a means of restructuring distressed firms: An empirical investigation. J. Financ. Quant. Anal. 29(4):541-565.
Crossref

 
 

Cosh A, Hughes A, Singh A (1980). The Causes and Effects of Takeovers in the U.K.: An Empirical Investigation for the late 1960s at the Microeconomic Level", In: D. Mueller, eds., "The Determinants and Effects of Merger: An International Comparison", Gunn & Horn Publications, Cambridge, U.K.

 
 

Devos E, Kadapakkam PR, Krishnamurthy S (2009). How do mergers create value? A comparison of taxes, market power, and efficiency improvements as explanations for synergies. Rev. Financ. Stud. 22(3):1179-1211.
Crossref

 
 

Dickerson A, Gibson H, Tsakalotos E (1997). The impact of acquisitions on company performance: Evidence from a Large Panel of U.K. Firms", Oxford Econ. Pap., 49(3):344-361. Retrieved from

View
Crossref

 
 

Eccles R, Lanes K, Wilson T (1999). Are you paying too much for that Acquisition?", Harv. Bus. Rev. 77(4):136-146. Retrieved from

View

 
 

Edwards Al, Kravet T, Wilson R (2016). Trapped cash and the profitability of foreign acquisitions. Contemp. Account. Res. 33(1):44-77. 

 
 

Erickson Μ (1998). The effect of taxes on the structure of corporate acquisitions. J. Account. Res. 36(2):279-298.
Crossref

 
 

Ghosh A (2001). Does operating performance really improve following corporate acquisitions?. J. Corp. Financ. 7(2):151-178.
Crossref

 
 

Halimahton B, Rozita NM, Nurnafisah A (2014). The impact of financial ratios on the financial performance of a chemical company: The case of LyondellBasell Industries. World J. Entrepr. Manag. Sustain. Dev. 10(2):154-160. 

 
 

Hamberg M, Paananen M, Novak J (2011). The Adoption of IFRS 3: The Effects of Managerial Discretion and Stock Market Reactions", Euro. Account. Rev. 20(2): 263-288.
Crossref

 
 

Healy P, Palepu K, Ruback R (1992). Does Corporate Performance Improve After Mergers?. J. Financ. Econ. 31(2):135-175.
Crossref

 
 

Jarrell G, Brickley J, Netter J (1988). The market for corporate control: the empirical evidence since 1980. J. Econ. Perspect. 2(1):49-68. Retrieved from

View
Crossref

 
 

Jensen M, Ruback R (1983). The market for corporate control: the scientific evidence. J. Financ. Econ.11(1-4):5-50.
Crossref

 
 

Kaplan S (1983). Measuring manufacturing performance: A challenge for managerial accounting research. Account. Rev. 58(4):686-705. Retrieved from

View
Crossref

 
 

Kumar M (1984). Growth, Acquisition and Investment, Cambridge University Press, Cambridge, U.K.

 
 

Kusewitt J (1985). An explanatory study of strategic acquisition factors relating to performance. Strat. Manage. J. 6(2):151-169. 

 
 

Landsman W, Shackelford D (1995). The lock in effect of capital gains taxes: Evidence from the RJR Nabisco Leveraged Buyout", Nation. Tax J. 48(2):245-259. 

 
 

Leepsa NM, Mishra CS (2013). Wealth creation through acquisitions. Decision 40(3):197-211.
Crossref

 
 

Lubatkin M (1983).Merger and the performance of the acquiring firm. Acad. Manage. Rev. 8(2):218-225. 

 
 

Marfo OI, Kwaku Agyei S (2013). Mergers and acquisition and firm performance: Evidence from the Ghana Stock Exchange. Res. J. Financ Account. 4(7):99-107. Retrieved from

View

 
 

Meeks G (1977). Disappointing Marriage: A study of the gains from Merger", University of Cambridge: Occasional Paper 51, Cambridge University Press, Cambridge, U.K. Mescall D (2007). How Do Tax and Financial Reporting Policies Affect Cross-Border Mergers and Acquisitions?", PhD Thesis, University of Waterloo, Canada. Retrieved from

View

 
 

Michailidis GR, Tsopoglou S, Papanastasiou D, Mariola, E (2006). Testing the CAPM: The Case of the Emerging Greek Securities Market. Int. Res. J. Financ. Econ. 1(4):78-91. Retrieved from

View

 
 

Mueller D (1980). The Determinants and Effects of Merger: An International Comparison", Gunn & Horn Publications, Cambridge, U.K. Muhammad A, Zahid A (2014). Mergers and Acquisitions: Effect on Financial Performance of Manufacturing Companies of Pakistan", Middle-East J. Sci. Res. 21(4):689-699. Retrieved from

View

 
 

Mylonidis N, Kelnikola I (2005). Merging Activity in the Greek Banking System: A Financial Accounting Perspective", South Eastern Eur. J. Econ. 1(1):121-144. Retrieved from

View

 
 

Neely W, Rochester D (1987). Operating Performance and Merger Benefits: The Savings and Loans Experience. Financ. Rev. 22(1):111-130.
Crossref

 
 

Omoye AS, Aniefor SJ (2016). Mergers and Acquisitions: The Trend in Business Environment in Nigeria. Account. Financ. Res. 5(2):10-19. 

 
 

Oruc EE, Erdogan M (2014). Effect of Acquisition Activity on the Financial Indicators of Companies: An Application in BIST", Int. J. Bus. Social Res. 4(7):17-22. 

 
 

Parrino J, Harris R (1999). The Effects of Taxation on FDI: Evidence from U.S., U.K. and Canadian Acquisitions of U.S. Firms", University of Virginia Working Paper, Virginia, U.S.

 
 

Pazarskis M, Lyroudi K, Pantelidis P, Christodoulou P (2011). An accounting examination of the long run performance of Greek acquiring firms. Int. J. Financ. Serv. Manage. 5(2):159-176.
Crossref

 
 

Philippatos G, Choi D, Dowling W (1985). Effects of Mergers on Operational Efficiency: A Study of the S&L Industry in Transition. Northeast J. Bus. Econ.11: 1-14.

 
 

Ramaswamy KP, Waegelein J (2003). Firm Financial Performance Following Mergers", Rev. Quant. Financ. Account. 20(1):115-126. 

 
 

Rao-Nicholson R, Salaber J, Cao TH (2016). Long-term performance of mergers and acquisitions in ASEAN countries. Res. Int. Bus. Financ. 36(1):373-387.
Crossref

 
 

Ravenscraft D, Scherer F (1989). The Profitability of Mergers. Int. J. Ind. Organ. 7(1):101-116.
Crossref

 
 

Rodionov I, Mikhalchuk V (2016). M&A Synergies in Domestic M&A Deals in Russia in 2006-2014. Russian Manage. J. 14(2):3-28.
Crossref

 
 

Roll R (1986). The Hubris Hypothesis of Corporate Takeovers. J. Bus. 59(2):197-216.
Crossref

 
 

Salter M, Weinhold W (1979). Diversification Through Acquisition; Strategies for Creating Economic Value", Free Press, New York, U.S.

 
 

Scholes MS, Wolfson MA (1990). The effects of changes in tax laws on corporate reorganization activity. J. Bus. 63(1):S141-S164. Retrieved from

View
Crossref

 
 

Seetharaman A, Balachandran M, Saravanan A (2008). Accounting Treatment of Goodwill: yesterday, today and tomorrow, Problems and Prospects in the International Perspective. J. Intell. Cap. 5(1):131-152.
Crossref

 
 

Sharma D, Ho J (2002). The impact of acquisitions on operating performance: Some Australian Evidence. J. Bus. Finan. Account. 29(1-2):155-200.
Crossref

 
 

Srivastava R, Prakash A (2014). Value creation through cross-border mergers and acquisitions by the Indian pharmaceutical firms. J. Strat. Manage. 7(1):49-63.
Crossref

 
 

Stunda R (2014). The market impact of mergers and acquisitions on acquiring firms in the U.S. J. Account. Tax. 6(2):30-37.
Crossref

 
 

Vijayakumar A, Sridevi S (2013). Analysis of operating efficiency of two and three wheeler sector of Indian automobile industry. Int. J. Manage. IT Eng. 3(10):434-450. Retrieved from

View