{"product_id":"value-creation-through-m-a-in-cee-greece-turkey-an-empirical-study-von-efe-tokmen","title":"Value Creation through M\u0026A in CEE, Greece, Turkey: An Empirical Study","description":"\u003cp\u003eThis research examines 350 M\u0026amp;A deals that were announced and completed in CEE, Turkey and Greece between 2000 and 2010. Descriptive statistics show that the majority of the deals announced during that period were cross-border in nature and the CEE, Turkey and Greece companies were the target in the majority of cross-border deals. The result of event studies support previous research with regards to M\u0026amp;A activity in emerging markets: M\u0026amp;A deals in CEE, Turkey and Greece create significant value for both the target, the bidder companies and for the combined entity. The analysis of value drivers shows that cross-border deals create significantly less value than local deals. Moreover, transactions in which a CEE company enters a foreign market create less value amongst cross-border deals. We also find evidence that supports the agency theory of free cash flow: transactions announced during the credit crisis period in which firms held less cash create more value. Finally, there is strong evidence that intra-industry M\u0026amp;A deals have a more positive impact on equity value than inter-industry transactions.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783330064775\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783330064775","offer_id":39427259695197,"sku":"9783330064775","price":35.9,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/c8a40c7c-abd9-4399-9b20-c20e25a98b56.jpg?v=1776053362","url":"https:\/\/shop.autorenwelt.de\/en\/products\/value-creation-through-m-a-in-cee-greece-turkey-an-empirical-study-von-efe-tokmen","provider":"Autorenwelt Shop","version":"1.0","type":"link"}