The Impact of Mergers and Acquisitions on Acquirer Performance: Evidence from Turkey

Despite this increasing trend, the academic literature on Turkish M&As is limited, especially compared to the large amount of US studies. This paper aims to extend this literature. Specifically, we investigate the changes in the performance of Turkish companies subsequent to the completion of M&A transactions. The research question is appealing not only because literature on Turkish M&As is limited, but also because even UK and US studies yielded inconsistent results. Since previous studies focus on UK and USA acquisitions, this study also serves as a differentiated replication which tests the generalizability of previous findings to the Turkish market. Given the relatively smaller and emerging Turkish market, the results could be different.