An Analysis of M&A Activity in the European SME Market and Value Drivers of Post-Merger Performance
(2020) NEKN02 20201Department of Economics
- Abstract
- Abstract
This thesis investigates the impacts pre-merger characteristics play in long-term post-merger performance from a sample of small and medium sized enterprises whom conducted M&A activity within the European Union between the time period of 2011-2013. Using data collected, a quantitative analysis was performed to measure the impact of six separate factors on post-merger performance analyzing the abnormal ROA through the inclusion of pre-merger performance as a control variable. Overall, our results concluded that SMEs behave differently when engaging in M&A than their larger counterparts. Our analysis found that both previous M&A experience and cross-border transactions negatively impact performance, whilst we found no empirical... (More) - Abstract
This thesis investigates the impacts pre-merger characteristics play in long-term post-merger performance from a sample of small and medium sized enterprises whom conducted M&A activity within the European Union between the time period of 2011-2013. Using data collected, a quantitative analysis was performed to measure the impact of six separate factors on post-merger performance analyzing the abnormal ROA through the inclusion of pre-merger performance as a control variable. Overall, our results concluded that SMEs behave differently when engaging in M&A than their larger counterparts. Our analysis found that both previous M&A experience and cross-border transactions negatively impact performance, whilst we found no empirical evidence to support firm size, liquidity or cross-industry mergers to have a significant impact on long-term post-merger performance. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9017951
- author
- Hutchinson, Callum LU and Beckmann, Lukas LU
- supervisor
- organization
- course
- NEKN02 20201
- year
- 2020
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- Mergers and Acquisitions, SMEs, M&A Performance, Europe, M&A Success Factors
- language
- English
- id
- 9017951
- date added to LUP
- 2020-08-29 11:18:03
- date last changed
- 2020-08-29 11:18:03
@misc{9017951, abstract = {{Abstract This thesis investigates the impacts pre-merger characteristics play in long-term post-merger performance from a sample of small and medium sized enterprises whom conducted M&A activity within the European Union between the time period of 2011-2013. Using data collected, a quantitative analysis was performed to measure the impact of six separate factors on post-merger performance analyzing the abnormal ROA through the inclusion of pre-merger performance as a control variable. Overall, our results concluded that SMEs behave differently when engaging in M&A than their larger counterparts. Our analysis found that both previous M&A experience and cross-border transactions negatively impact performance, whilst we found no empirical evidence to support firm size, liquidity or cross-industry mergers to have a significant impact on long-term post-merger performance.}}, author = {{Hutchinson, Callum and Beckmann, Lukas}}, language = {{eng}}, note = {{Student Paper}}, title = {{An Analysis of M&A Activity in the European SME Market and Value Drivers of Post-Merger Performance}}, year = {{2020}}, }