Browsing by Author "Askan, Filiz"

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Şirket birleşmelerinde yasal çevredeki değişikliklerin ekonomik dönemlerle incelenmesi
(2018) Askan, Filiz; Yeşilova, Fatma Dilvin Taşkın
In this study, the analysis of mergers in Turkey is aimed with regard to economic periods and being factor of legal environment changes. In the context of proposed research model in this respect, the linkage among economic periods, laws and regulations and performance are examined. Starting from 1994, economic periods have been identified in this study and have been matched with the laws published in these periods. Four hypotheses have been tested based on two data sets (one of them is taken from foreign Thomson Reuters and the other one is taken from local Finnet databases) that are constructed according to the research model. The first hypothesis is constructed based on that economic periodicities have an effect upon the number of merger and acquisition, and the second hypothesis is structured based on the relationship between economic periods and legislative regulations. The third hypothesis is pertained to the relations between the legislative regulations happened by the effects of economic periods and the number of merger and acquisition. The fourth hypothesis examines the manufacturing sector firms operating in the BIST (Borsa Istanbul) and doing merger and acquisition, and also analyses the possibility of that as twin firm groups, operations of merger and acquisition could make a difference in terms of business performance by using 81 companies' data between the periods from 2002 to 2016. As a result of all these researches, it is found that economic periodicities affect the number of merger and acquisition, and that there are five trends according to analytics, and that when taken as a whole, between 1988 and 2016 the number of merger and acquisition has been separated into two stages, pre- and post-2004. It has also been observed that there happens an interaction between economic periods and the legislative regulations. It is seen that the operating firm group has higher total assets, equity, pretax profit, current assets, cash and equivalence and market value items than the paired firm group. In spite of that, it has been determined that net sales, short-term debt, total debt and net profit items were modest. Nevertheless, these differences pertained to the variables were statistically insignificant according to the independent sample t-test. It is hoped that this study will be useful for increasing the merger performances and circuitously informing the development of the Stock Exchange side of the Capital Market. Keywords: Mergers, Legal Environment, Economic Period, Merger and Acquisition, Law and Finance