Effects of Foreign Acquisitions on the Performance of Securities Firms: Evidence from Turkey

被引:4
作者
Bayyurt, Nizamettin [1 ]
Akin, Ahmet [1 ]
机构
[1] Fatih Univ, TR-34500 Istanbul, Turkey
来源
10TH INTERNATIONAL STRATEGIC MANAGEMENT CONFERENCE 2014 | 2014年 / 150卷
关键词
Foreign acquisition; efficiency; securities firms; DEA; EFFICIENCY; PRODUCTIVITY; BANKING;
D O I
10.1016/j.sbspro.2014.09.020
中图分类号
C93 [管理学];
学科分类号
12 ; 1201 ; 1202 ; 120202 ;
摘要
This paper analyzes the effects of foreign acquisitions on the performance of securities firms in Turkey by using Data Envelopment Analysis and panel regression. Emerging economies including Turkey have been attracting large amounts of foreign direct investments (FDI) to the financial services industry in recent years. Acquisition is a common way of FDI. However, evidence for the effects of acquisitions on the performance of financial firms is limited. Although a number of studies have been done for banking industry, securities firms are largely ignored. This study aims to fill this gap in the literature by bringing evidence from Turkey. Our results show that foreign acquisition has positive significant contribution to the efficiency of securities firms. This positive effect is significant two years after the acquisitions and becomes stronger in the later years. (C) 2014 The Authors. Published by Elsevier Ltd.
引用
收藏
页码:156 / 161
页数:6
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