Birleşme ve satın almalarda hedef sermaye yapısına uyum hızı

In this thesis, the speed of adjustment (SOA) toward target capital structure is investigated in different merger and acquisition (M&A) deals. Determining, maintaining a target capital structure and rebalancing if deviated from the target leverage range, are major issues faced by managers. Pre & post M&A capital structure movements illustrate two different scenarios based on financial and nonfinancial motives. In the financial motives M&A deals, a new capital structure target is adopted in post-M&A. While nonfinancial motives M&A depart from their pre-capital structure ranges and rebalance back in the post-M&A scenario to their initial range. Therefore, the SOA in the post M&A scenario is investigated. The SOA is evaluated for different types of M&A deals; i) based on years; ii) between cross border and non-cross border; iii) between cross industry and same industry; and iv) for different regions including EUR, US and "rest of the world" (REST). The M&A deals consist of non-financial public-to-public 6520 deals for the time period of 2000 to 2013. A pre & post three years financial data was collected for the acquiring firms comprising of a panel data of 45640 firm year's observation. The SOA for both book leverage (BLEV) and market leverage (MLEV) was investigated for all the different M&A cases. There were 11 different hypotheses developed from the literature and were empirically tested, adopting the adjusted regression modeling techniques as to estimate the SOA. The findings show that the SOA is lower in the crisis years than the non-crisis years for BLEV while for the MLEV it was slightly lower for crisis years than the non-crisis years. The analysis showed that for both leverage measures, (BLEV & MLEV) SOA for cross border were higher than non-cross border M&A deals. The SOA for both BLEV and MLEV were almost the same for same industry and cross industry M&A deals. The different regional M&A deals show that US had lower SOA for both BLEV and MLEV, than the EUR and REST region M&A deals. The difference between the SOA for BLEV and MLEV for each M&A case shows that all cases had differences in the SOA between BLEV and MLEV except non-cross border and same industry M&A deals. The average SOA for BLEV toward target capital structure is 2.95 years while for the MLEV it is 3.58 years for all the years. The thesis concludes with highlighting the limitations and providing suggestions for future study.