The impacts of public offerings realized in BIST- Borsa Istanbul on mergers and acquisitions activities

Under the conditions of the globalizing world and increasing competition, it is extremely necessary for businesses to want to increase their profits in a sustainable way. As a result of this, merger and acquisition activities have started to be observed in our country in recent years. It has gained more importance in recent years due to the fact that businesses can adapt to international competition conditions, their ability to enter new markets, effective resource and liquidity management, and their desire to manage their activities in an integrated way by blending them with technology. Under this ascribed importance title, merger and acquisition activities, which are the main topic of many studies, have a very important place in the finance literature. In this sense, businesses need significant amounts of capital in order to finance their merger and acquisition activities within the scope of their targeted growth and strategic management strategies. Public offering is one of the important methods in meeting the capital requirement. On the other hand, the most important reason for companies to go public is their expectations and plans regarding participation in merger and acquisition activities. In this context, in the empirical application discussed in the thesis, the merger and acquisition activities of publicly traded companies in Borsa Istanbul between 1990 and 2019 after the initial public offering were examined. Whether the willingness to participate in merger and acquisition activities is among the factors that trigger the decisions of the enterprises to go public, has been experimentally investigated in the light of the information specific to the public offering. Among this information, the revenues obtained from the public offering, IPO pricing, ownership structure, market timing, the effects of the observable financial characteristics of the enterprise during the IPO period were concluded by using the logistic regression analysis model. In addition, while participating in the merger and acquisition activities of publicly traded enterprises, it has been tried to predict which of the roles of the bidder, the target business and the selling business. Accordingly, it can be said that the probability of a newly publicly offering business being a bidder, target or selling business in a merger and acquisition transaction within 5 years after the public offering is shaped by the revenues obtained from the public offering and the ownership-control structure of the business after the public offering. In addition, the type of public offering preferred by Turkish enterprises plays a decisive role in mergers and acquisitions.