Impact on technology spillovers of mergers and acquisitions in Turkish manufacturing industry (2005-2019)

The main purpose of this study is to test the hypothesis as "The mergers and acquisitions in Turkey's manufacturing industry increases in total factor productivity through technological spillover" which was formulated by us. Here, the effect of increase in productivity on the production is analyzed using the Cobb-Douglas production function. The importance of the manufacturing industry in Turkey are dealt with a descriptive approach in this study. Subsequently, the impact of mergers and acquisitions on a global scale and their contributions to the country's economy are analyzed within the framework of the literature. The database which is subject to the study has been provided provided from the firms registered to Istanbul Stock (BIST). Ernst&Young's mergers and acquistion reports and the reports of Competition Authority have been used here in. The sample consists of 97 firms based on "manufacturing industry sub-sector separation" among 139 firms. 41 of them are included in the scope of mergers and acquisitions. Resistant estimators are obtained initialy using panel data analysis when the hypothesis of the study is tested in the application part of the study. According to the results of the analysis method, our hypothesis is rejected in five of the seven industries namely; "Textiles and leather industry", "Food, beverage and tobacco industry", "Chemical industry", "Fabricated metal products machinery electrical equipment and transportation vehicles", and "Basic metals industry"; while it was accepted in two industries called " Paper and printing industry" and "Non-Metallic mineral products". Keywords: Three Sectors Theory, Mergers and Acquisitions in Manufacturing Industry (M&A), Technology Transfer and Spillovers Effect.