The impact of M&A on the operating performance: An empirical analysis of the Professional Services Industry

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Xu, Wanting (2013) The impact of M&A on the operating performance: An empirical analysis of the Professional Services Industry. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

Backgrounds: Facing the rising tide of globalisation, firms cannot only compete with domestic counterparts. Companies should keep up with cross-border competitors in the circumstances nowadays. The strong demands for searching internal and external improvements encourage companies which include firms in professional services industry to participate in M&A activities which are increasingly applied nowadays. However, the impact of M&A of professional services has not been researched enough.

Methods: In order to explore the influences of M&A activities on operating performance in the professional services industry, primary data and analytical discussion were obtained from Zephyr. Several tests are applied to detect the effects of M&A. Further regression analyses of recent M&A events were conducted by using STATA to arrive at the conclusion.

Purpose: This thesis makes an attempt to explore whether M&A can bring improvements for acquirer and target firms or not, and how M&A and financial related factors can affect the operating performance.

Findings: M&A activities can negatively affect the operating performance of both bidding and target firms. Factors such as firm size and pre-merger performance are positively correlated with post-merger operating performance, while deal value, market capitalisation and operating revenue can negatively influence post-merger operating performance. Country elements which refer to geographic distribution are not related with operating performance.

Keywords: M&A, acquirer, target, financial factors, professional services

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 07 Mar 2014 09:29
Last Modified: 19 Oct 2017 13:35
URI: https://eprints.nottingham.ac.uk/id/eprint/26679

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