| Abstract [eng] |
In the context of economic globalization, mergers and acquisitions have become a common tool for business development. The number of mergers and acquisitions is growing every year and there is a growing tendency in their value. The majority of these transactions take place in the electricity sector, which also emits the most carbon dioxide. This determines a need to examine the impact of mergers and acquisitions on the financial performance and CO2 emissions of companies in the electricity sector. The object of a current research is mergers and acquisitions. The aim of the paper is to develop a valuation model and to evaluate the impact of mergers and acquisitions on corporate financial performance and CO2 emissions. The problematics of evaluating mergers and acquisitions and CO2 emissions has been addressed in the first part of the project. Scientific literature analysis, discernment of theoretical solutions which are used to evaluate corporate financial performance and CO2 emissions in the context of mergers and acquisitions has been performed in the second part of this paper. Based on the analysis of financial literature, the third part consists of formulation of the research methodology covering three stages of this project: application of accounting research method, event study method, DEA and regression analysis. Results and discussion are presented in the fourth part of the project. The results of the study showed that mergers and acquisitions have a negative impact on the liquidity ratios of the acquiring companies, but have a positive impact on profitability, corporate value and financial risk ratios. This effect was statistically significant in a quarter of the sample. It has also been found that the abnormal return of acquiring companies after the announcement of a merger or an acquisition is affected differently in developed and emerging markets. In emerging markets such changes were more chaotic than in developed markets. Also, they changed the trend often, when in the developed markets companies began to accumulate positive abnormal returns gradually after the announcements. In addition, the study showed a relation between mergers and acquisitions and carbon emissions of the acquiring companies. It was found that after completing a deal in the long run (3 years) more eco-efficient companies, which earned more profit while emitting less carbon dioxide, appeared. The regression analysis showed that CO2 emissions, operating expenses and assets have a statistically significant relationship with the acquirer's revenue. |
