Industry-adjusted post-M&As operating performance of Indian acquirers

Abstract

This paper examines the post-merger and acquisitions (M&As) operating performance of Indian companies occurred during 2006-2012. The study focuses onindustry-adjusted operating performance measures using data from 2001 to 2017. With the use of Wilcoxon Ranked Test, the study found the deteriorating post-M&As performance of Indian companies on an average. The mode of payment has a significant role in explaining post-M&As performance. It is found that the post-M&As operating performance is worst in stock financed deals than that of cash financed deals.