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Asimetrik Maliyet Davranışı ve Alıcıların Getirileri: A.B.D. Birleşmelerinden Bulgular

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dc.contributor.authorÖztürk Danışman, Gamze
dc.contributor.authorUğurlu, Mine
dc.contributor.authorBilyay Erdoğan, Seda
dc.contributor.authorVural Yavaş, Çiğdem
dc.contributor.institutionBahçeşehir Üniversitesi
dc.contributor.institutionBoğaziçi Üniversitesi
dc.contributor.institutionKadir Has Üniversitesi
dc.contributor.institutionKadir Has Üniversitesi
dc.date.accessioned2025-09-20T19:59:46Z
dc.date.issued2019
dc.date.submitted26.12.2020
dc.description.abstractBu çalışma alıcıların satış, genel ve yönetim maliyetlerinin asimetrik davranışlarını incelemekle birlikte, “Birleşme ve Satın Alma” performanslarına olan etkisini 1 yıllık olay penceresinden analiz etmektedir. Çalışma A.B.D.’de 2003-2015 yılları arasında tamamlanan 6,888 birleşme ve satınalmaya dayanmakta ve panel veri regresyonları kullanmaktadır. Sonuçlar alıcıların 73%’ünün maliyetlerinin asimetrik davranış sergilediğini göstermektedir. Birleşme duyurusunun ardından maliyet yapışkanlığı ile alıcıların olağandışı getirileri arasında anlamlı ve negatif bir ilişki olduğu saptanmıştır. Piyasadaki rekabet alıcıların getirilerini olumlu etkiler, ancak yapışkan maliyetlerin alıcıların olağandışı getirileri üzerindeki olumsuz etkisini daha da artırır. Ayrıca alıcıların temerrüt riskinin olağandışı getiriler üzerinde anlamlı ve negatif yönde etkisi vardır. Bununla birlikte, temerrüt riskinin getiriler üzerindeki olumsuz etkisi yapışkan olmayan maliyet yapısı olan alıcılar için daha kuvvetlidir. Alıcıların riski rekabetin getiriler üzerindeki pozitif etkisini azaltmaktadır. Bir yıllık olay penceresinden incelendiğinde, yapışkan maliyet yapısına sahip alıcıların yapışkan olmayan maliyet yapısına sahip alıcılara göre daha az olağandışı getirilere sahip olduğu gözlemlenmiştir. Bu çalışma 2003-2015 yılları arasında gerçekleşen birleşmelerde rol alan alıcıların asimetrik maliyet davranışlarını ortaya çıkararak ve alıcı firmaların daha düşük olağandışı getiri elde etmelerine alternatif bir açıklama getirerek literatüre katkıda bulunmuştur.
dc.identifier.doi10.21121/eab.536640
dc.identifier.endpage339
dc.identifier.issn1303-099X
dc.identifier.issn2651-3021
dc.identifier.issue3
dc.identifier.startpage323
dc.identifier.urihttps://hdl.handle.net/20.500.14719/5220
dc.identifier.volume19
dc.language.isoen
dc.relation.journalEge Akademik Bakış
dc.subjectİşletme
dc.subjectİktisat
dc.titleAsimetrik Maliyet Davranışı ve Alıcıların Getirileri: A.B.D. Birleşmelerinden Bulgular
dc.typeResearch Article
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