Impact of mergers and acquisitions on firms' performance adjusted to business cycle fluctuations in China.

ABSTRACT: This research mainly explored the effects of mergers and acquisitions (M&As) on the financial performance of Chinese listed companies and the determinants of post-M&A financial performance of mergers by incorporating adjustments for business cycle fluctuations. The research was divided into two parts. The first part applied data envelopment analysis (DEA) models for the calculation of the financial performance scores of mergers and non-mergers in six major sectors before and after M&As. Comparative analyses of financial performance trends between mergers and non-mergers in similar sectors revealed that M&As often decrease financial performance scores of mergers compared with non-mergers. The second part adopted regression analyses and robustness test to evaluate the effects of listing dura

SUBMITTER: Zhang Y 

PROVIDER: S-EPMC11760017 | biostudies-literature | 2025

REPOSITORIES: biostudies-literature