Paper Information

Journal:   THE IRANIAN ACCOUNTING AND AUDITING REVIEW   SPRING 2010 , Volume 17 , Number 59; Page(s) 47 To 62.
 
Paper: 

ECONOMIC VALUE ADDED (EVA) IN TARGET COMPANIES OF TEHRAN STOCK EXCHANG (TSE)

 
 
Author(s):  AREFI A.*
 
* 
 
Abstract: 

In this research, I examine the post acquisition performance of target companies, in 1378 to 1383 by using economic value added approach. By use of financial statement approach, the companies' performances hypothesizes are examined through non-parametric technique of T-student. Also we used industry- adjusted measures to control for events in economy and industry that are unrelated to mergers and acquisitions strategies. The result of this research indicates that acquired firms haven't improved in EVA index and the result is significant. About the control group (those companies which are not acquired) have experience a little decrease in EVA. But the result is insignificant the empirical results show that EVA isn't improved in Iranian target firms and managers of acquirer companies weren’t able to improve the economic value added in target companies. Performance of acquisition strategy in IRAN by using economic value added index wasn’t improve.

 
Keyword(s): ECONOMIC VALUE ADDED, MERGER AND ACQUISITION, TARGET COMPANY AND ACQUIRER, CAPITAL
 
References: 
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