Abstract

This article is an attempt to investigate the impact of mergers and acquisitions (M&As) on corporate performance of Indian IT sector for the period 2007–2015. The focus of this article is on Indian IT sector as it has been the growth engine of the economy and emerging as its most internationalised sector. This article has engaged, fixed and random effect panel data models to measure the impact of M&As on various financial variables with comparative analysis of domestic and cross border deals. The findings reveal that the M&As have significant positive impact on Return on Net worth and Revenue of IT companies in India when both domestic and cross-border regions were considered together. Whereas, Earnings Before Interest, Taxes, Depreciation and Amortisation experienced significant decline. Return on Capital Employed did not experience any significant impact due to M&As. When the impact of M&As was analysed separately for domestic and cross-border deals, it was obtained that the impacts are in different directions for domestic and cross-border deals in two out of four variables. The significant inference is that domestic deals per se are much better than the cross border deals.

摘要

本文试图研究并购 (M&A) 对 2007 年至 2015 年期间印度 IT 部门企业绩效的影响。本文的重点是印度 IT 部门，因为它一直是经济的增长引擎，并正在成为其最国际化的部门。本文采用固定和随机效应面板数据模型，通过对国内和跨境交易的比较分析来衡量并购对各种金融变量的影响。研究结果表明，当同时考虑国内和跨境地区时，并购对印度 IT 公司的净资产回报率和收入产生了显着的积极影响。而利息、税项、折旧及摊销前利润则出现大幅下降。已动用资本回报率未因并购而受到任何重大影响。分别分析并购对境内和跨境交易的影响时，发现四个变量中有两个对境内和跨境交易的影响方向不同。重要的推论是，国内交易本身比跨境交易要好得多。