Template-Type: ReDIF-Article 1.0
Author-Name: László Zoltán Kucséber
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: kucsla@sze.hu
Title: Before and after acquisition in Hungary:
focus on working capital management
Abstract: The European mergers and acquisitions (M&A) market saw a pronounced upswing
in 2014, as attested by the 40.5 per cent increase relative to 2013. In the period
between 1997 and 2014, 861 acquiring companies took part in M&A transactions
subject to authorisation based on the threshold value defined by the Hungarian
Competition Authority in Hungary. Were the dynamic tendencies linked to the
improvement in the efficiency of working capital management? In this paper, I seek
an answer to this question using the findings based on data from balance sheets and
profit and loss accounts and their analysis: turnover time, financing time, average
working capital, the maturity indicator, ROA and ROE and their components in the
framework of the DuPont model.
Classification-JEL: G34, G38
Keywords: mergers, acquisitions, working capital management
Journal: Financial and Economic Review  
Pages: 70–90
Volume: 15
Issue: 1
Year: 2016
File-URL: http://english.hitelintezetiszemle.hu/letoltes/4-kucseber-1.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:15:y:2016:i:1:p:70-90