Post-crisis market realities in Greece are expected to lead to increased M&A activity in the coming years, little evidence is provided in the academic literature on Greek M&A post-acquisition performance and its driving factors. The overall aim of this thesis is to complement and enhance the existing M&A literature by examining the impact of two post-acquisition actions, of asset divestiture and resource redeployment on the long-term performance of Greek M&A deals over the period 2005-2009. The conceptual framework of this thesis draws on the strategic management perspective. Using the cost efficiencies argument, the thesis examines how cost savings, due to asset divestiture affect the post-acquisition performance of both the target and the acquiring firm. In addition, by drawing on the resource-based view of the firm and the dynamic capabilities perspective, the thesis explores the effects of post-acquisition resource redeployment from acquirers to targets and vice versa, on revenue-enhancing capabilities. The findings revealed that the divestiture of the acquirers’ assets does not reduce costs. In addition, the importance of revenue-based synergies was shown, through the mediating variables of market coverage and innovation capabilities. Finally, acquirer’s resource redeployment has a positive and significant effect on cost savings and the same holds true for the resource redeployment to the target. These results indicate that resource redeployment contributes in achieving higher cost efficiency. The originality of this study is that it tries to obtain new insights on the subject of the post-acquisition performance using arguments from the cost-based and resourcebased synergies, the resource-based view (RBV) of the firm and the dynamic capabilities perspective. In addition, this is a large-scale empirical study conducted in Greece drawing on detailed primary data on a high range of post-acquisition actions followed by the managers of the acquiring companies rather than secondary data.

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併購是企業成長最快捷的手段，題企業經營的大戰略，然而併購決策可能隱含著經理人或制股東的自利動機，而不是為長遠的股東權益著想，可能作出錯誤的併購決策而讓股東血本無歸。本研究探究主併企業之公司治理機制可否有效監督管理階層作出審慎的併購決策，從股權結構觀點出發，以發生於1996年至2003年間，主併公司為公開發行公司之併購案件共112件為研究樣本，探討主併公司各種股權結構與併購後長期財務績效的關聯性。 實證結果顯示，未擔任董監事的經理人持股比例與併購後績效呈現顯著的正相關，與利益一致假說相符，機構持股比例與併購後績效亦呈顯著的正相關，符合效率監督假說，衡量控制股東負面侵佔誘因的席次盈餘偏離倍數則與併購後績效呈現顯著的負相關。此實證結果隱喻，控制股東是否具有強烈的侵佔誘因係影響併購決策優劣最重要的因素。 / Mergers and acquisitions are one of the most efficient ways to meet the need of corporation expansion, and therefore are the most important business strategies. Nevertheless, the past studies indicate managerial incentives as well as self-interests of controlling stockholders may drive some mergers that ultimately reduce the long-run value of the firm. This study examines whether corporate governance mechanism helps management make acquisition decisions based on stockholders’ interests. Using a sample of 112 acquisition cases during the period of 1996 to 2003 which the acquiring firms are public traded firms, the study empirically investigates the effect of ownership structure of acquiring firms’ on post-acquisiton long-run financial performance. The primary empirical results show that the shareholdings of managers who don’t serve as directors or supervisors of the board have a positive impact on post-acquisiton performance, institution ownership also has a positive impact on post-acquisiton performance, while the deviation between the seat-control rights ratio and cash-flow rights of controlling stockholder has a negative impact on post-acquisiton performance. The results thus imply that whether the controlling stockholder has strong incentive of expropriation is the key to the quality of acquisition.

We examine the effect of merger announcements on the stock performance of acquirers' industry rivals in the context of Chinese and US deals between 1994 and 2017. Our analysis reveals that investors of rivals are able to earn abnormal returns during days around merger announcement, meaning that markets are not fully efficient as implied by the Efficient market hypothesis. We conclude that in a reaction to the announcement, US rivals achieve generally negative abnormal returns with higher magnitude and volatility compared to Chinese rivals. Additionally, we observe that Chinese investors' perception of mergers turned out to be more conservative after the Global financial crisis. During days around the merger announcement, signs of rivals' abnormal returns also differ on whether the target is public or private in both countries. Rivals operating in industries that are substantially supported by Chinese government such as real estate, pharmaceuticals, and chemicals experience positive reaction on mergers of their competitors. Furthermore, we find that industries with increasing im- portance in Chinese developing economy such as banking, telecommunications, and cyclical consumer products show a positive reaction of rivals' returns on merger announcements while in the developed US economy, a negative...