Sınır Ötesi Şirket Satın Alma İşlemlerine Genel Bakış: 1998 - 2018 Dönemi Türk Şirketleri Üzerine Bir İnceleme

Year 2020, , 491 - 508, 15.09.2020

Sibel Ayas

https://doi.org/10.33712/mana.742975

Abstract

Sınır ötesi gerçekleştirilen şirket satın alma faaliyetleri tüm dünyada olduğu gibi Türk şirketlerinin de ilgisini çekmektedir. Bu çalışmanın amacı ise, hedef ya da alıcı şirketlerden birinin Türk diğerinin yabancı olduğu satın alma faaliyetlerini incelemek ve genel bir çerçeve sunmaktır. Bu çalışmada kullanılan veriler Zephyr isimli veri tabanından elde edilmiştir. 1998-2018 yılları arası yirmi yıllık dönem içerisinde gerçekleştirilen Türklerin yurt dışında yaptığı 275 işlem ile yabancı firmaların Türkiye’de gerçekleştirdiği 883 satın alma işlemi araştırmanın kapsamını oluşturmuştur. Yapılan analizlerin sonucu satın alma işlemlerinin genellikle Avrupalı firmalarla gerçekleştirildiğini göstermiştir. İşlem sayısı ve işlem hacmi yıllar itibariyle değişkenlik göstermektedir. En fazla satın alma faaliyetinin gerçekleştirildiği sektörler finans ve imalat sektörleri olarak dikkat çekmektedir. Genel olarak yatay olmayan satın alma işlemlerinin yatay satın alma işlemlerine göre daha fazla sayıda olduğu görülmüştür.

Keywords

Sınır ötesi şirket satın alma, Yabancı Doğrudan Yatırım, Türkiye

An Overview of Cross-Border Acquisitions: A Study on Turkish Companies in the Period 1998-2018

Abstract

Cross border acquisitions attract the attention of Turkish firms as well as other multinational firms all over the world. The purpose of this study is to examine cross border acquisitions where either target or acquirer firm is a Turkish company and to provide a general framework. The data used in this study was obtained from the database named Zephyr. For twenty-year period between the years 1998-2018, 275 transactions by Turkish acquirers and 883 transactions by Turkish target companies have been the scope of this study. As a result of the analysis, it has been shown that acquisitions are usually carried out between European companies and Turkish companies. The number of transactions and the transaction volume varies over the years. Acquisition activities are mostly seen in finance and manufacturing industries. In general, the number of non-horizontal acquisitions are found to be higher than horizontal acquisitions.

Keywords

Cross-Border Acquisitions, Foreign Direct İnvestment, Turkey

References

• ALHANHANAH, Waleed M., AKBALIK, Murat ve AKOSILE, Abisola Leah (2019), “Merger and Acquisition Patterns and Trends: An Evidence of an Emerging Economy, Turkey”, Open Access Library Journal, S.6, ss.1-13.
• ANGWIN, Duncan ve SAVILL, Brett (1997), “Strategic Perspectives on European Cross-Border Acquisitions: A View From Top European Executives”, European Management Journal, S.15(4), ss.423-435.
• ATHREYE, Suma ve KAPUR, Sandeep (2009), “Introduction: The Internationalization of Chinese and Indian Firms-Trends, Motivations and Strategy”, Industrial and Corporate Change, S.18(2), ss.209-221.
• AULAKH, Preet, KOTABE, Masaaki ve TEEGEN, Hildy (2000), “Export Strategies and Performance of Firms From Emerging Economies: Evidence From Brazil, Chile, and Mexico”, Academy of Management Journal, S.43(3), ss.342-361.
• BHAGAT, Sanjai, MALHOTRA, Shavin ve ZHU, Peng Cheng (2011), “Emerging Country Cross-Border Acquisitions: Characteristics, Acquirer Returns and Cross-Sectional Determinants”, Emerging Markets Review, S.12(3), ss.250-271.
• CAMPLING, John ve MICHELSON, Grant (1998), “A Strategic Choice–Resource Dependence Analysis of Union Mergers in The British and Australian Broadcasting and Film Industries”, Journal of Management Studies, S.35(5), ss.579-600.
• CARTWRIGHT, Susan ve COOPER, Cary (1993), “The Role of Culture Compatibility in Successful Organizational Marriage”, The Academy of Management Executive, S.7(2), ss.57-70.
• CHILD, John, FAULKNER, David ve PITKETHLY, Robert (2001), The Management of International Acquisitions, Oxford University Press, Oxford.
• DÜNYA YATIRIM RAPORU (2016), Investor Nationality: Policy Challenges, United Nations Publisher, Geneve, https://unctad.org/en/PublicationsLibrary/wir2016_en.pdf (Erişim Tarihi: 20.05.2020).
• DÜNYA YATIRIM RAPORU (2017), Investment and the Digital Economy, United Nations Publisher, Geneve, https://unctad.org/en/PublicationsLibrary/wir2017_en.pdf (Erişim Tarihi: 20.05.2020).
• DÜNYA YATIRIM RAPORU (2018), Investment and New Industrial Policies, United Nations Publisher, Geneve, https://unctad.org/en/PublicationsLibrary/wir2018_en.pdf (Erişim Tarihi: 25.05.2020).
• DÜNYA YATIRIM RAPORU (2019), Special Economic Zones, United Nations Publisher, Geneve, https://unctad.org/en/PublicationsLibrary/wir2019_en.pdf (Erişim Tarihi: 25.05.2020).
• FINKELSTEIN, Sydney (1997), “Interindustry Merger Patterns and Resource Dependence: A Replication and Extension of Pfeffer (1972)”, Strategic Management Journal, S.18(10), ss.787-810.
• GAUGHAN, Patrick A. (2015), Mergers, Acquisitions and Corporate Restructurings, John Wiley & Sons Publisher, USA.
• GENÇ, Ömer Faruk ve KALKAN, Bilal (2018), “Turkish Mergers and Acquisitions (M&As): A Historical View of Characteristics, Trends and Directions”, Uluslararası Yönetim İktisat ve İşletme Dergisi, S.14(3), ss.791-805.
• GUBBI, Sathyajit, AULAKH, Preet, RAY, Sougata, SARKAR, M. B. ve CHITTOOR, Raveendra (2010), “Do International Acquisitions By Emerging-Economy Firms Create Shareholder Value? The Case of Indian Firms”, Journal of International Business Studies, S.41(3), ss.397-418.
• HEELEY, Michael, KING, David ve COVIN, Jeffrey (2006), “Effects of Firm R&D Investment and Eenvironment on Acquisition Likelihood”, Journal of Management Studies, S.43(7), ss.1513-1535.
• HITT, Michael (2000), “The New Frontier: Transformation of Management For The New Millennium”, Organizational Dynamics, S.28, ss.6-17.
• HITT, Michael, HARRISON, Jeffrey ve IRELAND, R. Duane (2001), Mergers and Acquisitions: A Guide to Creating Value for Stakeholders, Oxford University Press, New York.
• HITT, Michael, HARRISON, Jeffrey, IRELAND, R. Duane ve BEST, Aleta (1998), “Attributes of Successful and Unsuccessful Acquisitions of U.S. Firms”, British Journal of Management, S.9, ss.91-114.
• HITT, Michael ve TYLER, Beverly (1991), “Strategic Decision Models: Integrating Different Perspectives”, Strategic Management Journal, S.12(5), ss.327-351.
• HOFSTEDE, Geert (1980), Culture’s Consequences: International Differences in Work Related Values, Sage, Beverly Hills - CA.
• HOUSE, Robert, JAVIDAN, Mansour, HANGES, Paul ve DORFMAN, Peter (2002), “Understanding Cultures and Implicit Leadership Theories Across The Globe: An Introduction To Project GLOBE”, Journal of World Business, S.37(1), ss.3-10.
• LU, Jane ve BEAMISH, Paul (2004), “International Diversification and Firm Performance: The S-curve Hypothesis”, Academy of Management Journal, S.47(4), ss.598-609.
• MARTIN, Xavier, SWAMINATHAN, Anand ve MITCHELL, Will (1998), “Organizational Evolution in The Interorganizational Environment: Incentives and Constraints on International Expansion Strategy”, Administrative Science Quarterly, S.43, ss.566-601.
• MORRESI, Ottorino ve PEZZI, Alberto (2014), Cross-Border Mergers and Acquisitions: Theory and Empirical Evidence, Palgrave, USA.
• PALMER, Donald ve BARBER, Brad (2001), “Challengers, Elites, and Owning Families: A Social Class Theoryo of Corporate Acquisitions in The 1960s”, Administrative Science Quarterly, S.46(1), ss.87-120.
• SARIKAMIŞ, Cevat (2003), Satın Almalar ve Yeniden Yapılanma Şirket Birleşmeleri, Avcıol Basım Yayım, İstanbul.
• SHIMIZU, Katsuhiko, HITT, Michael, VAIDYANATH, Deepa ve PISANO, Vincenzo (2004), “Theoretical Foundations of Cross-Border Mergers and Acquisitions: A Review of Current Research and Recommendations For The Future”, Journal of International Management, S.10(3), ss.307-353.
• YILDIRIM, Canan (2017), “Turkey’s Outward Foreign Direct Investment: Trends and Patterns of Mergers and Acquisitions”, Journal of Balkan and Near Eastern Studies, S.19(3), ss.276-293.