Abstract
Mergers and Acquisitions (M&As) has been used as a growth strategy not only in developed markets but also increasingly in emerging markets. Turkey, as one of the leading emerging markets in the world, has been home to huge number of M&As. In this empirical study, we try to shed light on the outcomes of M&As that have occurred in Turkey between 1990 and 2017. In addition to compare post-acquisition with pre-acquisition, we use other Turkish companies as benchmark to see the effect of M&As on Turkish companies. Our findings indicate that acquisitions have a positive effect on Turkish firms` financial performance. We also find that Turkish acquirers are more aggressive in terms of growth than non-acquirer companies are and have higher values on capital expenditures, research and development and staff expenses. When we compare these acquirers with their pre-acquisition periods, we also find an increase in these financial indicators, which who that acquisitions affect Turkish companies significantly.
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