Birleşme ve Satın Almalarda Ödeme Yönteminin Belirleyici Faktörleri: Bist İncelemesi

Abstract

This thesis examines the factors influencing the choice of payment methods in mergers and acquisitions (M&A) involving publicly traded companies in Turkey. First, the theoretical framework and historical development of payment methods in M&A are provided. Subsequently, a detailed review of the literature, focusing on studies with similar aims, was conducted to identify the key determinants of payment methods used in M&A transactions. Among the 15 independent variables selected, including those specific to the acquiring firm, target firm, and transaction itself, significant variables such as ownership structure, financial leverage, cash position, and stock performance are examined. The study analyzes M&A transactions in Turkey between 2011 and 2020, excluding the effects of extraordinary events like the COVID-19 pandemic and the Kahramanmaraş earthquakes, aiming to identify trends from the last decade. A total of 58 transactions, obtained from the Eikon Refinitiv database after applying certain limitations, were included in the analysis. The choice of payment method is used as a categorical dependent variable and is analyzed using a backward stepwise binary logistic regression model. Empirical findings indicate that the public listing status of target firms significantly influences the choice of payment method, with stock payments being preferred in transactions involving publicly traded targets. In contrast, intra-industry transactions and relative transaction size do not have a statistically significant impact on the payment method choice. These findings underscore the important role that target firm characteristics play in M&A financing strategies. This study contributes to the limited literature on payment methods in the Turkish M&A market, offering new insights into how publicly traded companies strategically leverage their capital structure. In this context, the study provides valuable insights for researchers and practitioners seeking to understand the dynamics of M&A transactions.