Investigates post-M&A performance in Moroccan acquirers, highlighting the impact of new economic determinants.
Key Points
This research aims to explore how new economic factors like Gross Value Added and Capital Expenditures affect the post-M&A performance of Moroccan acquirers.
Analyzed data from a panel of 122 Moroccan acquirers from 2008 to 2018.
Collected financial and governance data from company reports and public filings.
Utilized Operating Cash Flow as a proxy for post-M&A performance.
Employed Ordinary Least Squares regressions for analysis.
Conducted various parametric and non-parametric tests for robustness.
Identified a decline in long-run performance of Moroccan acquirers post-M&A.
Found negative effects of Capital Expenditures and cross-border characteristics on performance.
Noted positive influences from Gross Value Added, ownership concentration, governance, and firm size.
Confirmed sensitivity of performance outcomes to metrics and firm-specific characteristics.