The Impact of M&As on Shareholders’ Wealth: : Evidence from Greece

George Giannopoulos, Alexandra Lianou, Mahmoud Elmarzouky

Research output: Contribution to journalArticlepeer-review


This study aims to investigate the effect of mergers and acquisitions (M&A) on shareholders’ wealth. Additionally, this study investigates the impact of the economic crisis during 2007–2008 on the shareholders’ perceptions of gaining additional value from mergers and acquisitions. In this paper, a sample of 84 M&As from 2006 to 2015 in Greece are studied to investigate the effect on shareholders of bidder companies. We find significantly negative abnormal returns just before the announcement of M&A, which negatively affects the bidder firms’ value. It is also observed that after 2009 M&A cases decreased, maybe because of the crisis in Greece that changed the investors’ perception of a value-destroying event. Companies that engage in M&A activities during economic downturns tend to experience a decline in shareholder value. This could be due to various factors, such as increased uncertainty and risk associated with such activities during economic uncertainty. By understanding the potential impact of such activities on shareholder value, companies can make more informed decisions about whether and when to pursue M&A opportunities.
Original languageEnglish
Article number199
Number of pages25
JournalJournal of Risk and Financial Management
Issue number3
Early online date14 Mar 2023
Publication statusPublished - Mar 2023

Bibliographical note

Copyright © 2023 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (


  • bidders
  • mergers and acquisitions (M&As)
  • shareholders wealth
  • value creation


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