摘要：Nowadays, business environment is becoming increasingly competitive, which is a negative factor that affects business survival (Tsitmideli et al., 2016 Martynova Stahl, 2003; Stahl & Voigt, 2003) and have a very important role for all over the world (Selcuk-Akben, 2015). Mergers and acquisitions became an important issue and many researchers have focused on predicting the performance of companies after an M&A. Many firms have no alternative but to merge, acquire or be acquired (Bruner, 2011). Until now, businesses have two choices: Grow or die. Mergers and acquisitions in recent times are very different. Today, merger or acquisition is quite strategic and operational in nature (Galpin et al., 2010). Koumanakos et al. (2005) noted that the basic reason for companies making this decision is the prospects of growth because the merged companies can offer more benefits for the shareholders compared to individual companies. The purpose of this research is to evaluate employees’ reactions and the impact of the new corporate culture within the M&A integration process. It is also necessary for the new company to adopt a new culture, where all employees will learn, follow and respect. To sum up, there are several factors that may affect the failure of an M&A. This study is focused on the impact of M&A on corporate culture after a merger or acquisition with the following main question: Which is the most important factor that will cause a merger both for Aegean and Olympic Air employees? In this research, the degree of employees’ resistance to change in Aegean and Olympic Air will be examined, as well as the difference between these two different corporate cultures and the possibility of the two cultures that merged smoothly at the pace of these companies.
关键词：Mergers;Acquisitions;Corporate Culture;Resistance to Change;Aegean;Olympic Air
