摘要：This study examines the impact of mergers and acquisitions (M&As) on liquidity as long as the profitability of listed companies at the ASE (Athens Stock Exchange) in Greece at the beginning of the economic crisis.Using accounting data (financial ratios), the post-merger performance of a sample of Greek companies, listed on the Athens Stock Exchange that executed one merger or acquisition in the two-year-period from 2008 to 2009 as acquirers, is investigated in order to study how firms administer liquidity and profitability before the outbreak of the sovereign debt crisis and during the following years of economic crisis in Greece (2010 and 2011) and if the merger decision improve their performance.For the purpose of the study, a set of financial ratios is employed, in order to measure firms’ performance and to compare pre- and post-merger performance for two years before and after the M&As announcements (with accounting data analysis from 2006 to 2011).The question that tries to analyse this paper is if in the merger procedure of Greek listed firms their decision have as business priority to achieve higher profits and they failed to secure their viability through their liquidity.The results revealed that M&As had a negative impact on the post-merger performance of merger-involved firms, and more analytically concerning the profitability ratios, but not their liquidity levels due to the M&As events.Last, different post-merger performance results are observed among the examined firms according to a business industry categorization and are revealed slightly better results for the firms with business activities in the industry of metals, mining and constructions.
