Сулейманова Айсулуу -
Evaluation of M&A Efficiency in the Energy Sector of Economy
Стратегическое управление финансами фирмы
This research paper analyzes effectiveness of M&A in Oil & Gas sector of Russia during the 2005-2016 period. The results of the research confirmed that effectiveness of transactions is influenced not only by the characteristics of the company-buyer, but also the general state of the financial market and other internal factors such as legal forms, industries and transnationality. We found that Mergers and Acquisitions by companies Oil & Gas sector of Russia, has negative CAR. It was confirmed that the general condition of the financial market, namely the currency and main indexes, influences the activity of M&A market. We applied event study methodology to analyze efficiency of the M&A deals in energy sector, also was applied Hodrick-Prescott filter and Granger Causality test to determine the cause and effect. To test our hypotheses the linear regression was built.