The complex corporate environment and the large volumes of transactions are some
of the reasons that render Internal Auditing a function vital to contemporary
companies. Additionally, even though M&As provide various motives, evidence from
the entire world has shown that most of the time they fail to create shareholders’
value. Despite that Internal Auditors’ involvement can have a positive impact during
the M&A outcome, studies revealed that there are low levels of involvement.
On the one hand, this study wishes to examine the role of Internal Auditors in Greek
listed companies in the Athens Stock Exchange that proceed to the M&A process
from 2015 to 2017. On the other hand, given M&As’ failure, it is also investigated
whether companies’ create shareholders’ value the first year after the process
realized. For these be tested, the questionnaire was sent to Internal Auditors of the
sample companies and Economic Value Added, Cash Dividend Paid and D/E ratio
have been applied as some of the shareholders’ value creation determinants. Finally,
the study provided mixed results regarding both the questions.
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