International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Volume 8 Issue 5
September-October 2026

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Financial Performance Dynamics Following Mergers and Acquisitions: Evidence from Indian Firms

Author(s) Mrs Chaitra Subray Acharya, Dr. R. L. Hyderabad
Country India
Abstract This study examines the relationship between mergers and acquisitions (M&A) and the financial performance of acquiring firms in the Indian context. Mergers are widely regarded as strategic instruments in corporate finance for achieving operational synergies and enhancing shareholder wealth. Although extensive international literature has analysed post-merger performance, evidence based on accounting measures remains inconclusive. Studies conducted in India similarly report mixed and contradictory findings regarding the value creation potential of mergers for acquiring firms. Motivated by these inconsistencies, the present study investigates whether mergers lead to long-term improvements in the financial performance of acquiring companies and contribute to shareholder wealth creation. The analysis employs both accounting-based measures and cash flow indicators to assess post-merger performance. Financial ratios and a cash flow model are used to evaluate changes in firm performance over time. The study focuses on domestic mergers involving listed Indian firms during the period 2004–2023. To capture long-term effects, performance is examined over a three-year window surrounding the merger event. The empirical results indicate a noticeable improvement in the post-merger financial performance of acquiring firms over the long-run period of [-3, +3] years. These findings suggest that mergers may contribute positively to shareholder value in the Indian corporate sector.
Keywords Mergers and Acquisitions; Financial Performance; Acquiring Firms; Post-Merger Performance; Long-Term Operating Performance; Profitability; Operating Cash Flow; Indian Firms
Field Mathematics > Economy / Commerce
Published In Volume 8, Issue 5, September-October 2026
Published On 2026-10-21
DOI https://doi.org/10.36948/ijfmr.2026.v08i05.89956
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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