Raghawendra Kumar 1 ; Meghna Chhabra 2
1 Research Scholar, Department of FMS, Manav Rachna International Institute Of Research And Studies, Haryana, India.
2 Associate Professor, Department of FMS, Manav Rachna International Institute Of Research And Studies, Haryana, India.

Article Id - IJM_11_12_112, Pages : 1205-1230, Date of Publication : 21, December 2020

DOI:   20 Downloads   89 Views   0 Citation
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Purpose: Corporate performance is measured in terms of financial parameters. Firm`s operations always aimed towards achieving financial and other goals and fulfilling shareholder`s expectations. Growing organically is the test of patience which firm`s can hardly afford to, particularly in the light of sword-edged competition. Mergers and Acquisitions provide an inorganic tool which helps firms to race against time to achieve their objectives. The prime focus of this paper is to identify the determining characteristics that distinguishes Acquirers from Targets, and provide evidence to demonstrate whether firms are likely to be the acquirers or the targets.

Methodology: Ratio analysis approach has been applied to judge level and scale of financial parameters taken from 3 broad categories namely, liquidity ratios, profitability ratios and capital structure ratios. Normality test was done by calculating mean, median, standard deviation, kurtosis and skewness by descriptive method as well as by K-S and S-W test. Data was found to be non-normal, therefore, application of nonparametric test was found to be more appropriate to analyse data of 20 sample firms. Statistical tools used to perform data analysis and hypothesis testing were: Mann Whiteney U-test, Two sample K-S test and Wilcoxon Signed Rank test. Correlation was performed to do proximity-test between acquirer and target.

Findings and conclusions: Hypothesis testing at 5 % significance level provided evidence to conclude that Acquirers and Targets differ from each in terms of profitability only. There was no difference in liquidity position and Capital Structure position between acquirers and targets. Therefore, the study did not find any characteristic difference between acquirers and targets so far as Liquidity and Capital Structure position is concerned.

Research Limitations: Only domestic mergers were taken as sample and size of sample was also small, making the generalization of outcomes rather limited Generalization of outcomes may become more broad and wide in scope and more conclusive if further researchers employ large sample for analysis.

Type: Research Paper

Value: This research paper is original in content and has not been published or produced anywhere and on any literary/academic platform.


Corporate Performance, Financial Parameters, Mergers And Acquisitions, Organically, Etc.

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Raghawendra Kumar and Meghna Chhabra, Decoding Scale and Size of The Acquired and The Acquirer: An Empirical Analysis, International Journal of Management, 11(12), 2020, pp. 1205-1230. doi:


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Dr. Pratap Raghunath Desai - Bharati Vidyapeeth University,Maharashtra.

Dr. Aikaterini koskina - Keele University, UK.

Dr. Ashok G. Matani - Govt. College of Engineering Amravati, India.

Dr. R.Wranton perez St.Joseph’s College of Engg.&Tech, TANZANIA. - St.Joseph’s College of Engg.&Tech, TANZANIA.

Dr. A.K. Garg - MIT, India.

Dr. Leandro torres di - Fluminense Federal University, Brazil.

Dr. Hamid saremi - Azad Islamic University of Iran-Quchan Branch, Iran.

Dr. Nawab ali khan - Salman Bin Abdulaziz University ,Kharj, Saudi Arabia

Dr. Alka swami - Govt. College of Engineering & Technology Bikaner , India.

Dr. Shivakumar deene - Central University of Karnataka, India.

Dr. N. Mahesh - Dhanraj Baid Jain Institute of Management, India.

Dr. Christine palani - Management Consultant, India.

Dr. K.S.Meenakshisundaram - Dr.Bala V Balachandar Campus, Tamilnadu, India

Dr. Dr. Samson O. Fadiya - Girne American University, North Cyprus

Dr. Wilson Udo Udofia - University of Uyo, Nigeria

Dr. N. SHAIKMOHAMED - Jamal Mohamed College(Autonomous) Tiruchirappalli, Tamilnadu, India

Dr. Manu Melwin Joy - Ilahia College of Engineering and Technology, India

Dr. Subrata Chattopadhyay - Future Institute of Engineering and Management, India

Dr. Venkata Sai Srinivasa Rao Muramalla - Prince Sattam Bin Abdulaziz University, Kingdom of Saudi Arabia

Dr. V. Sowdamini - Pydah College of Engg&Technology, Viskhapatnam, India

Dr. J. Khaja Sheriff - University of Madras, Tamilnadu, India

Prof. Melnyk Alona Alekseevna - Kyiv National University of Technologies and Design, Ukraine

Dr. S.Senthil Kumar - SRM Institute of Science and Technology, Tamilnadu, India

Dr. Achmad Kautsar - Universitas Negeri Surabaya, Indonesia

Dr. M M Bagali - Acharya Institute of Technology, India

Dr. Sapan Kumar Gupta - Amity University, India

Dr. J.Rengamani - AMET Business School AMET University, India

Dr. D.Rajasekar - AMET Business School, AMET University, India

Dr. Stephen M. A. Muathe - Kenyatta University, Nairobi, Kenya

Dr. TCHITCHOUA Jean - University of Yaoundé 2-Soa, Cameroon

Dr. Miao-Shen Chen - Nanhua University, Taiwan

Dr. Ralf Müller - BI Norwegian Business School, Norway

Dr. Esmat Ara - Shahjalal University of Science & Technology, Sylhet, Bangladesh

Dr. Musaddag Elrayah - King Faisal University, School of Business, Hofuf, Saudi Arabia

Dr. Rami A. Maher - Isra University Amman, Jordan

Dr. Arkadiusz Mironko - Indiana University East, United States

Dr. M. Selvam - Alagappa University, India

Dr. Syaikhul Falah - Cendrawasih University, Indonesia

Dr. R. Chroqui - University Hassan the 1st, 26000 Settat, Morocco

Dr. Buchari Lapau - Pekanbaru Hang Tuah Institute of Health, Riau Province, Indonesia

Dr. Matthias Kammer - Technical University of Munich, Germany

Dr. Anni Arnav - Dayananda Sagar University, Karnataka, India

Dr. Dinh Tran Ngoc Huy - International University of Japan - Banking University HCM city Vietnam

Dr. K. Rakesh - MVGR College of Engineering, Andhra Pradesh, India

Dr. K. Rajalakshmi - Shri Shankarlal Sundarbai Shasun Jain College for Women, Chennai, India

Dr. Aluregowda - PES College of Engineering, Karnataka, India

Prof. Iryna Bashynska - Odessa National Polytechnic University, Odessa, Ukraine

Dr. P. Venkaiah Babuu - Eswar College of Engineering, Narasaraopet, Andhra Pradesh, India

Dr. Fahd Alduais - Department of Accounting, National Institute of administrative Sciences, Ibb, Yemen

Dr. Narcisa Roxana Moşteanu - Professor of Finance, Business Administration Department, American University of Malta, Bormla, Malta

Prof. Devi Prasad Misra - Professor, Department of Business Management, Fakir Mohan University, Odisha, India

Dr. P. Jagadeesan - Management Studies & Commerce, Vels Institute of Science, Technology & Advanced Studies (VISTAS), Tamilnadu, India

Dr. Raghavendra GS - Researcher, University of Mysore, Karnataka, India; Managing Director Geloof Industries Pvt Ltd, Bangalore, India

Dr. Shankar Lingam. Macharla - National Institute of Rural Development and Panchayati Raj (NIRDPR), Telangana, India

Dr. Priyanka Dave - Academician, Researcher and, L & D Consultant, USA

Prof. Ernest Ofori Asamoah - Dean, School of Business, Regent University College of Science and Technology, Accra, Ghana

Dr. Mithun Gaur - PGDM (Marketing & IT), BIMM Pune, India.

Prof. Devi Prasad Misra - Head and Dean, Department of Business Management, F.M. University, Vyasa Vihar Balasore, Odisha, India.

Prof. S. Umamaheswari - Assistant Professor, School of management studies, Sathyabama university, Chennai, India.

Dr. Arun Singhal - Associate Professor, Bule Hora University, Bule Hora City, Ethiopia, Africa.

Dr. Virupaxi Bagodi - Principal, Government Engineering College, Talakal, India.

Dr. Anish K Ravi - Chennai Business School , India

Dr. FATEMA NUSRAT CHOWDHURY - Assistant Professor, Department of Real Estate, Faculty of Business and Entrepreneurship Daffodil International University, Bangladesh

Dr. Dilnaz Muneeb - Abu Dhabi University, United Arab Emirates

Dr. Trilok Kumar Jain - Professor and Dean,International School of Business Management (ISBM),Suresh Gyan Vihar University Jaipur, India

Dr. Anamika Rawat - Associate Professor, Department of Management Studies, SRK University, Bhopal, India

Dr. Anita Walia - Associate Professor, Center for Management Studies, Jain Deemed to be University, Bangalore, India.

Mr. C. Jagadeesh Vikram - IAEME Publication, India

Dr. K. Sreenivasaiah - Special officer Academics Joint Director office Mangalore and Asst. Professor of Economics Govt First Grade College For Women’s, Mangalore, Karnataka

Dr. Sriya Chakravarti - Higher Colleges of Technology, Abu Dhabi, United Arab Emirate

Mr. Mathew Abraham - IT SAP Finance, Schlumberger-Digital Enterprise Systems–SAP ECC, Houston, USA

Dr. Anu Antony - Associate Professor, Department of Commerce, Kristu Jyoti College of Management and Technology, Kerala, India

Mr. Venkata Naga Satya Surendra Chimakurthi - Solutions Architect, Cognizant Technology Solutions, USA

Dr. V. Suresh Kumar - Head & Asst. Professor, Research Department of Business Administration, Rajah Serfoji Govt. College (Autonomous), Thanjavur, Tamilnadu, India.

Dr. Madhavi Madireddy - Professor in Management and Director, Aurora’s PG College, Ramanthapur, Hyderabad, India

Dr. Subramanian Shanmugam - Associate Professor, Department of Commerce & Business Studies, School of Management, Central University of South Bihar, India

Prof. Suneetha. Naisa - Associate Professor, Department of M.B.A, Pulla Reddy Institute of Computer Science, Telangana, India

Dr. Dr. K. Abdus Samad - Jamal Institute of Management, Trichy, Tamilnadu, India

Dr. T. Snekalatha - Professor and Head, Department of Commerce Accounting and Taxation, Dr. N.G.P Arts and Science college, Coimbatore, Tamilnadu, India

Dr. B.Jeeva Rekha - Assistant Professor, PG and Research Department of Commerce, Sri Vasavi College, Erode, Tamilnadu, India

Dr. S.S. Onyx Nathanael Nirmal Raj - Assistant Professor & Research Supervisor, Department of Business Administration, VELS UNIVERSITY, Pallavaram, Chennai, India

Dr. K.M. Chinnadorai - Principal, Kamban College of Arts & Science, Coimbatore, Tamilnadu, India

Mrs. D.Shalini - Assistant Professor, RVS Institute of Management Studies, Coimbatore, Tamilnadu, India

Dr. Vikram Mohanlal Agrawal - Assistant Professor, Computer Engineering Department, B & B Institute of Technology (SFI), Gujarat, India

Mr. Leelakumar Raja Lekkala - Senior Data Analyst (Grade 28) (Remote) – CHART ANALYTICS, Optum Services Inc, Minnetonka, MN, USA

Reviewer Board

Dr. N.Shani - Professor, Department of Business Administration, Nehru arts and science college, Coimbatore, India

Dr. T. Manvel Raj - Mohamed Sathak A.J.College of Engineering, India

Dr. Dhanuraj - Management Consultant, India

Prof. Sanobar Anjum - Prince Mohammad Bin Fahd University, Saudi Arabia

Er. Deepika Ttiwari - Sikkim Manipal Institute of Technology, India

Er. Gajendra Naidu.J - ATMA, India

Dr. S.Saiganesh - Dayananda Sagar Business School, India

Dr. Bamrara.A - HNB Garhwal University, India

Dr. N.Shani - Professor, Department of Business Administration, Nehru arts and science college, Coimbatore, India

Dr. T. Manvel Raj - Mohamed Sathak A.J.College of Engineering, India

Dr. Dhanuraj - Management Consultant, India

Prof. Sanobar Anjum - Prince Mohammad Bin Fahd University, Saudi Arabia

Dr. Deepika Ttiwari - Sikkim Manipal Institute of Technology, India

Dr. Gajendra Naidu.J - ATMA, India

Dr. S.Saiganesh - Dayananda Sagar Business School, India

Dr. Bamrara.A - HNB Garhwal University, India

Dr. Hari Sundar.G. Ram - Sree Narayana Gurukulam College of Engineering, India

Dr. Anshul Gangele - Institute of Technology & Management, India

Dr. Davinder Sharma - BCIPS, India

Prof. Srinivas K T - CIMS - B School, India

Dr. B.Ravi Kumar - Sree Vidyanikethan Engineering College, India

Dr. Rajesh U Kanthe - BVDU, India

Dr. Swaranjeet Arora - Prestige Institute of Management and Research, Indore, India

Dr. A.Selvaraj - Gobi Arts and Science College,Tamilnadu, India

Dr. M.A.Lahori - Anekant Institute of Management Studies, Baramati, Pune, India

Dr. V. Antony Joe Raja - Prince Group of Companies, Chennai, India

Prof. Shraddha Chowdhary - Kasturba Gandhi College for Women, Secunderabad, India

Dr. Sivanesan R - St.Jerome's College of Arts and Science,Tamilnadu, India

Prof. Shraddha Mayuresh Bhome - Future Institute Of Engineering and Management and Future Business School, India

Dr. V.Rama Devi - Sikkim Central University, Sikkim, India

For Authors

Manuscripts should be submitted by one of the authors of the manuscript through the online manuscript submission system. Submissions by anyone other than one of the authors will not be accepted.
Regardless of the source of the word-processing tool, only electronic PDF or MS-Word files can be submitted through the online submission system. If for some technical reason online submission is not successful, the author can submit the manuscript to

Paper title (14 Bold)- Capital Letter

First Author1, Second Author2 (13 Bold- Times New Roman)

1(Department, College/ University Name, Address, Country Name, Email) (12)

2(Department, College/ University Name, Address, Country Name, Email) (12)

ABSTRACT (12 Bold)

The abstract should summarize the content of the paper. Try to keep the abstract below 350 words. Do not make references nor display equations in the abstract. The journal will be printed from the same-sized copy prepared by you. Your manuscript should be printed on A4 paper (21.0 cm x 29.7 cm). It is imperative that the margins and style described below be adhered to carefully. This will enable us to keep uniformity in the final printed copies of the Journal. Please keep in mind that the manuscript you prepare will be photographed and printed as it is received. Readability of copy is of paramount importance.(12)

Keywords (12 Bold) : About five key words in alphabetical order, separated by comma (12)


The introduction of the paper should explain the nature of the problem, previous work, purpose, and the contribution of the paper. The contents of each section may be provided to understand easily about the paper. (12)


The headings and subheadings, starting with "1. Introduction", appear in upper and lower case letters and should be set in bold and aligned flush left. All headings from the Introduction to Acknowledgements are numbered sequentially using 1, 2, 3, etc. Subheadings are numbered 1.1, 1.2, etc. If a subsection must be further divided, the numbers 1.1.1, 1.1.2, etc.

The font size for heading is 12 points bold face and subsections with 12 points and not bold. Do not underline any of the headings, or add dashes, colons, etc. (12)


The first paragraph under each heading or subheading should be flush left, and subsequent paragraphs should have a five-space indentation. A colon is inserted before an equation is presented, but there is no punctuation following the equation. All equations are numbered and referred to in the text solely by a number enclosed in a round bracket (i.e., (3) reads as "equation 3"). Ensure that any miscellaneous numbering system you use in your paper cannot be confused with a reference [4] or an equation (3) designation. (12)


To ensure a high-quality product, diagrams and lettering MUST be either computerdrafted or drawn using India ink.

Figure captions appear below the figure, are flush left, and are in lower case letters.When referring to a figure in the body of the text, the abbreviation "Fig." is used. Figures should be numbered in the order they appear in the text.

Table captions appear centered above the table in upper and lower case letters. When referring to a table in the text, no abbreviation is used and "Table" is capitalized. (12). Figures and tables should be included in the running text itself


A conclusion section must be included and should indicate clearly the advantages, limitations, and possible applications of the paper. Although a conclusion may review the main points of the paper, do not replicate the abstract as the conclusion. A conclusion might elaborate on the importance of the work or suggest applications and extentions. (12)


An acknowledgement section may be presented after the conclusion, if desired.( 12)


This heading is not assigned a number.

A reference list MUST be included using the following information as a guide. Only cited text references are included. Each reference is referred to in the text by a number enclosed in a square bracket (i.e., [3]). References must be numbered and ordered according to where they are first mentioned in the paper, NOT alphabetically.

Examples follow:

ournal Papers:

[1] M Ozaki, Y. Adachi, Y. Iwahori, and N. Ishii, Application of fuzzy theory to writer recognition of Chinese characters, International Journal of Modelling and Simulation, 18(2), 1998, 112-116. (12)


[2] R.E. Moore, Interval analysis (Englewood Cliffs, NJ: Prentice-Hall, 1966). (12) Note that the title of the book is in lower case letters and italicized. There is no comma following the title. Place of publication and publisher are given.

Chapters in Books:

[3] P.O. Bishop, Neurophysiology of binocular vision, in J.Houseman (Ed.), Handbook of physiology, 4 (New York: Springer-Verlag, 1970) 342-366. (12) Note that the place of publication, publisher, and year of publication are enclosed in brackets. Editor of book is listed before book title.


[4] D.S. Chan, Theory and implementation of multidimensional discrete systems for signal processing, doctoral diss., Massachusetts Institute of Technology, Cambridge, MA, 1978. (12)

Proceedings Papers:

[5] W.J. Book, Modelling design and control of flexible manipulator arms: A tutorial review, Proc. 29th IEEE Conf. on Decision and Control, San Francisco, CA, 1990, 500-506 (12)

Manuscripts not adhering to journal guidelines will be returned to authors without scientific evaluation. Submitted manuscripts adhering to journal guidelines are reviewed by the Editor-in-Chief or an Editor, who will assign them to reviewers. The review process is double blind. The Editor prepares a decision letter according to the comments of the reviewers, which is sent to the corresponding author. All non-reviewed manuscripts are sent back within 10 days and the decision letters of manuscripts are sent within 4 weeks.
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The use of general descriptive names, trade names, trademarks, and so forth in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.
While the advice and information in this journal are believed to be true and accurate on the date of its going to press, neither the authors, the editors, nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein.
IAEME Publication is committed to maintaining high standards through a rigorous peer-review together with strict ethical policies. Any infringements of professional ethical codes, such as plagiarism, fraudulent use of data, bogus claims of authorship, should be taken very seriously by the editors with zero tolerance..
IAEME Publication follows the Code of Conduct of the Committee on Publication Ethics (COPE), and follows the COPE Flowcharts for Resolving Cases of Suspected Misconduct.
Please find more general information for authors on the page: Information for Authors.

IAEME Publication Fees

IAEME Publication charges an Article Processing Charge (APC) once an article is accepted for publication. These charges cover the costs of turning a manuscript into a finished article, as well as the costs of hosting, distributing and promoting an article.

Article Processing Charges explained

We are committed to making the costs of publishing as clear as possible and so the charges for each journal are clearly displayed on each journal`s homepage.

When a manuscript is submitted, it passes through the many different departments at Hindawi to ensure the quality checks, peer review, production and promotion of articles is carried out in a timely manner and to a high standard:

✔ The Editorial Screening team, who perform initial technical and ethical checks

✔ The Editorial team, who help the journal`s Academic Editors manage the review process

✔ The Production team, who convert the manuscript to a professionally typeset article and well-structured file format

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The work these teams do contribute to the requirement of an APC and is why the actual amount payable varies depending on the journal in which you wish to publish your article.

IAEME Publication does not request Article Submission Charges, also called Submission Fees. These are due at the time of submission of the manuscript. Nor does IAEME charge per page or for color figures or for any other items for which other publishers are known to charge.

Sources for Article Processing Charges (APC)

Authors of an article are responsible for arranging the payment of APC. Still, that typically does not mean that authors end up paying for the publication of the article. The cost of APC is very often assumed either by the organization funding the research published in the article, or by an Open Access Publishing Fund, or by the institution at which the author is employed.

Fair Dealing - Authors and Publisher

When an author submits a manuscript for review at one of IAEME`s journals, the submitted manuscript should not have been previously published in any form and must not be currently under consideration for publication elsewhere. The manuscript should also not be submitted to any other journal during the review process at IAEME Publication. In case the review process at IAEME takes much longer than stated and the author wishes to end the review process at IAEME, he/she should get in contact with the Editorial Assistant of the journal at IAEME and come to an agreement suitable for both sides after looking at the stage of the manuscript in the review process.

With the APC specified above, the author is given an indication what the APC will be. IAEME is charging Publication Fees (APC) but not Submission Fees. This is to the benefit to authors because payments are only due once the author knows the manuscript is accepted. IAEME with editors and reviewers puts much effort in dealing with the manuscript and expects the authors to stick to the common plan of publishing the paper which is linked to payments of APC as given above at the end of the review process. The author is not legally bound at this time, but it would be seen as a strong breach of academic conduct to back off from the publication process. Once the manuscript is accepted for publication, IAEME will issue an invoice in the Paper Submission and Manuscript Tracking System. This is IAEME `s legal offer and will state the regular APC of the journal. The Corresponding Author is expected to arrange payments of the amount stated at this time. In severe cases IAEME `s Complaints Procedure can be followed and the result of this should be binding to the author.

Refund Policy

Once an article has been accepted for publication, any Article Processing Charges on the article become due. The submitting author accepts responsibility for the Article Processing Charges, and will not issue refunds of any kind except those payments made by mistake or in excess of the amount required.

Subject Area
The topics to be covered by this journal include but are not limited to the following fields:

• Management Information System
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• Economics
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• Software Project and Quality Management
• Brand and Customer Relationship Management
• Business Process Outsourcing
• Case Studies in Management
• Supply Chain Management
• Consumer Survey and Research
• Data Analysis and Presentation

• English

• Social Science


IJM Journal Stats

Publication years 2010-2023
Publication count 4695
Total Volumes 14
Total Issues 104
Downloads 258535
Views 726834
Downloads/article 55.07

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