الفهرس 
english cover
Developing the Research HypothesisOnly 14 pages are availabe for public view
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Abstract
The changing structure of global environment and increasing competitiveness have led firms, whether domestic or multinational, to search for different means to strengthen their market position. Mergers and Acquisitions (M & A) represent one of the growth strategies pursued by many industry players in the past years. They have been increasingly used all over the world for improving the competitiveness of companies, which can be achieved through gaining of greater market share, broadening of business portfolio to reduce risk, entering of new markets and geographies, capitalizing on economies of scale and scope, ... etc. Corporations are continuously trying to build new competencies and capabilities to maintain their growth and competitiveness. The increasing trend towards use of mergers and acquisitions in different industries makes it important to continuously assess their impact and identify whether they truly lead to the desired outcomes from different perspectives. Based upon the literature reviewed, there is currently no consensus upon the impact of M&A on performance where studies varied between positive, negative or no change at all. This may be due to the fact that most of the results of these studies are sensitive to how each researcher measures performance. Knowing that debate, this research study intended to explore the impact of mergers and acquisitions on improving the operating, financial, capital structure and overall comparative performance focusing on the pharmaceutical industry. The main aim was to determine how the merger affected performance and whether it really led to the expected efficiency gains or not and reasons behind it. This study contributes to the current literature on the subject of mergers and acquisitions in that it used two approaches for performance evaluation to complement each other; namely Ratio Analysis and Data Envelopment Analysis; whereas most of the research studies used only one approach for merger evaluation. In addition, it assessed performance using 11 indicators together with the DEA model; whereas most of the current research used fewer numbers of indicators for assessing performance. To achieve the desired purpose of this research, a sample consisting of 10 multinational pharmaceutical firms, who have been engaged in merger or acquisition deals, have been selected. Four hypotheses have been set and tested to examine the impact of mergers on operational, financial, capital structure and overall comparative performance. To test these hypotheses, two research analysis tools were used. First, ratio analysis of different performance indicators, where the researcher analyzed 11 performance ratios related to operating, financial and capital structure performance.