Estudio sobre la eficacia de las fusiones bancarias medida a través de la rentabilidad de la sociedad resultante, en el sistema financiero español en el periodo 1987-2013

Resumen

This doctoral thesis analyzes the results of the merger and acquisition operations that took place in the Spanish financial system from 1987 to 2013, from the perspective of the profitability of the resulting company, using an inductive research methodology with dynamic panel data. The research uses an extensive bibliography showing the lack of conclusive results for the Spanish banking industry. The results of our study allow us to conclude that there is a deterioration of the profitability deferred over time, such that, in the same way as other factors, having participated in a merger or acquisition process is associated with a reduction in profitability in the next period by 5.5 percentage points and 3.1 percentage points two years after it.