چکیده:
M any Middle-East countries, like Iran, have dynamic banking industries and have observed merger and acquisitions (M&A) waves. M&A waves are usually defined in the developed world context and some of their main drivers were identified as: market timing, environment's shocks, merger manias, government regulation and regulatory, and technological changes. It has been discussed that merger waves and their reasons are among the ten most important unsolved mysteries in the field of finance (Brealey and Myers, 1991, p. 923), and as a result of this, it was not possible to completely clarify the reasons behind emerging M&A waves, especially in developing countries; for this reason in these countries, there is a different story. In the past thirty years, the Iranian banking industry witnessed two waves of M&A. The later one commenced in 2011 and is still in progress. This study investigates the reasons behind emerging M&A waves in the industry by using the Exploratory Factor Analysis (EFA). The data for this study were collected from 113 bank managers. The results show that Iranian banking industry M&A wave is driven by three main forces/factors: macro, industrial, and corporate, which come from: I) Develop the business and acquire competitive advantage, II) Stakeholders’ pressures, III) Government pressure, IV) Lack of banking licenses, and V) Organize the money market by government.
خلاصه ماشینی:
The res ults s how that Iranian banking indus try M&A wave is driven by three main forces /facto rs : macro, indus trial, and corporate, which come from: I) Develop the bus ines s and acquire competitive advantage, II) Stakeholders ’ pressures, III) Government pres s ure, IV) Lack of banking licens es , and V) Organize the money market by government .
As s ociate Profes s or of Corporate Entrepreneurs hip Department, Faculty of Entrepreneurs hip, Univers ity of Tehran, Tehran, Iran Introduction It has been discussed that Middle-East countries from their banks to their stock markets have been closely considered (Ben Hamida, 2014; Chowdhury, 2015; Zulkhibri and Ghazal, 2014).
The second wave started in 2011, were 25 banks and financial institutions have merged into the license holders in less than two years to re -organize the money market and achieve the competitive advantages.
g. doesn’t have Banking Licenses) and have new technologies to acquiring comp etitive advantage can be one reason for emersion M &A Fifth factor Organizing the Money Market The reason for exp anding merger is organizing the financial status of the country by government The reason for exp anding merger is organizing the 0.
Thus, the results show that developing the business and acquiring competitive advantage , and stak eholders and shareholders’ pressures , are the most important factors which contribute to the expansion of M&A in Iranian banking industry.
The results indicate that, "Developing the Business and Acquiring Competitive Advantage" and "Stakeholders and Shareholders’ Pressures" were among the two most important factors which contributed to emerging the second M&A wave in the Iranian banking industry.