Abstract:

Companies, acting in the free market economy, have to compete with other fi rms which sell similar products in order to maintain their presence. The competition, which appeared previously on local you, has gained a global dimension being affected by globalization which has removed economic borders. Thus, to agree with international competition has begun to be necessity for fi rms. One of management strategies, preferred by the fi rms which intends to improve their market positions or not to want to fall behind in the competition, is merger&acquisition. Companies may aim to enhance or sustain their market powers with various incentive factors by merging with other fi rms – domestic or foreign, from the same sector or close sector. Also one of the downsides of existing economic system which affl ict fi rms are economic crises which appear once in quarter century -even ten years-. Major and rear economic turmoils appearing periodically may devastate sectors and fi rms especially with high sensitivity to crisis. Thus, economic (or fi nancial) crises, which may wound fi rms deeply, may lead fi rms to pursue merger strategy. In this study, the effects of the 2001 Turkey crisis and the 2007-2009 global economic crises on mergers&acquisitions of Turkey's fi rms are examined. In the context of this examination, it is searched how trend mergers&acquisitions have before and after mentioned crises.

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