Journal of
Accounting and Taxation

  • Abbreviation: J. Account. Taxation
  • Language: English
  • ISSN: 2141-6664
  • DOI: 10.5897/JAT
  • Start Year: 2009
  • Published Articles: 206

Full Length Research Paper

Mergers, taxation and accounting performance: Some evidence from Greece

Michail Pazarskis
  • Michail Pazarskis
  • Department of Accounting and Finance, Technological Educational Institute of Central Macedonia, Greece.
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George Drogalas
  • George Drogalas
  • Department of Business Administration, University of Macedonia, Thessaloniki, Greece.
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Andreas Koutoupis
  • Andreas Koutoupis
  • Department of Accounting and Finance, Technological Educational Institute of Thessaly, Greece.
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  •  Received: 02 February 2017
  •  Accepted: 04 July 2017
  •  Published: 31 October 2017


The study examines the merger effects on the accounting performance of Greek firms, in parallel with their taxation impact, during the period of economic crisis in Greece. The study analyses twelve accounting measures from financial statements and financial ratios of a sample of Greek listed firms in the Athens Exchange that carried out one merger in the period from 2010 to 2015 as acquirers. The results revealed that none of the twelve examined accounting measures have changed significantly due to the merger event, one year after the merger transaction. Different results are proposed regarding the impact of the type of industry, as the findings of the study indicate a better accounting performance for the constructions firms than the others from our sample. Furthermore, the study investigates the impact of the new Greek Income Tax Code (GITC) (Law 4172/2013) that refers to the corporate restructuring in Greece. There is evidence that there is some effect from the new GITC and it provides further opportunities for capital gains, not subject to tax from mergers, during the period of the economic crisis in Greece.


Key words: Mergers, taxation, financial statements, financial ratios, Greece.