Page 48 - 2019
P. 48

Productivity ratios like  Total Asset turnover  and Fixed assets turnover have significant
          impact  of  M&A  in  case  of  cement  companies  as  compared  to  all  the  manufacturing
          companies, which is due to productivity in case of cement directly depends upon the level
          of stock, inventory used by cement companies and level of outstanding (B/R).

          Where  as  in  case  of  Profitability  ratios  there  is  no  impact  of  M&A  in  case  of
          Manufacturing companies as well as in case of Cement companies both.

          As per the results of linear regression, in case of all the three models it is seen that there
          is  a  significant  impact  on  profitability.  Cement  companies  have  more  impact  on
          profitability and M&A doesn’t make any difference in profitability. Cement companies are
          required to focus on Productivity ratios TAT FAT to create more profitable outcome.

          Through the study it can be concluded that – It seems M&A are result of consolidated
          phase in cement industry.

          Keywords: M&A, Productivity, Profitability, Cement Companies













































                                                                                             29
   43   44   45   46   47   48   49   50   51   52   53