أثر الاندماج على الربحية PDF

"
"
The Merger's Impact on Profitability
Case Study of "Al- Ahli Bank in Jordan"
!" #" :
(400920170) $ %&
, ). / % : )*+ ,-

" *$ $ 0)1 2
* 3 +* 2&

%&
04 +
)4 5- $
2012
,- 6
)) (($ 3 7
7 8 09 3 7" :* 3 /

*) +-
( ! " . #$ %# &" ! "
*0 " &1 ) / $ , ) * " + , -!
! .& ( &4 0" ! 23
- 3
35
6 31 7
( 8! 9 " ! : ! "
.3
; 3 0 &4< ) 23 0 31 =4)" ! - , ! "
.3 + ( 31 3 35& =4)" - ! " ! .3
+1, &" ( =?+ , -1 3)
-+ /4" ! " (" < >
.3;;
<;
3*) <= ") #) ) *)

? *$). ,>) 9
%9) / #) #
+ 2@ "
8 B>- #- 3 ) <")4 *)A
A )
* $ " %9 / 0+
2)* C&
>1
D)E)

A<
3 0 31 0
C;
!
= ;>
* 350
1 350
? 350
3 3D E$
3+16 3D E$

:0)4 01>
3 3
3 3!
3 ;"
3 3;"
3 *4
3
3516 *<
6

2) #F ;: 01>
9
3 B >
11
) B > ! "
14
B > *)
13
B > G
15
B > *) () 3 #
17
3 H B > *) () 3
22
B > *?! *
24
= : ) B > *) F!

25
3 5 *
26
* "
28
3 @ ) !
32
&0 @ 3
32
!
34
3 * 3 *
40
3 1: * 3 *
2<$;) : 6 01>

44
J&
44
3 G1
45
3 * "
47
* G1

47
3 *=1,
47
3 $ 35
6 31
48
3 *
2E>
*A) HC*E:G
01>
50
3 @ $K 3
55
*4< $
21)*) HC*::A 01>
65
J5
67
*

G$ C&
69
3 G1
72
3+16 G1
0)$ C&
>1
/)
0)$ %&
50
/ 0
& *> 2
C 0

% /
) 2004 % 2001 %
2008 % 2005
51
% / 0
& *> 0)14 /) 0

2005 % /

) 2004 % 2001
2008 %
52
/ 0
& *> 0)14 C 0

% /
) 2004 % 2001 %
2008 % 2005
53
0
& *> + 5) D)$ C 0

) 2004 % 2001 % /
2008 % 2005 % /
54
/ 0
& *> * C 0

% /
) 2004 % 2001 %
2008 % 2005
56
C 0 2" )

2)*
2

) 0
& *> (I
J "1
)
57
0 " ,!*A! /* * /* ( 2 )

*A HC*
* (I
J "1
)2
C

) 0
&
58
0 2" )

2)*
;
) 0
& *> 0)1 /)
58
0 " ,!*A! /* * /* (2 )

*A HC*
?* 3

* 0)14 /)
59
C 0 2" )

2)*
10

) 0
& *> 0)14
60
0 " ,!*A! /* * /* ( 2 )

*A HC*
11

) 0
& *> 0)14 C
61
C 0 2" )

2)*
12
;
) 0
& *> + 5) D)$
62
0 " ,!*A! /* * /* ( 2 )

*A HC*

) 0
& *> + 5) D)$ C

13
63
C 0 2" )

2)*
14

) 0
& *> *
63
0 " ,!*A! /* * /* ( 2 )

*A HC*
15

) 0
& *> * C
5 ! C&
>1
/)
5 %&
76

* " $A* 2
KA
77
2E"
*A HC* C1 ; 0)$

"
"

B !" #"
,-
, ). / % )*+
KA
3 ?$ ( L ;: L 3 ) B > 8" F0 , 3 ; * ;
( 2* ) 5 38 3 30? * 3 @
23! M1 ) 5 2
: ) 5 2
:
.8> ) 5
) ( * (8) ) ;: L 3 5 3 3 ;"
2001 ) ( -< ; B > 3) 0 * G " -< 2008 ) , 2001
$> 22008 ) , 2005 ) ( -< ; * G " 22004 ) ,
.( ( (T) $ $ 3 *4
@ G1 *< , 2;: L 3 ) B ? 8P 1 3 J5 *
# D 3 *D 2B > 3 ! L 3 F0
-<
: ( # D 3 B > -Q < * ) 5
3 2B > -<

: ) 5 # D 3 2B >
D 3 2B > -< 3! M1 ) 5 D
, 25.25 , 36.41 , 21.06) ! @ 8> ) 5 #
. ) (25.25 , 17.45
B > *) M4$, -4 ;+ " (! *
( 3)1 3 * !
*
, 2B > ( R (8 E$ : 38 - + 3 0 8!" J
-4 2
0> 3 ) 0 9 B > 3;" ( : 3)
B > *) %1 3 3 *0# ! )
&
M#0 B > *) G1 ) 2 :
.3 1 3 1, *! ( *
The Merger's Impact on Profitability

Case Study of "Al- Ahli Bank in Jordan"
Prepared by
Fadi Falah Al qaaydeh
Supervised by
Dr: Inaam Mohsin Zwyalif
Abstract
This study sought to measure the impact of the merger on the profitability
by studying the profitability-related financial ratios that are represented
by: Average return on sales, the average assets turnover, the average
return on equity, the average return on the investment. And in order to
achieve the objectives of the study, the financial statements of the Ahli
Bank were studied over a period of (8) years from the year (2001) to
(2008) which covered four years before the merger, and four years after
the merger. And in order to test the assumptions of the study, the (T) test
was used for two independent samples
The results of the study and the existence of the Mergers Impact on the
profitability of the Al-Ahli Bank, which rose all ratios measuring
profitability, said after doing the process of integration, the percentage
change in the ( Profit Margin ) for the period after the merger and the
percentage change in average turnover of assets for the period after the
merger, and the percentage change in the average rate return on assets for
the period after the merger, and the percentage change in the rate of
return on total equity for the period after the merger, and the percentage
change in the average rate of return on investment for the period after the
merger (21.06, 36.41,25.25,17.45, 25.25), respectively.
The study concluded with several recommendations, the most prominent

of which was the necessity of subjecting the merger operations to more
control so as to increase the confidence of the investors in the merger, and
the issuance of awareness pamphlets in the Jordanian market to stress the
importance of merger and its ability to develop the Jordanian economy,
and the necessity of availing the trained manpower to supervise and adopt
any potential merger that may take place in the Jordanian market so as to
ensure the necessary accuracy and speed in implementation so as to
achieve the required goals of the merger processess. It is necessary to
encourage the merger process within the Jordanian banking sector due to
the positive reflections in the area of profitability. The researcher also
recommends that the Jordanian legislator adopts legal policies that
contribute to the encouragement of merger like: customs and tax
exemptions and other similar privileges. The researcher also recommends
conducting other similar methodological studies like this one and
applying them on other economic sectors.
0)4 01>

1L1
+- 2S1
, 3S1
4S1
2E" 5S1
) 6L1
C$; 2>* 7L1
0)4 01>

1L1
3 *! @
" 0 - + , 3
) 3
0> *D * "
2*! L 1 *D ( 8! 8 (!
*! ; *" .&
( (! > 0 3
J5 ( *D ; 8
( B > T , 2B > 8 5 () *
; 3&1 & L ()
.; ) *! = U 1 3 $ 5 8!"
35 ;H " ; & 3 -8 H *! B T
G # * *1 - *! &H , 9 " ; B > 23
.+
> ( (!
L ) , 3 ; B > *) & 8!" ( (,
) *! 3 9 4" ,
2
0> # )&< *!
.
3 3
*V ) > J *) (" /4 * !
( " 1 -D
3 3
*V ( * L ) -
0
* ; H? (! 2-D
9$" 1 - ! 3 3
*V
;+! & 1 - ! < ; 3 3

*V ( /4"
3
*V ) > B > *)
! 23 3 :
( 2 ) * &! 23 ; $ # - 3 3 3
3
R 3
*V ( B > ! 231 <$ (V
) B > *) 8" 3 ; *=1 B ? - + 3;W /H
.3
: +- 2L1

3 2% : ) 3 *! & ;" B > *) (
X,
B > *) &)4" 3H (" ): *H B L 3/ 1 ,-=<!
3 3! 3R
(! ; ( 23 16 @1 ++ 23 8Y ?
:3Y *>V
[B > 0 -< ;: L * ) 5 L; ; .1
[B > 0 -< ;: L
: ( L; ;.2
[B > 0 -< ;: L
: ) 5 L; ;.3
[B > 0 -< ;: L 3! ) 5 L; ;.4
[ B > 0 -< ;: L 8> ) 5 L; ;.5
: , 3L1

:, 3 ; &
.): *H B > *) 3;" ) =4 # .1
.B > *) AR" G ( .2
.B > *) 1 *?! * ) .3
.;: L 3 ) B > 8" .4
: 4L1

2
) B > * H + 3 3;" (!
& 9 # ): 3H %1 (, , 2B > () 31 3 ) 8" (
& ! 2(P ; /+ / B > *) @ 2& G 3 % \
/4" & 2&1" ( 1 3& R ( ; % : B >
@! 9$: 3 6
( 31 *H ) 4 =@
&?8 G 3 ) & 0 - + 31 *H - ) L! 2;R
. 3)

: 2ME" 5L1

C E> :HO
."B > 3) 0 -< ;: L 3 35
3> * 1>"
: 3Y 3)< *4< 234< ; (
)4 > E> :HO1

^; 3 ) * ) 5 35
, 3> * 1> "
."B > 3) 0 -< ;: L (7
> E> :HO2

0 -< ;: L
: ( 35
3> * 1> "
."B > 3)
> E> :HO3

0 -< ;: L
: ) 5 35
3> * 1> "
."B > 3)

> E> :HO4
L 3! M1 ) 5 35
, 3> * 1> "
."B > 3) 0 -< ;:
A > E> :HO5

-< ;: L 8> ) 5 35
, 3> * 1> "
."B > 3) 0
: ) 6 -1
) 8P 23 )
B > 8" 3 ;
$ , 23 F 30? * @ G1 $ ! .9$" *D
G " - ) 3 *
0 23 F0 1 $> 35 @ A
L ( ; * G " 2005 ) *8 B > 3) 0 *
.8? < ? L ;:
:C$; 2>* 7L1

3! + ) J 29$" 3V L 3V 0 3) ; :B > S1
.3 3! , &+ &
" &!
*&" *8> 3 % : ( 30? () - ) ; :3 -2

" 3! - 9 ) -=<! ) ! / / ; 3 2% : ;
( " 2* % : ( 30? ?$ ( , 3 F 235+1 *
.& *&" *8> % : ( 30?>?$
:> 3 ; 3 F0 @ 8:3 F0 @ S3
.(Return on sales )* ) 5 -
.(Total Assets Turn over)
: ( -
.(Return on Assets )
: ) 5 -
.(Return on Equity ) 3! M1 ) 5 -
.(Return On investment ) 8> ) 5 S C;
01>

2) #F ;
#F ; 1L2

2 2L2

2 / . 3L2
01>

2) #F ;
:#F ; 1L2

:7 ) ,*
J & 3
$ ( "J " 8?8 < ( $P %?#
> B >
.(-; 21985 23D G1) " R $ "
?$ ( > ; 0 28!" " (P ( 7
; B >

( 90" (! ; - ) (! 1 (! &H (! " (P ( ! B+
. B > 0 (! " (P
- ) ( 8!" - 3! G1 3 3 3" ) B 6 T) !
(8E 219982+).- 1 3! , * *! " 2350 *!
/ /! (! A &4 G )" 3! ( 8!" B " ) /4" )
(Megginson and Smart,2006,P864 )- )" - "
3
0> 9 > 3 R - 6 ) *_ ( B >
-=<! 8!" - , &) 1 2- - , H * 3 6 L *_ G4
10
*=<! ( & < 31 B > 0 3 < *_ 3 - 6 ( - !"
(5 E219992 ).- 1 3 6
(! 2= ) 3! > 3 B 6 -;H *+ 0
* ?8 B > 3) * 23" 8!" B > 3! +
388 231 - ! A<$ 38 2: ) -# : 3
(8E220102## ): L ( (! 3 - - +
3# 3 ; ?$ *H @R" *
"1902 ) 1898 ) (
( & (! 0 2) *! G" ! B 6 *) )
@ 1
*! &H , 9 " : ) -# 3) # *0 L B >
! 3 ; B > 3! *1930) , 1926 ) ( 21 - !
3 *! ! 9 ! *! -# A @ : 2) *! !"
F ,
- - ! 30 A<$ , 34, 23
; * & 2(: 3D 1964 ) ( B6 *) 3 3
0
; @ 2& 3 B > ) / ! / 3
.% : - + 231 *_ 3 +! $ 2: ) -# , M>
11
:7)) 0+-

:& 3 ! : B > *) $P
J 29$" 3V L 3V 0 3) ; B >( merger ) B >
-1
).3 3! , &+ &

" &! 3! + )
(3E ,2008 ,

& - 1 3! FP ) ; (consolidation) >
-2
3! &$ &<

&) J 2(50 8!" " (V *#
"
(Larsen,2006,p167 ) .- 1
= ( " ) - 1 3! & 3 ; ( Acsquisition ) =
-3
3 ; () J ( @ ) 9$" 3!

"
( 100% 50% 3
) & = 3! G 34 3! ) 3 3! ( 30?)
0 ; ! > (! ( ! 3 ; 23 3!
G4$ 3 3! 3 6 * (! ?$> (! 2B > 3)
(8E220042) ) .34 3! 0 ( -#
:&;" ( F" - ) ) = B > M"

(V B ?$ ( : B > ; 3$ 3! *R ) =X
23! 3D 30# 4" & & (! 21 F< (?
B > 2&) 1 9$: - ! ! (V ( (! B >
12

; M ; ( & 23<$ *D *! ( M ; (! #$
Ross
and
)#$

,
346

` )
D
9
,
.(Rondolph,2010,p680
(! 3# *! ( B > ; 3$ 3! 31 @ B
- *! ( B 23 " *! (! (P! - 3 3 *!
*! ( (! (P! 23 1" *! 3 *! ( B > *1
3 1" 3! &) J 3 1: *! ( B > (! 0 23 1" *! 3 "
(12E,2005, !).- 1
B ? /)" *! (0 ( (222 ) - : *! (0
:(19972 : *! (0)Y!
4 (31 3! ) 9$" *! " 3! G 8!" " 3! B -1
& ! 3 )> 3
$ + & 31 9$: *! " 3!
3! 1 @# 31 3! , 31 3! *+ G1
:3 *=1\ L 31
.31 3! , &4 31 3! ( 0
S
!: # 31 3!
$
"
=1, S
. 1 -
* 3H: ( ; &) E

13
. 30 () > &" - + 0 31 3! $ S

3! (; " =! ) 31 3! " - + G+ S
.& &&" " &
3 31
3; 3! 31 3! *! , ;
, 1 &&" +1 S
.3 : (0 - - &P ) 4 3)
.(; - 1 3 *=1, ! S
.
2
() 31 3! ; (! - 1 3! FP 8!" " (! B S

3
$ + - 1 3! *1 *! 4 2B >
.& ! 3 )>
. 350 3 " 3! 3! 3 3 1: *! *>! M B S
3
3
$ + *>! M< L 4 3D & FV - 1 "
.
.& ! 3 )>
F (!
` ) 9 (! (" @1 ! M ( @1
.-P -
! & (! ( !
: G")
( (! 3H 3 6 -=<! ( ;+ " ( -8! G B ? (,

( 346 = ): A<$ 2B > 3) ( -1 ;:

14
23 4 * 2G: > + ,30 3

H 23 6
2#).& 0 ) 8P 2G # () 38> #$ A<$
(315E 22000
*!6 3 < * G1 ) & 9$" G B ? (" !
;: ) - 0 *H ; 7
-8 : FV 34
E$ 23) -=<! * 3) " ) ) ! 2% > 3) ( -1
) B > ) ! 2&> F?6 *> ( 31 *H
&4 G ; ) &1 & 1 !< ##$ * 6
(8E220102## ).% : - 1 4" * $ ) ) ! 24
; , 31 3! ( 3) = 3<! 8 B >
( -
&: 3 " B > () , 31 3!
(14E220082).31 3! , 31 3!
$
# 3 2; B > &?$ ( (! (# L;
31 3 3 21 5 $ 31 3! / G0
.(439E219992! ").-& & 31 3!
"

15
:
5
2; B > *) () 3 ( " L; (P 3 * W G 1
.@" ! 74 (; J @" = @"
<- ) :3 )
/ " 3 3 31 3! * # :
" 3# &

, 346 M a (4 B > 3<! (" & 31 3

, = , 2& 3
$ 3 1" ( B > 3 3
3! 3 &"
, = , " 2& 3 3 * b *
; ( 2b31 " 3 & / 31 3!
"
1 31
3 8> 3<! ( < @ ?$ ( B > *) -& (!
31
:
( !" 3<! *! K 31 3!
"
30
.3 1 -& &) J
.3 -& &) J 31
:
( D
" 3<!
, ! ) +! 8!" (4 ) +! &" = 3# 3: -+

" " 3 " &" ?$ ( (! = 3 & * =0> 3) ; & (,
) &+ -+1 % > " 3 3! ( 3 % : (" ! 29$"
(59E220112+R c).: 3! , & ( &: 3
16
(! = 3# / 3 31 &?$ ( 3# 3; () "
(19-18E219972) ):
.& 30 3 / 31 3!
"
= 3 3! 0 -1

"
3 3 8> 3<! ( < ; ,= -?) -2
.31 3!
3 " 3 1 *D = -?) ( < (B > -& ) -& -3
3 ( < *D -; @ 2
$
: 0
.30
J ( @1 3 -& *! " 2 ! 1 3 1 -& -4
.$ 350 $ !
.3 *< ;d 3 -< *
(4 J - R *< -5
;d J = 3<! ( /=+1 -
&1 &:
K 3
$ *< -6
.(
6 -?)) 46 F" /4<$
* #
: 3# & (; J 3# /
3! /8 M a (: B ? -& &H > 23 3 31 3!

! , 2 1 > 3 3 () (
" - + 31
.B > 3) & G -<
17
J 3# / B > *) () 3 3 3 F1
8 3=? 0" * 2&;" ( @ > ( (;
? = : 3 # * (8 +>&" ! 2= @P 3
3# ( 8!" $ (" ! 29$: *! G = : ; 3 8?
/;1 3<$ 3 50 &H , V B > *) () 3
(440E220022B1).3 * AR" " 3 * & $
) 0F " 2 /

308 3=? ++ & ): B (3) 0 e? 6 ^0
28P ): B () 3 & -P & * 3 3 0
2): *5 B *) () 3<!
( , ; &
(K ): B () 3 = 3# ) (" @#
3 3 *+> 2*+>
: )> Acquirer (J )
)> 2B > f 3 & AcquireeQ (31 ) - -P
$> G4$ ( ( ( ) ) &5<#, >
P! -&
./
18
E220102*
) &1 , (! - ) /" ;
.(752S748
.B > *) () 3 3# -1
" 3 4 " 30 @ " =4 3) # ): 4 (" (! -2

= " 2$c M 3! M = (4 0 29$"
" 3 " 3 " &"
K 0 2)" M
"
( " (4 () &: 3 ( 3 0 ! .9$"
"
1 M = , ): 4 3) (4 $Y M &" 3 M
G ( 8!" " -
"
" 231 G ) #
(! ) 34 G ( 8!" " - ? " $c M , 34
3 * # (K 2 ; ): 4 G /< 3 ;1
.3 4> 3!; () H AD 3 %
6
M & (! 3 -P " -P 30?) ): 4 () P (" (! -3
; L # H ; 8 .G ; L M : ; L
3 L M
B - 3
.3 -P 8! 3
<
= F -& & $c M
"
= ): 4 (4 0 -4
.3 " -P 30?) ) J > )W 4 ; 8 2$Y M &"
19
3
$ 3 ; 4 M # H ; 8
.- 3
&) 3 R
: -& () 3 ; # ! -5
.): B
3! () 3 (" @# Y 35 * # 8 !
( ) J # (" @1 2= 3# ): *P *1
( 3 ) 31 -P ) @1 230# (4 3$ )" *_ B !
#
W f 3 M1 ?$ ( ): B 3<! F ("
3! * " 2& *+> (9$"
" " " 3) 3 )
3 9+ 9$" - ! &, /4 J # ;
(" (!
.(( @" 2( @" 23
)L
) ( 31 -P )
f ; f

.- < 3) 31 -P ) 3< -#
B > f
< ! )> ( 31 ) 3 -P ) @1 !
# ( 31 ) - -P 3 3 *+> -
:
&0 (!
: L ( 3 G ( )> &)
31 3! 3 5 & ) 0 (! , ) H AD 308
*+> ( 3 ) - *+>
: )> 2> " ( )
20
=0> f 3 3 3 -P 0 ( 3! 3 *+>

.3 3 D 30: L 2%100 L 3
3! 3 3 3! *+>
: ) = 3<! E
$ @1
@1 G & H< 3 R
P! 3<

: ) 2*+>
:
G ! /
0 3 3 ) &0 @1 ( 5 ) 0 e? :
.(-
2=0> f
P! -& ( J ) , :-& * # (
2=0> f
:
3 3 () = 3<! - + /5 F
: ! ; & 2Good Will 3 1 -& ;
(-# R E
30 + B > f 3 3 )= -&
. 3 *+> - 3!
"
3 3 S
E
30+ B > f 3 3 ) = 3<! *!
3 -& L; ( -
:
3 3 ( 0" (-# R
Bargain purchase " 34<$ P = " /8 Badwill

W 3 ( L 2$ 350 $ ! J (" @1
3 3 - 3! ! 3 3 L! 3! *+>
3? 3 5 ), f ) -& ? F 2-# R E

" / $> -& G4$ 5$ G1 & /# 3<! ( =0?
21
/ # -& 3 , H " L; *! , - ( 8!"
.
: (36) 0 3
<0 2&5<# () 0 3 B 3) 31 & -& 8 (
/$" ! 2/
-&
G4$ -& @ =<#6 G1
.L
! 3! 3!; - ),
)>
;+ , (! F )> j ( - *=8 ; !
:(187E 220102( ( 31)Y
) 9$" ) 3 0 # F" ) (P 16 )
D (")
.L?> f - 1 F" ) F (# D ) ") 3
(! ): B 3 35# *+> L # )> (@)
.8 ! &0 (! + () - )
)> 3 & )> *+>
: A F0 D (B)

: (! .3 3 & )> &0 ( > 9$: 3
@54" 12 3 # (4 B L ; -8P *+>
3 )6 "(<H G" 19 3 "$
R
:" 5 3 )6 "&: F" ) G " 2
."3<0 * G & H< 3
.&!? F 3
$ * # L; ( )
22
G4$ G 1 F" ) & )> A

" F0 (C;)
.3 3 ; F L (! 2A
$ (! * () %
6 3 -P ( ; 4
- ?$ 3 ;8c ): B *) 3 # ( 3 &
AD 3 * ) 30
0 (! e? > f " 3 ),
*? " () 7
< (" 3 -P ) @1 2): B .;
,
): B * 3# (! 3 ), - &
.3 " 3 ), *
: 0+-) 2

>, B > 3) ( 31 L *! &1 5< + ( R )
:&;" ( B ? * 4 L; ("
:+* 0+-L1
!> 3 - , " -1 3 < 35& 3!: - *>
. 3! *) ; *_ ( B > *) (P -+
: ) (?! (0 ( 3 -< E
;
&" ( =+1 " ! )
1 1 3! " ) H ))
* & (! , - R " - 3# = 9$" -P " 3! "
23
( 3# " 1 1 " !> $ 3 4, ) ;1 8P
.((3
! ) / 0 G4 3 < 3! ( G
, 3 -< * " 0
2(1 F< , *_ ( B > (! ) /" (!" = : B > M"
) /) " ( & " &5?) 3 -P ( B > (! ) /" "
.(16S17E220032 A) )(1 F< , > *_ ( B > (!
:1*&) *$ 0+- L2

: &;" B > 8 G ( 31 3
0> 3)1> ! ;
3!; - ), *_ & H - ), 3) *_ ( G @
- ) "
) ( 0 ) ) &, ( ( ! ) () =D> , / R V
A (" 2)1>
0> # G1 ) 9$P " -
8V 0 ;
J 1 = ( 9 ) - 1 34, 8 > G ; ! "
.(Sheltonmike,2000,p34)G 0 ; ! 3 $ = " )
: 0+- L3
@! 3 3&1 > *?! B > @ 0 3 3 (
.3 3+ - ?$ 8> ) 5! 30
24
:NA 2!+- L4
Radygin& shmeleva, ):, (: A B > @ " (" (!
(2003.p21
2= M< 2%1
J 3) 6 ! ##$ > )

. # ?$ *8

(" 34 3V ( /# (! (" ( > J 71 " 9 /$"
.3! 3
< 3#$ (4 <
: <4 2 :+

4 *! = " 3 3 $ @: "
G4 ; ( 2 V ) - ) 2& 3 H
2= : ; ) B > *! 3 2 = : 30? *
&?$ ( * : *>> ;
(41E220062D )).3 @ (! 3)
" ! &?$ ( 3 L " )
, & 2
0> G4 3) 3! * V ( )1
& 0 3 & 3<! 9 5> +! 2P 3
(3E22003:#).3> )
25
3V () 3 3 * 31 3) P /4" (!
L! 2& 3
$ * $ = : 3) * )

2 G4 ) (! G0 3!, G 2- 1 3! " E$

$ ! & 3 * 7
G1 3 3D ; @#
.(279E220002) ). $ G @
3< 35
6 34 # @: M1 " ) < !
*V = " 1 ( 3 ! * ) &

)
(!

G0
4
4

*H
.(21E220042)
: %C) 0 * 2)*

(" (! 35 38?8 * H 3 5 3) =1K
Y ;+1
:D)- N)* -1
( F ; ( # 3! E$ * ! G1 ; ,
( ?$ ( L (! 0 2 !; & 3! 3 &?$
.(John, 2011,p208)&) @ ( 3)1 B$ ( " - ) *
26
(75E220062($" <$):D N)* -2

, M# )> ( /$" 51K ;
8 M# F< 9$" *! & ) 3 5 23!
.# 1 3!
:% N)* -3

M# H 3
0> H 3! 3 : ;
&H , .3! 3 3 3
0> H 3 23
$ *1 - *! $ ( M ; 8
A 31$ 3 3) 8P ( 3) J 3 -1 3! 1
.3 *
: 0 * 2)
2 AR: $ * : ( > 3
* : ; E$ & 31 @ & * : ; *<
:Y
27
:"4 0 * :)
- , - ( 3 5
*D 3 : &
@# 3 # ; *D @ a 3 & " . 9$" 3
.(Harip.S,2011,p3)3 3 5 ( 3)1
: 0 * :3

3" 30 , 3 35
) (
) ! 3 F ; &
(Gibson,2007,p275).3 35
G+ F /" 35
:

0 *:3
5 * " 5 ;" ( d , 3 @ $ ; (!
1 .3 5 A ( *0? F & , 23
$ *+ ( 23 @ 23 @ 2# @ & @ (
9$" 3 , 3 ( 3 3!" 2@> 3& 3 @
# ).3$ 3 5 &) ! > * ! , 346
.(209E,20052
28
%C) / 0 * : 3

8!" " (+ (< (& ( (50 , =1 M ;
( 35? *1" @ " ,
0: *D 3 0> 3
.(312E219992($ ). -P +! 3 ) ;8"
: %+
" 3 3=? ) ! (" &5 5 3# 3 3 >
" 1 F< ( &?8 & " 29$" *> @ G ?$ ( ,
* G & " (3)
) ) # " 3)
# G &
.(199E,2006: ;)( $ )&) # -P F< 3 3
:9& )

3;: 3R % : 2$ ) 3! - 3 8
23 % : 30 ( ; (; &)
% : (: /H (;
- ( &! &: 3) 3;" * (5 3 3 % : 30 (" !
= : 3 V ; 3 (" ! 2&) 3 ( )
(Daniela and Brain, 2010, p782).3!
4 " 2): *H G1 : & &" ) 3
G & ) (5 & V ,(8 & G# 3R ; &5
29
1 2& 3 $ - 6 -=<! F 3& - " /4" ; 23H
8: $> : 31 1 3H 3 - 6 &1 ("
.(Levinthal,2010,p708) .&
: (! 5) 4" & 3
kieso,2005, p781,Horne, ) & @ ( 3 $
:(2004, p360
( Return on sales )* ) 5 -1
$
=
*
3 , ; 2 * ( ! ) 7

3 ; F
3 ,
( 9$: *
3! ! 3#D % " (
3 @1 2/ 1 L (! 3 ; *< ! 2?$ 3
3)
B! 3&1
" M# 3 @ #
3 ;
.(benchmark)1
(Total Assets Turn over)
: ( -2
*CCC
=

: M1 #
30
* 6 &
" $, -P -=<! 9 3 3 ; $
M<> (" 2(34<$ " 3 7 ^; ) *1 3 ; 74
3 ; 3 @1 2`) -P
" ( 5 (" ) 3 ;
.-P F< 3 * G " M# F< &?8 G
(Return on Assets )
: ) 5 -3
CCC$

: M1 #
- 6 -=<! 9 F &" 9$" - "
W 3 6 - 3 ; F
" 3$ *! =
G1 ( 3! &)
: 8
/ 1 / V #
: ( 5 M<> (, 2= ) 31$
. -8
W 4" ?D , L , -P
(Return on Equity) 3! M1 ) 5 .4
CCC$
3! M1 #

; 2 3! &" 8 ) L? 3 9 5 () 3 ;
> L? 0 3 ; ) =X , , 3 $ 3 @ ;" (
./ / 5)

9$"
*8
,
:

"
#
31
8 8> ) 5 3 ( : 1 d& 3 ; V

.3! = " () 5 V L (! ! 3 ; 30 *0 ! .(;
( 7 ^; 3 ( # ?$ ( 3 > - F0 (!

:Y! 3 (DuPont Return on Assets)
:
CCC$
X $
=

: M1 #
*

> ( X 7 ^; 3 = &" "
(Return On investment ) 8> ) 5 .5

$
3! # + 1: 3# * # #

( & 3 : ! - , $ -P -=<! 9 () 3 ;
; : A< (, , : L ) 5) 4 : (;
) 3) 5< (; ) @# 5 ; : L 3<! 1
. 0" ) : 3<! 9+ 8> ) 5) H 2 A
32
: $ " , 2-P 1 V ) 3 ; M< ("
; 3 (! 0" -=<! & $ A<$> 24" ! (; 3
.M# F< &?8 G " 9$" * G 3
(228-229E 2 2006 2; ): 0 * 2!+-

" >, 3! G4 () * ( 8! 3 5 (" G
:& * (
. 2
A* : 3 )
@
3 ; 2- *)
0" - ) ! *! ( 8!
*! - < - " 3 ; (! 23 3 3)
*> $
.- ! *! ( -D

. E 2
:3
3 5 &H 0: 3=? ) , V ?
/ 8 $4 *) (,
. 7 L?;> (+$ /

$
33
. HC* >* : 3
?
/ 8 2=d " 1 ; 3 @ ( B$ (P < @
(
3 (: /5 d - ! 35 3 " /0 3 +! &H 0 3
.J R
"
.
$ " ,!*A : 3

5 ) / 8 *! & $ - 3 # L;
(+$ &?$ ( # - ) ?
/ 8 L& & 31$ @ ,3
3# (K ( : M< ) $4 - < 2(LIFO,FIFO,WA)
; ) 0" (+$ 30 8!" * 3<! &H (LIFO)>
/ "
/$"
3 $ *! = & ) (! ( ?
/ ! (" J
(! 23
: (& >
/ "
/$" $ " >"
>"
.?
/ 4 ?
/ # 9$: 3! ( 8!" 3 * 3! L;
34
1 2@
2 :2L2
( 3 5 3 B > *) M4 (8 ( (
+1 A) 2( $ 0 ( * $ &;: 3<$ @1
: & $ @ L 3 M4 3
* : * ;:
:
2 :3 )
(2002 ) / " L1
"/4 :"1 * ) /)
"

$4 3! * ,
M# 3 0
( ! 2)" B ? H @1 3 ; * 23 3! ( :
.( : B > 3) # 4 ( B > 3) !
L 5> G+ 74 * 1 &;" ( J5 , 3 *

?$ ( 2(5> 1 ( %56 ) L 3 " -# 31 3
* ! -4 2 ;+ " ( *
, *
$ 3 (K ?)"
L 0 2 F" * # 3 23 ) - 0 7
-D
3

+! L 0 ( * G4 2B > -D
L 1 +!
= * 7 *! (0 23 # ;: , V
.B > 3 L 3 *+> F< &5#), *V
35
.(2003) / L2

* )2+- 0-") $ /
" 0 * %A* /)
(/4 " 1 D&

L ,3 3; *!
B > 8" 3 0
M#0 ( 3 3 3) *! 0 231 *! %1 ( / ?
/ 8:
) ( B 3 12 ( 3! 3) *! ( > ( 3)

.2001 ) 1989
23 3) B > * / 1" /8" L; (" & J5 , 3 *
!
.3 *> * 0 B > *) ( @! L; (" ( ,
3 0 , : 3
B > *) M4$, , 3 *
"
.35 *&1 0 ( 3)<
.(2003) P) -3
")
PQ4 : " /)
3 3 3$ 3 3 ?$ ( L B 3 0
F # 3 M: B > ) =4 # 0 , 3
# 1
2B > *) ( 3<! 5 0 &
J 3# ; (: L 3 3 3 -?) 3# M 34" , L
: ; 3 3 -?) 3# F =#$"
36
?$ (" ! L 3< 3

0> 3 ( 3 0 (! > 3 3 (" -
( ?$ 1 , V 0 : D 1
$
: 3
. 3
0> 3 ( 0" 3 3 (! 3< 3 3 3
; & L ; 3) -? 9$" 4 3# L; S@
. 3! #$ J L ! (" (! 5 ( 30? ;1 "
&)
30 3 () - + " -? (! " 3 * !
) " 3+? #$ 3 3< 30 5 (! ) & L
. F 3 0 R (! + & L
)> ( $: ;+ " ( (! *
( 3)1 , 3 *

;> ! * )> & ;>
L 3 R * )>
1
! B > 3) ( / ! /=+1 ! &: 3 * )>
J 3# ; (: L 3 3 3 -?) 3# M L #
. 3 3 -?) 3# F =#$"
.(2005) +) .4
" 9C 4 2+- "/)
f 0 L f *1 *! 3 5 3 0
@ & 3 @ ?$ ( 3 5 0 0 , L
() 31 3! ( 41) 3 3) *D 2@ ( ;R 3 @ 3
*! ( 3 *! 22001 ) 21985
) B 3! (83)
1> " ;+ " ( J5 ( )1 , 3 ; *

$ ! 23 3;
37
< ; (! *0 L; (! 2B 6 0 *! = : *0
.3<<#
3 *# (" @1 " &;" ( (! 3 & *1$ *
"
) - + 23 3; *! 3 *+> H - )K
.3) 3 8Y B > J5
:(2006) $ - 5
. )
H %C! @) *A) "1 H /)
2(
J 5? B 3 0 3 L 3 0
( J5 ( ) ,
0 2 J& ) )
F" - + -4 # (4 0 3 L J B %0,&;"
B (" 2> ( 30 , 3 1: L 3 , 3 L
2L A 35 3! 8 # ( *?! A 1 J %
2&5?) ( L ( P *?! ) 31 ! 4
)
( L (! ) =? A L A A0, =8" " H ,
! 31 ! # ) (< =? 1 31 ) < (4
.&5?) L ( 1 !
(" 3 3! ) " ;+ " ( (! &,
*
"
3
$ *=16 ! (" 23 L J % B # )
3 3 3#$ < 3! (" 2J ) L +< ! B
38
J 3 k& (0 * M6 +> .B #

.

(2010)
L6
" "1 %F 1) )* 6 7$)*+ "1 /)
"

3 # # B > * 3 3;: 3 ; *
3
3H = " ( B > 8" + , 3 ;" *!
B > 3 3 , 34> 2L 316 3H G / (!
( 3)1 , 3 ;
.L 3 - G

34< 3) L (
B *) @R" (" ;+ " (! J5
3H ( # 30?) 1 , 346 2B > 3) ( 3 -+ 3)#
3) ! (
B > (" 271 B > *) 3 3<!
L ?R, =
- 5+ M< ) ) ! 2
0 (
A<$ 35 ) B > *) (, .@# 7 > M<
.&1 D
, 35 *
0> , 3 ( 8!" !
B > *) M6 -4 & 3 & *1$ *
;" "
L ( 3< % 1, , 346 2 @ l 35& ?$ (
(: L ) 3 0 #" 3 ,
" ! 2B ? ) L +!
.B > , V & 4
39
(2010)
L7
" <4 2+- "/)
3 38 *0 , = : ) B > *) 8" 3 *
) ( G 2B > * *< B > 0 *< 3 5
) ( 3 : 3)
3 3! 3! 3 " 3! 2010 ) , 2004
) &1 (! Pfizer 3! Wydeth 3! 2009 ) , 2003
." 3 " 30? * 3 @ $ ?$ ( L 22006
3)
3 3! (" ;+ " ( (! J5 ( 3)1 , 3 *

*! 23! 3 " 3! G
?$ B > 3) ( * < 0 3 :
*< , 2Wydeth And Pfizer 3! 3 1, ! B > ( - <>
*
.B > 3) 0
(! @ G 3 (! % :
L B > < 0 3 3#$ 1, -4 ;+ " ( (! *
, 3
5$ < 5$ % : &;" ( 3<$ 3
# 4 1" (
-=<! - + 1 1: * 0 ( - <> 3 ,3
. B 6 *) :
40
:
$4 2 :3
(1999) Thomson -1
The impact of mergers and Acquisition on profitability and
employee Remuneration in Uk manufacturing Industry
B > *) 8" 3 / 1 /1& / /" 3 ; G
?$ ( - 3! ( 1" 3 * ! 23! 3 ) >
.1991 ) , 1979 ) ( 30 -< B > 0 * 3
B > 0 -< < &! ( 1" 3 (" , 3 *

M# F< 31 *! *! - + (, , 2B > -< G 3
0" & & * $ 3 # $ *1 *! " 2,
.3
F< , *! (! B > (! B > *!
"

" ! 2M# F< > *! B ( 8!" / &: 23)

&?$ ( B > 3: & 74 3! 0 ( 3) *
K
*! *+ 3! 0 -4 B > ?$ ( +
.1 -D
*! ( ;R G1 ;+< 1" ( 31
41
:(2005)jareer . 2
"Integration strategies evaluation comparative study of single
and multi-level strategies the case of us based bank
"mergers"
0 ! 2& + @ " 3!: L *8 B > *) 3 0
3 *
2B > * 7 3<! -=<! 8"
& 3!: L B > *) @ " (" ;+ " ( (! J5 ( ,
) & 0 & 30 3
- + , 346 3< ! 1 ,
*) (" (; 30 34, 8 B > 5 ;" ( ("2 3
.& ( + B >
, -D
L 1 (" ;+ " ( *
( 3)1 3 * 0
(" 2 3) *! !" 3
* ! 4 &4 G B >
, 1 3 *
" ! 2B > 3) A06 *) L D
0 -4 2& 3 35 F< L J ) ! -=<! (
.> B > *) ?$ ( #$ G+ ) 3H
:(2009) Rawaili . 3
THE IMPACT OF MERGERPOLICY ON THE
FINANCIALperformance of the Jordanian companies a field
study.
( 3 : *! 9 = : ) B > 8" ( , 3 ; * ;
*1 *! (103) () - ) 3 3) *! B > * *1$
42
1 3 3 ) B > 8" ) 3 *+! 0 3! (49) *
"
( %10 3 ) *1" 3 (" ! 23 &W * 6 ) *
(! J5 ( 3)1 , 3 *
,31 *! ( E$ 500
"
L; (" 23 : *! 3 ) B > * /0 /8P L; (
X " ,&;" !
* /0 /8P L; (
X " 23 : *! 3 ) B > * /0 /8P
) B > * /0 /8P L; (
X " 23 : *! * 1 ) B >
.3 : *! &: * ,
-D
*! G1 3;" .&;" ( (! *
( 3)1 3 * 0
2& 3 35 $ 3 90 ! 4 &4 G B > ) 1
3;: ( 2B > ) -D
*! G1 *=16 3! -4
.3! 0 ( 3) * ?$ ( B > 3

2 / . : 3L2
9 L B ) =4 # 3 * ( 3 ; d
B > *) 3;: /H :
M# /

$ 23 &#
: + 3 (" (K 2& 31
B > 5 ) =4 # &) ( 3 * ( 3 ;
-1
.3 : 31 L /

$
! M# < &! 2B > *) ) 9$: * *+!
-2
* *1 *)# G1 3 ) 9$: * * = )
. /) 3 3 3 $ R 9$" @P &
43
6 01>
2<$;)
6
H9 : 1L3
) G*$ :2L3
2) :3L3
2) ) 2
G$ 1 :4L3
2<$ :5L3
2E>
*A) 2
0 * " A* 4 :6L3
44
6 01>
2<$;)
6
H9 : 1L3
0 3 3 , 3 3) ( ;
) )! 3 5 ) )> 2B >
. 3 3 @P
) G*$: 2L3

/ M# ; $ =1 , 2 :
M# 3 G1 8
B 3 3 2 :
0> & 3;W /H 3
5 3 ?$ (2005 ) < ? L ;: L ( ( : *8
B > 0 * G " -< 23 3
$ @ ) =X 3 3 3
*8 - ; ; B > 3 (" /) 2B > * G " -
3 3<
*D" -! B > 3) (" 2
1 ( :
.3 3 &
$ 31 3! H< G 31 3!
.-P " L " , 21955 ) (d) : ;: L FP 0
: ;: L , 2 350,000 FP ) : F" (!
, & 3 3V 1 F & !! #
0> : 3 $ 1 5
38 (, , : (# 9 $ > ) G , & 3V ; 7
45
3 *V 5" ( ! L *0 L 3<4 + > 3$ >
;> L + > /) ($ ( 8!"
: " L " d , 2( :
.9$: L ( 3)1 G #
0> 0 *! : $ :
)" &: m 3 ;+ " ( (! ;: ( ;: L G4
231 - 3& - )
-Q 6 (<H 3 23 5
" -+ 3 $ 2G # ) - 1 3
*1 =? " 23+1 *_!
/$" 23<8 3)1> 3
0> 3 3) 3; G1 23
.2 + * # G # 23: 2- 1 (H
2) : 3-3

2001 ) ( * G P B > 0 -< ;: L 3 ! )
* @ @> 2008 ) , 2005 ) ( * G P 2004 ) ,
.Y 38 3 30?
(Return on sales )* ) 5 S
$
*
(Total Assets Turn over)

: ( S
*CCC

: M1 #
46
(Return on Assets )

: ) 5 S
CCC$

: M1 #
(Return on Equity ) 3! M1 ) 5 S
CCC$
3! M1 #
(Return On investment ) 8> ) 5
7CC
3! # + 1: 3# * # #

) (B > B > 0 -<) 3 -< 3 3 # @ !
:Y
3 -< * 3 M1
3 -< * )
:Y! & 3 3 # D 3 "
B > 0 3 # B > 3 #
B > 0 3 #
47
2) ) 2
G$ 1 :4L3
3 * )
3 0 L 3 ) )>
* G " 2004 ) , 2001 ) ( B > 0 (3) 3 * G " *#R
* *< ) )> , 22008 ) , 2005 ) ( B > ( 3) 3
H @1 M1 23 : -1 3)
-+ 9 - 1 30?
.3 M4 3
* 3 * *> 3! *?1 @!
2<$ : 5L3

: 3 ; )6 & *#$
. 3 H #6 (4 L 3 3 : B > 3;" ( .1
-1 3)
-+ *?1 ?$ ( L 3 : 31 L G1
.2
;: L B 3 9 1 > " ( B > *) & * 23 :
.

) < ? L G
* G : ;: L 3 5 3 , 23 3! ;: L ) .3
. * G " B > 0
.3 * $ 3 E$ @ .4
35
6 * $> *? =1, 1 &4) & * G1 .5
.&15 &) 3+?
. 3 *
G4 &,
J5 < .6
48
2E>
*A) 2
0 * " A* 4 : 6L3
3 @ 0 , 23 *4 $ 3 @ $
, (SPS) 3)1> 35
6 3+ , 346 3 30? *
:3Y 35
6 @: $
. > 3 *# 35 @ -1
3 3d) B > 0 ;> L ) , ( ( (*) $ -2
.8? < ? L G B > ;: L ()
49
G
01>
2E>
*A) HC* P
%A*

0 * 1L4
2E>
*A:2L4
50
G
01>
2E>
*A) HC* P
)> 3 0 3 @ ) =X 3
< ;
( 2004 ) , 2001 ) ( B > 0 -< L 3 5 )
.3 *4 $ , 34, 22008) , 2005 )
%A*

0 * 1L4
. 2
C 0 S1
(1) %& 0)$

) 2004 % 2001 % / 0
& *> 2
C 0

2008 % 2005 % /
!

$% '&
()* + ,
21.06
" # !
&)
&)
&)
&)
()* +
2008
2007
2006
2005
0.214
0.193
0.125
0.27
0.27
&)
&)
&)
&)
()* +
2004
2003
2002
2001
0.0097
0.127
0.0002 -
0.095 -
0.007
2008 ) , 2001 ) ( ;: L 3

) 5 M< 1 (1) 0 1 34 J5 ?$ ( (
3 ; # a , 2B > 0 -< 3 B > 3) -< *
(0.214) a B > -< # G 3 (0.0097) B > 0 -<
51
, (21.06) B > -< 3 ; # D 3 *D ,
( ! *! 4" ! % : ) L - 9 / 1
) ./
-2 *.
(2) %& 0)$

) 2004 % 2001 % / 0
& *> 0)14 /) 0
2008 % 2005 % /
! "#
)&
)&
)&
)&
2001
2002
0.0396
!

)&
)&
)&
)&
'& $%
2003
2004
()* +
2005
2006
2007
2008
()* +
,()* +
0.0342 0.0325
0.0363
0.0357
0.015
0.0446
0.0467
0.0441
0.0487
36.41

2008 ) , 2001 ) ( ;: L 3
* ( )

0 *
: ( @ 3 J5 ( 2 ) 0 1 ( &H
> L
: ?D> 9 ( , J5 , 2 B
3 (0.0357) B > 0 -<
: ( .# (! ,;:
; # D 3 (" 2(0.0487) a B > -< #
?D> 9 ( , (36.41) a B > -< 3
.
:
52
0)14 C 0 L3

(3) %& 0)$

) 2004 % 2001 % / 0
& *> 0)14 C 0

2008% 2005 % /
&'
!
, $%
" # !
&)
&)
&)
&)
&)
&)
&)
()* +
()* +
2008
2007
2006
2005
()* +
2004
2003 &)
2002
2001
25.25
0.0105
0.0085
0.0058
0.0119
0.0160
0.0004
0.0046
0.00001-
0.0031-
0.0002
2008 ) , 2001 ) ( ;: L 3

H L - H ( , (3) 0 1 - J5

# ?$ ( /1 L &H , 1, !
: $ 3 30#
0"
-< # G 3 ( 0.0004 ) # 30 *! , B > 0 -<
B > -< 3 ; # D 3 *D , 2(0.0105) B >
3 3? * L
: ) 5 (" ) V ; 2(25.25)
.B > 0 * ) (! 8! 4" B >
53
+ 5) D)$R C 0L4

(4) %& 0)$
% 2001 % / 0
& *> + 5) D)$ C 0

2008% 2005 % /
) 2004
!

$% '&
()* + ,
()* +
" # !
&)
&)
&)
&)
2008
2007
2006
2005
()* +
&)
&)
&)
&)
2004
2003
2002
2001
0.000
17.45
0.107
0.0869
0.0527
0.1033
0.1846
0.0058
0.0757
0.056
0.0040
2008 ) , 2001 ) ( ;: L 3

) ( *
(4 ) 0 1 - 3! ) 5 3 &H"
# (! , B ? 3? -<; 3! E
5) (
*D 2(0.0058) &# (! B > 0 ) *! 3 (0.107) &
3C) (" , 2(17.45) B > -< 3 ; # D 3
.H ! L 3! 5) G *&" B >
54
* C 0L5

(5) %& 0)$

) 2004 % 2001 % / 0
& *> * C 0

2008% 2005 % /
!

$% '&
()* + ,
25.25
()* +
0.0105
" # !
&)
&)
&)
&)
2008
2007
2006
2005
0.085
0.0058
0.0119
0.016
()* +
0.0004
&)
&)
&)
&)
2004
2003
2002
2001
0.000
0.003
0.0046
2008 ) , 2001 ) ( ;: L 3

0.0003
C -;CH 8C> ) 5 3 3

$ J5 ?$ ( (!
3C? *C8> C) 5 M< 1 3H? (5) 0 1
8C> ) 5 # (! 2B > 33 * G 3 B ?
#C aC , B C? 3? -< G 3 (0.0004 ) B > 3) 0 -<
3 ; # D 3 *! 2(0.0105) B > -< -! 3
.8> ) 5 ! ( ) .(25.25) B > -<
55
2E>
*A:2L4
0 * 3 5 ( 31$ @ ) 3 ;
(T) $ 23 *4 $> @ 5
6 =1, , 23
.* G P B > * G P B > 0 -< ( (
:)4 C E>

) 0
& *> 4

" C1 2@ 5)" $)* "
."
L * V - ) 3 D 0 G1 (! > : 35 34<
(! > 23 () - * V 0 G1 J < #, 1
30? * 3)< *4< ; $ , - 34< ; $
D / ?$> ) 1" ( ( ( (T ) $ $ ; $
.B >
:)4 > E>
0
& *> 4
2
C 0 " C1 2@ 5)" $)* "
."
)
) 5 D # (P ( 6 )0 1 ( 74
# (" ! 2(0.09) (0.0097) a B > 3)
56
(0.214) a B > 3) * ) 5
. (0.08)
( 6 ) 0)$
2
C 0 2" )
2)*

) 0
& *>
B > 0
B >
#
>
P#$
#
>
P#$

0.0097
0.09
0.04
0.214
0.08
0.04
( (T) $ $ 5

, 3 *# ( < (" (
G 3 (3.90 S) *D (*) 30 (P (7) 0 1 J5 * , ,(
; 20 (0.05) 3 9 ) 3 ; 2(2.30) 3D 3 1 3
* 1 " ) E 3 34< 0 3<
34< A ,
57
0 L (7 ^;

3 ) * ) 5 35
, 3>
.B > 3)
( 7) 0)$
0
& * 2
C 0 " ,!*A! /* * /* ( 2 )
*A HC*

)
3 (*)
3.90-
3 1 (*)
2.30
3>
0.00
31
34< A
3<

: > E>

) 0
& *> 4
0)14 /) 0 " C1 2@ 5)" $)* "
."
# (P ( 8 ) 0 1 -;H * V ?$ ( 74
(" ! 2(0.006) (0.0357) a B > 3) 0
: (
58
(0.0487) a B > 3) -<

: ( #
.(0.015)
( 8 ) 0)$

) 0
& *> 0)14 /) 0 2" )
2)*
B > 0
B >
#
>
P#$
#
>
P#$

0.0357
0.006
0.003
0.0487
0.015
0.007
( (T) $ $ 5

, 3 *# ( < (" (
3 1 &0 G 3 (0.77 S) *D (*) 30 (" ( 9) 0 1 ( ,(
A , ; 20P (0.05) 3 9 ) 3 ; (2.30) 3D
35
, 3> * 1 " " 3 34< 0 23<
34<
.B > 3) 0 L
> (
( 9 ) 0)$
59
?* 3

* 0)14 /) 0 " ,!*A! /* * /* (2 )
*A HC*
3 (*)
0.77-
3 1 (*)
2.30
3>
31
0.47
34< A
3<

: > E>

0
& *> 4
0)1 C 0 " C1 2@ 5)" $)* "
."
)

: ) 5 # (" ( 10 ) 0 1 ( (
# (" ! 2(0.003) (0.0004) a B > 3)
(0.0105) a B > 3)
: ) 5
.(0.004)
( 10 ) 0)$

) 0
& *> 0)14 C 0 2" )
2)*

B > 0
B >
#
>
P#$
#
>
P#$

0.0004
0.003
0.002
0.0105
0.004
0.002
60
( (T) $ $ 5

, 3 *# ( < (" (
&0 G 3 2(2.91S) *D (T) 30 (P (11 ) 0 1 J5 &HP 2(
A , ; 20 (0.05) 9 ) 3 ; 2(2.30) 3D 3 1
3> * 1 " ) E
3 34< 0 3<

34<
.B > 3) 0 L

: ) 5 35

( 11 ) 0)$
0
& *> 0)14 C 0 " ,!*A! /* * /* ( T )
*A HC*

)
3 (*)
3 1 (*)
3>
2.91-
2.30
0.00
31
!"# %&
(!")#
:
> E>
4
+ 5) D)$ C 0 " C1 2@ 5)" $)* "
."
) 0
& *>
M1 ) 5 # (" ( 12 ) 0 1 ( 74
# a ! 2(0.046) (0.0058) a B > 3) 03!
,(0.1069) B > 3) 3! M1 ) 5
.(0.026)
61
( 12 ) 0)$
+ 5) D)$ C 0 2" )
2)*
;
) 0
&*>
B > 0
B >
#
>
P#$
#
>
P#$

0.0058
0.046
0.023
0.1069
0.026
0.013
( (T) $ $ 5

, 3 *# ( < (" (
(
) 3 ; (2.32S)*D (T) 30 (P 74 , 2L J5 (13 ) 1 (
34< 0 3<
34< A , ; 20 (0.05) 3 9
M1 ) 5 35
3> * 1 " ) E 3
.B > 3) 0 L 3!
62
( 13 ) 0)$
+ 5) D)$ C 0 " ,!*A! /* * /* ( T )
*A HC*

) 0
& *>
3 (*)
2.32-
3 1 (*)
2.30
3>
0.00
31
34< A
3<

:A > E>

0
& *> 4
* C 0 " C1 2@ 5)" $)* "
."
)
# (P ( 14 ) 0 1 - J5 ?$ ( 74
(0.0004) a B > 3) 0 8> ) 5>
63
a B > 3) 8> ) 5> # (" ! 2(0.006)
.(0.001) (0.0105)
( 14 ) 0)$

) 0
& *> * C 0 2" )
2)*

B > 0
B >
#
>
P#$
#
>
P#$

0.0019
0.006
0.003
0.0107
0.001
0.000
(C * C $ $C 5

, 3 *# ( < (" (
.(
(0.05) 9 ) 3 ; (3.08 S) *D (*) 30 (P ( 15) 0 1 (
C" C) E 3 34< 0 3<
34< A , ; 20P
3C) C C 0 LC 8> ) 5 35
, 3> * 1
.B >
64
( 15 ) 0)$
0
& *> * C 0 " ,!*A! /* * /* ( 2 )
*A HC*

)
3 (*)
3 1 (*)
3>
3.08 -
2.30
0.00
31
!"# %&
(!")#
:A 01>
21)*) HC*
HC* 1-5
21)* 2-5
65
:A 01>
21)*) HC*
*
3 ?$ ( &,
J5 /4)
< ; (4
.J5 L =4 & 0
:HC* 1-5
:Y &;" E$ (! J5 ( 3)1 3 *&H"
3 3; *! * 8 (4 3: +5! ( B > d : >
/ "
. 3 * )"
) & ) , &< # ) & 0
G 3 B > -< * ) 5 M< 3 J5 * :/8
-< 2(0.0097) B > 0 -< 3 ; # a , 2 -<
.(21.06) B > -< 3 ; # D 3 *D 2(0.214) B >
66
-< G 3 B > -<

: ( M< 3 J5 *&H":/88
B > -< 2(0.0357) B > 0 -< 3 ; # a , 2
.(36.41) B > -< 3 ; # D 3 *D 2(0.0487)
G 3 B > -<

: ) 5 M< 3 J5 *&H" : /
-< 2(0.0004) B > 0 -< 3 ; # a , 2 -<
B > -< 3 ; # D 3 *D (0.0105) B >
(25.25)
-< 3! M1 ) 5 M< 3 J5 *&H" : /$
B > 0 -< 3 ; # a , 2 -< G 3 B >
-< 3 ; # D 3 *D (0.1069) B > -< 2(0.0058)
.(17.45) B >
3 B > -< 8: ) 5 M< 3 J5 *&H" : /
-< 2(0.0004) B > 0 -< 3 ; # a , 2 -< G
.(25.25) B > -< 3 ; # D 3 *D 2(0.0105) B >
3 (Thomson,1999) 3 G ) !
3 3 J5 <
,(20102 ## ) 3 G /5+1 < ! ,(Rawaili,2009) 3 (20032()

.(2005 2 ! ) 3 G A &" (
67
21)* 2-5
:
(K 2J5 ( 3 ; , *
=4
38 - + 1" ( , % : B > *) - ( -4 : >
/ "
.B 6 ( R (8 E$ :
0 9 , B 6 3;P 3) : 3) *
, :/8
.
06 3 )
*) %1 1" ( 3 *0# ! ) -4 : /88
.* ; ( - ;: : B >
& :
M#0 B > *) G1 ) -4 :/
.3 1 3 1, *!, ( *
- ) &P ( # 4 * G4 3 *# 0 3;" :/$
.3!1 3 4 *=<): 7! B > 3 R *H
68
3
0 *)#0 ) 3 & 3& * =1K
:/
.*)# L 3
% > *) J5 ) 0 ,9$"
G$C&

G$ :S )

$4 G$ :S
69
G$

G$ :3 )
.3 3 ! :3 !> 2: 3 # 2#$* /) .(1998) + 2 " -1
. 9C 2+- .(2010).? 2 ## -2
Retrived From: http:// www.nasheron.com
:() 23 )6 3 .(2010) ( ( 31 -3
.3+R ?# 3)1
2> 3 #2*! B () 3 ! #.(2002). 2B1 -4
.G+ 3) # 31 2

:3 !> 2: 3 # 2)
1A1A) .(1999 )# 2 -5
.31
70
:() 2: 3 # 2 0 * " 1 2$*; .(2004) 2 -6

.G+ 3V
:() 2: 3 #2 %C) 0 * .(2006)(R 23# 24 2<$ -7
.-
3 # 2*
" 1 0A .(2006) ( ! 2; -8
. 1 @! 23 !: 2:
.- :() 2: 3 # 2*
.(2004) + 2) -9
%> : 2+- /
.(2008) 2
-10
.## 31 :
2: 3 # T>)
: ()2: 3 #T 0 *) ;.(2005))2 2("2#
-11
.3
*V 3 = > -=0 ". (2006) ( 2D )
-12
.42 S41 E 2(3) 4 12 &) $ $ 2 "3

0>
3
) # 31!
B > " . (2010) # 2 )
-13
E2(7) 3 12 31 2) 1*& 6

$ "
H
29S1
3 #2 0 *) ; " .(2000) 7< 2)
-14
. G+ :()238

2*
0+- " 2 *
.(1997) (4 2 )
-15
. :() 2: 3 #
71
R 1 3 ). PQ4 : .(2003) 2A)
-16
.5+1 23 0 31 2(-

2: 3 # 2 2 /
) 5 .(2002) B1 2R
-17
.31 :3 !>
R 1 3 2*
" <& .(2011) ( 2+R c
-18
.L 23 3 !: 2-

1 3)./4 "1 *) .(2002) 2(
-19
.()2 * 3 () 31.(- R

.() :F 2388 3 # T) %$ .(1985 )3 3D G1
-20
2A* 2)4) 4 T*C) 0 *.(2000) 2#
-21
. 5 :() 2: 3 # T

*C

0 *
"

2$*.(2003) 2#
-22
. 5 :()2: 3 #T2A*)

:
2: 3 #2 *
.(1999) <
2! "
-23
. 31 3
3). )
%C! @) *A) "1 H .(2006) 4 21
-24
.
23
* & 2(- R 1
V!
)
.(2010) 31 2* 2 2

-25
.3 : 31 :() 2 ) F )$ )
72
:()2: 3 # T*

.(2008) 2

-26
. *) #

0-")
$) /
" 0 * %A* .(2003) @
2(
-27
R 1 3 )./4 " 1 D& "

* L 2+-
.( : 2L 31 2(-
$ 21997 3 22 0 3? : *! (0 2( 3
-28
.1997 3 (4204 ) 2

0 * .(1999))" 2)" 2
) 2
-29
. G+ 5 :() 2: 3 # 2 1 0A

2: 3 # T0 5)) 2W- .(2006) 2 ;
-30
. -P :()
.- :() 2: 3 # 2#; 1*& .(2010) ($c 2
-31
4 2+- .(2005)( ) 2 !
-32
.< 2* c 31 2(- R 1 3). 9C

$4 G$:3
1- Dalniela, L.A, Brian, W.N. (2010) .Opportunity Costs and Non Scale
Free Capabilites: Profit Maximization Corporate Scope and Profit
Mangers.Strategic Management Journal, 31 (7), 780-801.
2- Gibson,C.H .(2007).Financial Reporting&Analysis,(10th ed). Ohio:
Thomsom .
73
3- Gonyon, T. (1999). The Impact of Mergers and Acquisition on

Profitability and Employee Remuneration in UK Manufacturing
Industry, (Unpublished dissertation), University of Nottingham: UK.
4- Harip, S.H. (2011).An Analysis of Business Process out Sourcing
Strategies of Public And Brirate Sector Bank in India.International
Businees and Economicc Resarch journal, 10 (2), 1-32.
5- Horne, J.V. (2002). Financial Management and Policy, (12 Th ed,).
Stanford Unversity: Prentice Hall.
6- John, S.A. (2011). Entery Level Financial Planing Practice
Analysis: Preparing Students to Hit the Ground Running. Finacial
Services Review, 5(3), 168- 208.
7- Jareer, M.A. (2005). Integration Strategies Evaluation Comparative
Study of single and Multi-Level Strategies the Case of Us Based
Bank Mergers, (Unpublished dissertation), Arab Academy For
Banking And Financial Science , Amman.
8- Larsen J.O. (2006). Modern advanced accounting, (l0 Th Ed)
California: Mcgraw Hill.
9- Mike, S.H, Quarterly, M.C. (2000). The people problem in
Mergers,Journal of Business & Economic Studies, 4 (7), 34-55.
10-
Rawaili,N(2009). The Impactof Mergers Policy on the Finnical
Performance of the Jordanian Companies a Field Study, (Unpublished
dissertation), Talal Abu Gazallah College: Amman

11-
Radygin, R.S. (2003). Problem of Mergers and Takeovers in the
Russian Corporate Sector. Problem of Economic Transition,7 (2),121.

12-
Ross, S.T, Rondolph, W.E. (2010).Corporate Finance, (1th ed).
Ohio: Thomsom.
74
5 ! C&
* " A* 2
KA :(1) %& 5 : 3 )
. & 2)

2E"
*A HC* C1 ; 0)$(2) %& 5 : 3
.
75
(1) %& 5
& 2)
* " A* 2
KA
/

0A "1
2
"1
0)14 D)$ )*
5) D)$ )*
) 2
) )*
2)
()
()
()
( ) +
() 0$4
2001
267962
38546734
973272851
905596932
973272851
2002
3758315-
39694314
1220738974
66554257
1153814226
2003
8313-
45965319
1343633839
68597830
1274339916
2004
6621814
52156871
1437381500
87475300
1349585098
2005
25918898
96289777
1622312518
140437464
1481875054
2006
20229095
76045576
1706551900
195869667
1510682233
2007
10810145
86734090
1858496703
205073455
1653423249
2008
17396197
89930660
2041162320
200197404
1840964916
2008 L 2001 2) * , 4

: 1
76
(2) %& 5
2E"
*A HC* C1 ; 0)$
T-Test
Qutput Created
25-FEB-2012 11:45:59
Comments
Input
Data
C:/Users/Dr.amjed/Desktop/datafadi.sav
Active Dataset
dataSet5
Filter
< none>
Weight
< none>
Split File
< none>
N of Rows in
Working Data File

Missing Value
Definition of Missing
Handling
User defined missing values are

treated as missing.
Cases Used
Statistics for each analysis are

Based on the cases with no missing
or out-of-range data for any
Variable in the analysis
T-TEST
GROUPS= VAR00006 (12)
/MISSING=ANALYSIS
/VAR00008 VAR00009 VAR00010
VAR00011 VAR00012
VAR00013 VAR00014
CRITERIA=CI (.95).
Resources
Elapsed Time
0:00:00.14
Processor Time
0:00:00.16
Notes
[DataSet5] C:/Users/Dr.amjed/Desktop/data-fadi.sav
77
Group Statistics
Std. Error
VAR00006
VAR00007
1.00
Mean
4
2.00
VAR00008
1.00
2.00
VAR00009
1.00
2.00
VAR00010
1.00
2.00
VAR00011
1.00
2.00
Std.Deviation
Mean
.00700
.088011 .044006
.23250
.075000 .037500
.03100
.006325 .003162
.03725
.014863 .007432
.00075
.003304 .001652
.00775
.003500 .001750
.01225
.045727 .022863
.07325
.025979 .012990
.00200
.005598 .002799
.01075
.000957 .000479
78
Independent Samples Test
Levene`s Test for

Equality of Variances
F
VAR00007
Equal variances
Sig
.000
.995
2.399
.172
.158
.705
.713
.431
4.156
.088
assumed
Equal variances
not assumed
VAR00008
Equal variances
assumed
Equal variances
not assumed
VAR00009
Equal variances
assumed
Equal variances
not assumed
VAR00010
Equal variances
assumed
Equal variances
not assumed
VAR00011
Equal variances
assumed
Equal variances
not assumed
79

t-test for equality of Means
Mean
t
VAR00007
Equal variances
df
Sig.(2-tailed)
Difference
-3.900
.008 -.225500
-3.900
5.853
.008 -.225500
-.774
.468 -.006250
-.774
4.052
.482 -.006250
-2.909
.027 -.007000
-2.909
5.980
.027 -.007000
-2.320
.059 -.061000
-2.320
4.754
.071 -.061000
-3.082
.022 -.008750
-3.082
3.175
.050 -.008750
assumed
Equal variances
not assumed
VAR00008
Equal variances
assumed
Equal variances
not assumed
VAR00009
Equal variances
assumed
Equal variances
not assumed
VAR00010
Equal variances
assumed
Equal variances
not assumed
VAR00011
Equal variances
assumed
Equal variances
not assumed
80
t-test for Equality of Means
94% Confidence interval
Std. Error
VAR00007
Equal variances
of the difference
Difference Lower
Upper
.057817
- .366972
-.84028
.057817
-.367839
-.083161
.008079
-.026012
.013512
.008076
-.028561
.016061
.002407
-.012889
-.001111
.002407
-.012893
-.001107
.026296
-.125343
.003343
.0262296
-.129661
.007661
.002839
-.015698
-.001802
.002839
-.017511
.000011
assumed
Equal variances
not assumed
VAR00008
Equal variances
assumed
Equal variances
not assumed
VAR00009
Equal variances
assumed
Equal variances
not assumed
VAR00010
Equal variances
assumed
Equal variances
not assumed
VAR00011
Equal variances
assumed
Equal variances
not assumed

أثر الاندماج على الربحية PDF

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

أثر الاندماج على الربحية PDF

Hochgeladen von

Copyright:

Verfügbare Formate



, ). /  % : )*+ ,-

3*) <= ") # ) ) * ) 

3 0 31 0

 1 350

3  3D E$

3 + 16 3D E$

3 516 *< 

3 B > 

) B > ! "

B > * ) 

B > G

B > * ) () 3  #

3     H  B > * ) () 3 

B > *?!  * 

 = : ) B > * ) F!

3  5  * 

  * "

3  @ ) !

& 0 @ 3  

  ! 

3  *  3  * 

3 1: *  3  * 

2<$;)  : 6  01>

3  * "

3  @  $K 3   

2005 % /  

C 0  2" ) 

0 " ,!*A! /* * /* ( 2 ) 

0  2" ) 

0 " ,!*A! /* * /* (2 ) 

 ?* 3

C 0  2" ) 

0 " ,!*A! /* * /* ( 2 ) 

C 0  2" ) 

0 " ,!*A! /* * /* ( 2 ) 

C 0  2" ) 

0 " ,!*A! /* * /* ( 2 ) 

3  2B >  -< 

The Merger's Impact on Profitability

The study concluded with several recommendations, the most prominent

  ;+! & 1 - ! < ; 3  3 

:  +- 2L1

:  , 3L1

:   4L1

:  2ME" 5L1

)4 > E> :HO1

 > E> :HO2

  > E> :HO3

A > E> :HO5

:C$; 2>* 7L1

   *&"  *8> 3 % : ( 30? () - ) ; :3  -2

:#F ; 1L2

:7))  0+-

 ).3   3!  , &+ &

3!   &$  & <

3 ; () J  ( @ ) 9$" 3! 

:&;" ( F" - ) ) = B > M" 

.  3 0 ()  >  &" -  + 0 31  3!  $ S

() 31 3!  ; (! - 1 3! F P 8!" " ( ! B  S

23 4 *   2G:  >  +   ,3 0 3

=0> f   3  3  3   -P  0 ( 3! 3 *+>

G4$   G 1 F" ) & )> A  

, ). / % : )*+ ,-

3) <= ") #) ) )

3 0 31 0

1 350

3 3D E$

3+16 3D E$

3516 *<

3 B >

) B > ! "

B > *)

B > G

B > *) () 3 #

3 H B > *) () 3

B > ?!

= : ) B > *) F!

3 5 *

* "

3 @ ) !

&0 @ 3

!

3 3

3 1: 3

2<$;) : 6 01>

3 * "

3 @ $K 3

2005 % /

C 0 2" )

0 " ,!A! / / ( 2 )

0 2" )

0 " ,!A! / / (2 )

?* 3

C 0 2" )

0 " ,!A! / / ( 2 )

C 0 2" )

0 " ,!A! / / ( 2 )

C 0 2" )

0 " ,!A! / / ( 2 )

3 2B > -<

;+! & 1 - ! < ; 3 3

: +- 2L1

: , 3L1

: 4L1

: 2ME" 5L1

)4 > E> :HO1

> E> :HO2

> E> :HO3

A > E> :HO5

:C$; 2>* 7L1

&" 8> 3 % : ( 30? () - ) ; :3 -2

:#F ; 1L2

:7)) 0+-

).3 3! , &+ &

3! &$ &<

3 ; () J ( @ ) 9$" 3!

:&;" ( F" - ) ) = B > M"

. 30 () > &" - + 0 31 3! $ S

() 31 3! ; (! - 1 3! FP 8!" " (! B S

23 4 * 2G: > + ,30 3

=0> f 3 3 3 -P 0 ( 3! 3 *+>

G4$ G 1 F" ) & )> A

: 0+-) 2

:1&) $ 0+- L2

J 3) 6 ! ##$ > )

: <4 2 :+

.(21E220042)

: %C) 0 * 2)*

(75E220062($" <$):D N)* -2

:% N)* -3

: 0 * :3

3 , ; 2 * ( ! ) 7

" M# 3 @ #

3! M1 #

8 8> ) 5 3 ( : 1 d& 3 ; V

( 7 ^; 3 ( # ?$ ( 3 > - F0 (!

*

(Return On investment ) 8> ) 5 .5

3! # + 1: 3# * # #

(228-229E 2 2006 2; ): 0 * 2!+-

.(2003) / L2

(/4 " 1 D&