TY - JOUR A1 - Rufolo, Alessia A1 - Paientko, Tetiana A1 - Dziergwa, Katrin ED - Liu, David (Yulong) ED - Shahzad, Jawad Syed T1 - M&As and Corporate Financial Performance: An Empirical Study of DAX 40 Firms JF - FinTech N2 - This study examines the impact of mergers and acquisitions (M&As) on the financial performance of firms listed in Germany’s DAX 40 index. Although M&As are a widely used strategic tool intended to create value through synergies and market expansion, existing research provides conflicting evidence about their effectiveness. Using an empirical approach, we analyze the financial data of acquiring companies before and post-M&A transactions to evaluate changes in profitability, liquidity and solvency. Our findings suggest that financial performance does not universally improve following acquisitions. Instead, results vary significantly based on deal characteristics and internal management factors. These results suggest that, while M&A can be a pathway to growth, success depends heavily on the quality of execution and organizational integration. This paper contributes to the ongoing debate about the effectiveness of M&As and provides insights for corporate decision-makers, investors, and policy stakeholders. KW - Mergers and Acquisitions KW - M&A KW - financial performance KW - profitability KW - liquidity KW - shareholders’ value KW - G34 KW - G32 KW - G10 KW - Liquidity KW - Shareholder value Y1 - 2025 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:523-21404 SN - 2674-1032 VL - 4 IS - 3 PB - MDPI ER -