Ivana Kravčáková Vozárová

Department of Economics and Economy, Faculty of Management and Business, University of Prešov in Prešov,

Slovak Republic

ivana.kravcakova.vozarova@unipo.sk 

ORCID 0000-0002-3056-5294

The impact of European monetary integration on M&A volume in the context of the banking market consolidation

Stela Kolesárová

Department of Tourism and Hotel Management, Faculty of Management and Business, University of Prešov in Prešov,

Slovak Republic

stela.kolesarova@unipo.sk 

ORCID 0000-0001-7275-1936

Martina Košíková

Faculty of Management and Business, University of Prešov in Prešov,

Slovak Republic

martina.kosikova@unipo.sk 

ORCID 0000-0002-8765-2399

Jaroslava Hečková

Department of Economics and Economy, Faculty of Management and Business, University of Prešov in Prešov,

Slovak Republic

jaroslava.heckova@unipo.sk 

ORCID 000-0002-4390-2448

Alexandra Chapčáková

Department of Economics and Economy, Faculty of Management and Business, University of Prešov in Prešov,

Slovak Republic

alexandra.chapcakova@unipo.sk 

ORCID 0000-0002-2766-7388

Beáta Gavurová

Faculty of Mining, Ecology, Process Control and Geotechnologies, Technical University of Košice,

Slovak Republic

beata.gavurova@tuke.sk

ORCID 0000-0002-0606-879X

Abstract. Over the last two decades, the banking sector in Europe has undergone significant changes in terms of regulations and market structure, which resulted in a significant increase in M&A transactions. The rise of M&A activity was also a consequence of fundamental changes in the external environment, such as introduction of the euro, technological progress and changing customer demand. The aim of this contribution is to compare the impact of the integration of the countries in the European Monetary Union on the volume (value) and number of realized M&A. The Mann-Whitney U test was used to verify three individual hypotheses. The results of the analysis did not confirm differences in the volume and number of M&As between EMU and non-EMU countries (with the exception of 2 years).

Received: May, 2022

1st Revision: March, 2023

Accepted: June, 2023

DOI: 10.14254/2071-8330.2023/16-2/7

JEL Classification: F15, F23, G34

Keywords: cross-border merger and acquisition, banking sector, European monetary integration, consolidation, European Union, European area