This study examines the impact of mergers and acquisitions (M&As) on the post-merger operating performance of merger-involved firms in Greece at domestic and international M&As transactions using accounting data (financial ratios). The post-merger performance of a sample of Greek firms, listed on the Athens Stock Exchange that executed one domestic merger or acquisition in the period from 1998 to 2002 as acquirers, is compared with an equivalent sample of listed firms with similar

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... s involved in international M&As. In order to measure firms' post-merger performance fifteen financial ratios are employed and selected accounting data from 1999 to 2005 are compared for the post-merger operating performance of the two groups at three years after the M&As announcements, as well for the cases of two and one year after M&As respectively. The results revealed, in general, that the international M&As have provided a better postmerger operating performance for the acquiring firms than the domestic M&As.