The last year of research is devoted to estimate the effect of market concentration as well as the impact of mergers and acquisitions(M&As). The findings are two-fold: (1) economy of scale has been fading since 2009 and diseconomy of scale has been observed in recent years. (2) M&As do not have a positive effect on firms’ profitability but improve firms’ stability and reduce risks of bankruptcy. The results were presented in international and domestic conferences.
Overall, through the three-year long research, all of the three research objectives have been successfully achieved as planned. Three papers were presented in domestics international conferences and published in international scientific journals, one paper is currently being reviewed, while one more is to be presented in international conference in Sep 2020.