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When Do Firms Go in for Growth by Acquisitions?

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  • Hay, Donald A
  • Liu, Guy S

Abstract

This paper analyzes the incidence of acquisitions, and the determinants of expenditure or acquisitions, in a sample of 110 U.K. quoted companies, 1970-89. Financial variables, especially those related to M. Jensen's 'free cash flow' theory of acquisitions, are found to be significant, notably for dominant firms. But there is little support for the inclusion of market structure variables which seek to capture the strategic role of acquisitions as an instrument of competition in oligopolistic markets. Copyright 1998 by Blackwell Publishing Ltd

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Bibliographic Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 60 (1998)
Issue (Month): 2 (May)
Pages: 143-64

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Handle: RePEc:bla:obuest:v:60:y:1998:i:2:p:143-64

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Cited by:
  1. Gugler, Klaus & Mueller, Dennis C. & Weichselbaumer, Michael, 2012. "The determinants of merger waves: An international perspective," International Journal of Industrial Organization, Elsevier, vol. 30(1), pages 1-15.
  2. Ulrich Hege, 2010. "Acquisition Values and Optimal Financial (In)Flexibility," Review of Financial Studies, Society for Financial Studies, vol. 23(7), pages 2865-2899, July.
  3. Huyghebaert, Nancy & Luypaert, Mathieu, 2010. "Antecedents of growth through mergers and acquisitions: Empirical results from Belgium," Journal of Business Research, Elsevier, vol. 63(4), pages 392-403, April.
  4. Andrew P. Dickerson & Heather D. Gibson & Euclid Tsakalotos, 1999. "Is Attack the Best form of Defence? A Competing Risks Analysis of Acquisition Activity in the UK," Studies in Economics 9907, Department of Economics, University of Kent.
  5. Klaus Gugler & Dennis C. Mueller & B. Burçin Yurtoglu, 2006. "The Determinants of Merger Waves," CIG Working Papers SP II 2006-01, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).

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