When Do Firms Go in for Growth by Acquisitions?

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When Do Firms Go in for Growth by Acquisitions?

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Hay, Donald A
Liu, Guy S

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Donald Andrew Hay

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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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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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. [Downloadable!]
Other versions:
- Andrew P. Dickerson & Heather D. Gibson & Euclid Tsakalotos, 2003. "Is attack the best form of defence? A competing risks analysis of acquisition activity in the UK," Cambridge Journal of Economics, Oxford University Press, vol. 27(3), pages 337-357, May.
Klaus Gugler & Dennis C. Mueller & B. Burcin Yurtoglu, 2005. "The determinants of merger waves," Working Papers 05-15, Utrecht School of Economics. [Downloadable!]
Other versions:
- 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). [Downloadable!]
Hege, Ulrich & Hennessy, Christopher, 2007. "Acquisition Values and Optimal Financial (In)Flexibility," Les Cahiers de Recherche 878, HEC Paris. [Downloadable!]

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