When Do Firms Go in for Growth by Acquisitions?
AbstractThis 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 InfoArticle provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.
Volume (Year): 60 (1998)
Issue (Month): 2 (May)
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- 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.
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"The determinants of merger waves,"
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"Is Attack the Best form of Defence? A Competing Risks Analysis of Acquisition Activity in the UK,"
Studies in Economics
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