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Determinants of merger activity: evidence from India

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Author Info

  • Madhuri Agrawal
  • Rudra Sensarma

Abstract

This study investigates the role of industry level factors in determining merger activity in an emerging economy. The study uses information from India, which has witnessed acceleration in merger activity subsequent to recent economic reforms. Departing from the existing literature, we proxy merger activity by the occurrence of mergers and the number of mergers. The results from logistic and count data regressions suggest that growth opportunity, concentration and cash flow are important determinants of merger activity. However, unlike existing studies, no evidence is found to support the role of mergers as a corporate restructuring activity in response to industry shocks.

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File URL: http://www.inderscience.com/link.php?id=16285
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Bibliographic Info

Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Financial Services Management.

Volume (Year): 2 (2007)
Issue (Month): 4 ()
Pages: 277-288

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Handle: RePEc:ids:ijfsmg:v:2:y:2007:i:4:p:277-288

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Web page: http://www.inderscience.com/browse/index.php?journalID=76

Related research

Keywords: acquisitions; count data regression; emerging economies; frequency; India; logit regression; mergers; occurrence; poisson distribution; financial services management; India; economic reforms; growth opportunity; concentration; cash flow.;

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Cited by:
  1. Bhaumik, Sumon Kumar & Selarka, Ekta, 2012. "Does ownership concentration improve M&A outcomes in emerging markets?," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 717-726.

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