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Empirical Evidence On The Motives For Mergers And Acquisitions In Eight Food Industries

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  • Ollinger, Michael
  • Nguyen, Sang V.

Abstract

This paper investigates the motives for mergers and acquisitions in eight U.S. food products industries from1977-92. Results show that acquired plants were highly productive before mergers and realized an increase in productivity growth in the post-merger period.

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File URL: http://purl.umn.edu/22176
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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2003 Annual meeting, July 27-30, Montreal, Canada with number 22176.

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Date of creation: 2003
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Handle: RePEc:ags:aaea03:22176

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Keywords: Food product industries; mergers and acquisitions; labor productivity.; Agribusiness;

References

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  1. Holmes, Thomas J & Schmitz, James A, Jr, 1990. "A Theory of Entrepreneurship and Its Application to the Study of Business Transfers," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 265-94, April.
  2. Sang V Nguyen, 1998. "The Manufacturing Plant Ownership Change Database: Its Construction And Usefulness," Working Papers 98-16, Center for Economic Studies, U.S. Census Bureau.
  3. Holmes, Thomas J & Schmitz, James A, Jr, 1995. "On the Turnover of Business Firms and Business Managers," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 1005-38, October.
  4. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
  5. James A Schmitz & Thomas J Holmes, 1992. "Managerial Tenure, Business Age And Small Business Dynamics," Working Papers 92-11, Center for Economic Studies, U.S. Census Bureau.
  6. Olley, G Steven & Pakes, Ariel, 1996. "The Dynamics of Productivity in the Telecommunications Equipment Industry," Econometrica, Econometric Society, vol. 64(6), pages 1263-97, November.
  7. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110.
  8. Jensen, Michael C. & Ruback, Richard S., 1983. "The market for corporate control : The scientific evidence," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 5-50, April.
  9. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351.
  10. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November.
  11. Dunne, T. & Roberts, M.J. & Samuelson, L., 1988. "The Growth And Failure Of U.S. Manufacturing Plants," Papers 1-87-5, Pennsylvania State - Department of Economics.
  12. Mueller, Dennis C, 1969. "A Theory of Conglomerate Mergers," The Quarterly Journal of Economics, MIT Press, vol. 83(4), pages 643-59, November.
  13. Jovanovic, Boyan, 1979. "Job Matching and the Theory of Turnover," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 972-90, October.
  14. Matsusaka, John G, 1993. "Target Profits and Managerial Discipline during the Conglomerate Merger Wave," Journal of Industrial Economics, Wiley Blackwell, vol. 41(2), pages 179-89, June.
  15. Sang V Nguyen & Robert H Mcguckin, 1993. "On Productivity and Plant Ownership Change: New Evidence From the LRD," Working Papers 93-15, Center for Economic Studies, U.S. Census Bureau.
  16. Smith, Clifford Jr., 1986. "Investment banking and the capital acquisition process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 3-29.
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