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Determinants of Growth through Mergers and Acquisitions: Empirical Results from Belgium


  • Luypaert, Mathieu

    () (Hogeschool-Universiteit Brussel (HUB), Belgium
    Katholieke Universiteit Leuven, Belgium)

  • Huyghebaert, Nancy

    () (Katholieke Universiteit Leuven, Belgium)


This paper empirically investigates the determinants of growth through mergers and acquisitions (M&As) in a typical Continental European country, Belgium. By analyzing firm characteristics, industry and aggregate market variables, we are able to determine what motives are important in the decision to acquire. Our results show that intangible capital and firm size significantly positively affect the M&A decision whereas ownership concentration and bank loans have a negative impact. Furthermore, M&As are significantly more likely in industries where incumbents are operating at a relatively low scale, that are less concentrated, and that were recently deregulated.

Suggested Citation

  • Luypaert, Mathieu & Huyghebaert, Nancy, 2008. "Determinants of Growth through Mergers and Acquisitions: Empirical Results from Belgium," Working Papers 2008/06, Hogeschool-Universiteit Brussel, Faculteit Economie en Management, revised 11 Jun 2009.
  • Handle: RePEc:hub:wpecon:200806

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    mergers and acquisitions; growth; motives; ownership; financing;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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