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Mergers and Acquisitions - The Standing of theory in the Quest for Better Institutions and Policy

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  • Camilla Jensen

Abstract

The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused traditionally on high intensity markets under the Anglo-Saxon variant of capitalism. Empirical evaluation is prone to be inexact and suffers among other from significant aggregation problems between the micro (firm performance) and macro level (economic growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes concerning value, liquidity, efficiency and fairness aspects that affect the market for corporate assets within and across different variants of capitalism.

Suggested Citation

  • Camilla Jensen, 2010. "Mergers and Acquisitions - The Standing of theory in the Quest for Better Institutions and Policy," CASE Network Studies and Analyses 0401, CASE-Center for Social and Economic Research.
  • Handle: RePEc:sec:cnstan:0401
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    File URL: http://www.case-research.eu/upload/publikacja_plik/28877890_CNSA_401_final.pdf
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    Keywords

    Economic Growth; Institutions; Mergers and Acquisitions; the Resource Based View; Variants of Capitalism;

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • N85 - Economic History - - Micro-Business History - - - Asia including Middle East
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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