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When Do Firms Go in for Growth by Acquisitions?

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  • Hay, Donald A
  • Liu, Guy S
Abstract
This 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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  • Hay, Donald A & Liu, Guy S, 1998. "When Do Firms Go in for Growth by Acquisitions?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(2), pages 143-164, May.
    • Handle: RePEc:bla:obuest:v:60:y:1998:i:2:p:143-64
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    Cited by:

    1. 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.
    2. Andrew P. Dickerson & Heather D. Gibson & Euclid Tsakalotos, 2003. "Is attack the best form of defence? A competing risks analysis of acquisition activity in the UK," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(3), pages 337-357, May.
    3. Gugler, Klaus & Mueller, Dennis C. & Weichselbaumer, Michael, 2012. "The determinants of merger waves: An international perspective," International Journal of Industrial Organization, Elsevier, vol. 30(1), pages 1-15.
    4. Chidambaran, N.K. & Krishnakumar, Dipali & Sethi, Madhvi, 2018. "Cross-border vs. domestic acquisitions: Evidence from India," Journal of Economics and Business, Elsevier, vol. 95(C), pages 3-25.
    5. Ulrich Hege, 2010. "Acquisition Values and Optimal Financial (In)Flexibility," The Review of Financial Studies, Society for Financial Studies, vol. 23(7), pages 2865-2899, July.
    6. Klaus Gugler & Dennis C. Mueller & B. Burçin Yurtoglu, 2006. "The Determinants of Merger Waves," CIG Working Papers SP II 2006-01, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).

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