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Determinants of merger activity: evidence from India

Author

Listed:
  • 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.

Suggested Citation

  • Madhuri Agrawal & Rudra Sensarma, 2007. "Determinants of merger activity: evidence from India," International Journal of Financial Services Management, Inderscience Enterprises Ltd, vol. 2(4), pages 277-288.
    • Handle: RePEc:ids:ijfsmg:v:2:y:2007:i:4:p:277-288
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    Citations

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    Cited by:

    1. Pulak Mishra, 2018. "Are Mergers and Acquisitions Necessarily Anti-competitive? Empirical Evidence from India’s Manufacturing Sector," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 12(3), pages 276-307, August.
    2. 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.
    3. Filip De Beule & Dieter Somers & Haiyan Zhang, 2018. "Who Follows Whom? A Location Study of Chinese Private and State-Owned Companies in the European Union," Management International Review, Springer, vol. 58(1), pages 43-84, February.
    4. Sheeba Kapil & Vrinda Rawal, 2023. "Systematic Literature Review of Private Equity Determinants: Status, Evidence and Open Issues," Vision, , vol. 27(5), pages 567-581, November.
    5. Mathur MAYANK, 2020. "Macroeconomic View of Mergers and Acquisitions in the Technology Industry," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 147-155.

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