Understanding the M&A Wave in Japan: What Drives Japanese M&As?

Yasuhiro Arikawa and Hideaki Miyajima

Chapter 8 in Changing Corporate Governance Practices in China and Japan, 2008, pp 153-182 from Palgrave Macmillan

Abstract: Abstract Mergers and acquisitions (M&As) between Japanese corporations began to increase rapidly during the late 1990s. The pace of merger activity in Japan, which had been hovering at around 500 transactions a year in the 1990s, began to pick up from around the end of that decade to reach an annual volume of 2, 725 transactions in 2005. The increase in M&A transactions represented a fivefold increase over a ten-year period (Figure 8.1). The value of the transactions totaled US$25.3 billion between 1991 and 1997, and US$138.1 billion between 1998 and 2005. Hence, the value of M&A transactions also experienced a fivefold increase during this time period.2

Keywords: Stock Market; Stock Price; Stock Return; Total Factor Productivity; Total Asset (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1057/9780230595156_8

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