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

Camilla Jensen

No 401, CASE Network Studies and Analyses from CASE-Center for Social and Economic Research

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.

Keywords: Economic Growth; Institutions; Mergers and Acquisitions; the Resource Based View; Variants of Capitalism (search for similar items in EconPapers)
JEL-codes: F23 G34 L25 N85 O12 O43 (search for similar items in EconPapers)
Pages: 26 Pages
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:sec:cnstan:0401

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