The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?

Topics:
Mergers
Tags:
Acquisition,
Mergers & Acquisitions,
Management,
Investment,
Industry,
Financial,
Finance,
Corporate Law,
Business Operations,
Strategy
Source:
University of Maryland

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Overview: This paper examines the effect of financial dependence on the acquisition and investment of single segment and conglomerate firms at different stages of the industry life cycle. Conglomerates and single-segment firms differ in acquisition activity more than in the level of capital expenditure across all stages. Financial dependence, a deficit in a segment's internal financing, decreases the likelihood of acquisitions and opening new plants, especially for single-segment firms. In growth industries, these effects are mitigated for conglomerates and public firms. In declining industries, plants of segments that are financially dependent are less likely to be closed by conglomerate firms.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 353KB | Date: Nov 2004 | Pages: 43

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