Chapter

Mergers and Acquisitions

Hiroyuki Odagiri

in Growth through Competition, Competition through Growth

Published in print May 1994 | ISBN: 9780198288732
Published online November 2003 | e-ISBN: 9780191596711 | DOI: http://dx.doi.org/10.1093/0198288735.003.0005
 Mergers and Acquisitions

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This chapter looks at the characteristics of mergers and acquisitions (M&As) of Japanese firms by Japanese firms, and examines the performance of M&As. It is found that the majority of M&As are acquisitions and capital participation rather than mergers, suggesting a preference of Japanese management for looser forms of combination, that none of the sample M&As are considered hostile take‐overs, that horizontal M&As are less frequent than in other countries, and that the effects of M&As on the profit or growth are at best ambiguous. It is emphasized that human factors, such as labour practices and worker attitudes, must be taken into account in order to understand M&A activity in Japanese companies.

Keywords: acquisition; capital; growth; labour; M&A; merger; profit; take‐over

Chapter.  10567 words.  Illustrated.

Subjects: Business and Management

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