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The impact of acquisitions on company performance: Evidence from a large panel of UK firms

Dickerson, Andrew, Gibson, Heather D., Tsakalotos, Euclid (1997) The impact of acquisitions on company performance: Evidence from a large panel of UK firms. Oxford Economic Papers, 49 (3). pp. 344-361. ISSN 0030-7653. (doi:10.1093/oxfordjournals.oep.a028613) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:18397)

The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided.
Official URL:
http://dx.doi.org/10.1093/oxfordjournals.oep.a0286...

Abstract

This paper investigates the impact of acquisitions on company performance using a large panel of UK-quoted companies observed over a long time period. The results indicate that acquisitions have a detrimental impact on company performance and that company growth through acquisition yields a lower rate of return than growth through internal investment. Given the penchant for takeovers in the UK, as witnessed by the record level of takeovers on the London equity market last year, our findings suggest that neither firms nor shareholders are being best served by the existing financial and industrial system.

Item Type: Article
DOI/Identification number: 10.1093/oxfordjournals.oep.a028613
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce
Divisions: Divisions > Division of Human and Social Sciences > School of Economics
Depositing User: T. Nasir
Date Deposited: 24 Oct 2009 13:45 UTC
Last Modified: 16 Nov 2021 09:56 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/18397 (The current URI for this page, for reference purposes)

University of Kent Author Information

Dickerson, Andrew.

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