Determinants of Inter-Industry Variations in Mergers and Acquisitions: Empirical Evidence from Indian Manufacturing Sector

2011 ◽  
Vol 53 (1) ◽  
pp. 1 ◽  
Author(s):  
Pulak Mishra
Keyword(s):  
Mergers And Acquisitions ◽  
Empirical Evidence ◽  
Manufacturing Sector ◽  
Indian Manufacturing Sector

Are Mergers and Acquisitions Necessarily Anti-competitive? Empirical Evidence from India’s Manufacturing Sector

2018 ◽  
Vol 12 (3) ◽  
pp. 276-307 ◽  
Author(s):  
Pulak Mishra
Keyword(s):  
Mergers And Acquisitions ◽  
Present Article ◽  
Manufacturing Sector ◽  
Capital Intensity ◽  
Jel Classification ◽  
Foreign Firms ◽  
Regulatory Changes ◽  
Reform Period ◽  
Indian Manufacturing Sector ◽  
The Impact

Policy initiatives and regulatory changes made during the last two-and-half decades of economic reforms have led to a considerable increase in the number of mergers and acquisitions (M&As) in the Indian corporate sector. Given the policy-induced flexibilities, while the domestic firms have taken the route of mergers to restructure their business and grow, the foreign firms have preferred to enter into specific markets through acquisitions and raise monopoly power therein. In this context, the present article attempts to examine the impact of M&As on market the structure in major industries of the Indian manufacturing sector during the post-reform period. Using a panel dataset of 34 major industries for the period 2001–2009, the article finds that M&As do not necessarily cause any appreciable adverse impact on market concentration. Instead, the degrees of sellers’ concentration are influenced by the growth of market, capital intensity, firms’ advertising efforts and their financial performance. The findings of the present article, therefore, suggest for a rethink on policies and regulations relating to M&A, international trade and intellectual property, as they play a significant role in enhancing firms’ competitiveness and restricting the emergence of a monopolistic power. JEL Classification: L1, L4, L5, O3

Impact of Corporate Governance on the Cash Holding of the Firms: An Empirical Study of Indian Manufacturing Sector

GIS Business ◽  
2017 ◽  
Vol 12 (4) ◽  
pp. 47-52
Author(s):  
Karam Pal Narwal ◽  
Sonia Jindal
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Manufacturing Sector ◽  
Control Variable ◽  
Cash Holding ◽  
Executive Directors ◽  
Control Effect ◽  
Board Size ◽  
Indian Manufacturing Sector ◽  
The Impact

The paper empirically examines the impact of corporate governance on the cash holding of the firms. The components of corporate governance are measured by board size, board meeting, audit committee members, directors remuneration and non executive directors and the cash holding is measured with the log of average cash and size is taken as control variable for the control effect on the dependent variables. Moreover, correlation and panel regression model were employed to examine the relationship between the corporate governance and cash holding. Empirical data was collected from 96 firms over the period of 2004-05 to 2013-14. The results show that directors remuneration and the number of audit committee members positively influence the cash holding and the board size also positively influences the cash holding whereas, the non executive directors and the board meetings do not play any role in enhancing the cash holding.

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