Mergers in India: Exploiting Financial Synergies

Mergers in India: Exploiting Financial Synergies

by Paramjeet Kaur

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Overview

Mergers in India: Exploiting Financial Synergies by Paramjeet Kaur

In view of the restructuring of the Indian corporate sector, this book carries out an in-depth analysis of the mergers and acquisitions that took place in India’s pharmaceutical industry since the early 1990s. Using innovative methodology, this record answers two important questions: Why is a firm acquired? and Why does a firm acquire? As it examines how acquired firms differ from the acquiring—and how participant firms are different from the nonparticipants—it argues that corporate amalgamation has important efficiency and policy implications. This record also includes an appraisal of industrial and stock market reforms, where the concern over the need for a “takeover market in India” is developed.

Product Details

ISBN-13: 9788171889112
Publisher: Academic Foundation
Publication date: 09/26/2012
Pages: 400
Product dimensions: 5.90(w) x 9.10(h) x 1.20(d)

About the Author

Paramjeet Kaur is an associate professor of economics at the University of Delhi in India. Her work has been published in several reputed journals, including Economic and Political Weekly and the Indian Economic Journal.

Table of Contents

List of Tables and Figures 11

Acknowledgments 21

Foreword 23

Preface 27

1 Economic Reforms: An Appraisal 31

1.1 Natural of Policy Regime in India

1.2 Analytical Framework-Liberalisation Measures: Internal and External

1.3 Reforms of the Mid-1980s

1.4 Industrial and Trade Policy Reforms of the 1990s

1.5 Macroeconomic Effects of Reforms

1.6 Debate on Growth Acceleration

1.7 Conclusion

2 Stock Market Reforms and Takeover Market: An Analysis 73

2.1 Stock Market Reforms and Effects

2.2 Analysis of the 'Takeover Market'

2.3 Need for a Takeover Market

2.4 Conclusion

3 Corporate Restructuring, Mergers and Acquisitions: Theory and Evidence 109

3.1 Corporate Restructuring

3.2 Merger and Acquisition

3.3 Factors underlying Mergers

3.4 Firm-specific Factors: Motives of Merger

3.5 Effects of Mergers

3.6 Nature of Selection Mechanisms and Characteristics of Firms

3.7 Conclusion

4 Global Trends in Mergers and Acquisitions 155

4.1 Trends in FDI Inflows and Cross-border M&As

4.2 Detailed Analysis of Cross-border M&As

4.3 Ranking Patterns

4.4 Sector-wise Distribution of Cross-border M&A Deals

4.5 Determinants of Cross-border Mergers and Acquisitions

4.6 Conclusion

5 Trends in Mergers and Acquisitions in India 201

5.1 Corporate Sector Response

5.2 Review of Indian Studies on Mergers and Acquisitions

5.3 Trends in Mergers and Acquisitions during 2000-2005

5.4 Rationale for an Industry-specific Analysis

5.5 An Overview of the Indian Pharmaceutical Industry

5.6 Consolidation in Indian Pharmaceutical Industry through M&As

5.7 Conclusion

6 Pre-merger Characteristics of Merging Firms 253

6.1 Nature of Selection Process

6.2 The Sample

6.3 Variables Used

6.4 Methodology

6.5 Pre-merger Characteristics of AG and AD Firms

6.6 Conclusion

7 Pre-merger Characteristics of Merging and Non-merging Firms 285

7.1 Selection of Control Sample

7.2 Characteristics of Acquiring and Matched Non-acquiring Firms

7.3 Characteristics of Acquired and Matched Non-acquired Firms

7.4 Summary of Research Findings for Other Countries

7.5 Conclusion

8 Determinants of Acquisition: Why does a Firm Acquire? 309

8.1 Motivation for Answering the Query

8.2 Size of Sample

8.3 Methodology

8.4 Variables: Construction and Rationale for their Inclusion

8.5 Regression Results

8.6 Conclusion

9 Determinants of Acquisition: Why is a Firm Acquired? 343

9.1 Selection of the Sample

9.2 Variables and Methodology

9.3 Regression Results

9.4 Conclusion

10 Concluding Remarks 363

10.1 Summary of the Main Findings

10.2 Policy Implications

Annexure I Definitions of the Variables Used 379

Annexure II List of Acquiring and Acquired Companies Selected for the Sample 382

Annexure III Logit and Probit Models 383

Annexure IV Sources of Data 386

References 387

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