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Right arrow G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
Right arrow G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
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© 1997 Oxford University Press

research-article

THE IMPACT OF ACQUISITIONS ON COMPANY PERFORMANCE: EVIDENCE FROM A LARGE PANEL OF UK FIRMS

ANDREW P. DICKERSON*, HEATHER D. GIBSON{dagger}, and EUCLID TSAKALOTOS{ddagger}

*Department of Economics, Keynes College, University of Kent at Canterbury Canterbury, Kent CT2 7NP
{dagger}Bank of Greece
{ddagger}Athens University of Economics and Business

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.


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