This research contributes to the much-debated literature existing on the relationship between the economy, merger and acquisitions (M&A), and investors’ behaviour by empirically examining the relationship between aggregate M&A transactions, Real GDP and the stock market in the top nine countries with respect to M&A activity globally from the period 1999-2018. Interestingly, according to the cross-sectional dependence and slope heterogeneity tests conducted, the research finds that when a specific country's stock market, Real GDP or M&A activity is affected or influenced in some way, this may also have an affect or influence on the other countries considered in this research as well. Each of the nine countries have some common economic characteristics. Additionally, each country has its system with reference to how the stock market index(s), economic activity and M&A activities influence each other and operate individually. This indicates that an economic relationship between the variables in one country may not be replicated by the others. Furthermore, in a country-by-country causality analysis using the Toda and Yamamoto (1995) approach, the research finds considerable evidence in support of the behavioural school of thought where investors’ behaviour and M&A activity seem to influence each other. Out of the nine countries investigated, six countries support the behavioural school of thought, i.e., show strong to moderate causality between M&A activity (number or value) and stock market price index. On the other hand, with reference to the neoclassical theory, surprisingly, there seems to exist a relationship between M&A activity and economic activity where M&A activity (number or value) leads economic activity in two out of the nine countries investigated. Finally, the research also suggests that economic activity seems to have an impact on how investors behave in six out of the nine countries investigated.

Zugl.: Oldenburg, Univ., Diss., 2006

Why the enterprises take the M&A? In order to Some company in order to raise the rate of market share, enter the new market, get new technologies, channel to promote, increase competition and get synergy, they use M&A to achieve these goals. But, M&A is always the best way? This study adapts case study to analyze practical proceeding by collecting information and discussing with target companies, than combine to research construction and conclude with the relations of the motivations, strategies of M&A. The results show that the enterprise growth through M&A and the motivations of M&A relationship with the performance.

Zugl.: Sankt Gallen, University, Diss., 2007.

Zugl.: Erlangen, Nürnberg, Univ., Diss., 2007

Heidelberg, Univ., Magisterarbeit, 2002. / Online publiziert: 2007.

FernUniversiẗat, Diss., 1994--Hagen.

Zugl.: Sankt Gallen, Univ., Diss., 2008

Zugl.: Kassel, Universiẗat, Diss., 2006. / Download lizenzpflichtig.

Hochsch. für Wirtschafts-, Rechts- und Sozialwiss., Diss.--St. Gallen, 1995.