Are mergers and acquisitions going to be popular in Japan too

摘要: Abstract One of the unique features Japanese management has been its preference internal growth to mergers and acquisitions (M&A). This may be attributed organizational motivational systems that are different from American systems, such as employee attitudes patterns stock ownership. It observed, however, more firms now engage in M&As than before. recent ‘wave’ M&A is studied using sample 243 — mergers, acquisitions, capital participations by during 1980–1987. Some findings follows. First, some tendency increasing though they still fewer U.S. Second, two types separated: diversifying defensive M&As. The latter mostly horizontal undertaken declining industries. Third, looser forms combination, namely, participations, preferred mergers. Fourth, even fields with technology, production or marketing links. Fifth, no evidence found improved profitability acquiring firms. These suggest that, if increase Japan, will not become popular Particularly unlikely prevalence conglomerates diversify into various unrelated little effort tender offers used main weapon.