|Author Name||ARIKAWA Yasuhiro (Faculty Fellow, RIETI and Associate Professor, Waseda University) /MIYAJIMA Hideaki (Faculty Fellow, RIETI and Professor, Waseda University)
|Creation Date/NO.||April 2006 06-J-034|
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The rapid increase in the number of mergers and acquisitions (M&As) from the 1990s onward can be attributed primarily to a type of shock to the growth and/or profitability of certain industries and corporations. Characteristics of industries and corporations subject to particularly aggressive M&A activities include higher growth opportunities, high profitability and lower debt ratios. In this regard, it is fair to say that M&As from the 1990s onward have been used by companies and industries with higher growth opportunities as a tool to turn these opportunities into reality.