Abstract
The article aims to estimate the relationship between synergy gains and deal size of mergers & acquisitions for Indian firms by examining deals that took place between 2005 and 2015. The paper employs principal component analysis to create a composite variable representing operating and financial synergy, followed by instrument variable 2SLS regression to estimate the relationship. The results suggest that small dealsize transactions do considerably better than large deals. The magnitude of financial synergy increases with deal size . However, large companies suffer substantial operating synergistic erosion.
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