Abstract
AbstractFirm growth by merger has received considerable attention because of its potential effects on industry organization and, in turn, economic performance. Early mergers often increased horizontal concentration, but recent ones appear to have been more associated with vertical and conglomerate integration. This study of 35 large firms in grain processing and merchandising industries showed that growth by merger was relatively larger from 1954 to 1963 than from 1940 to 1954. All but eight of the 35 firms became more highly diversified. Increasing diversification was associated positively with initial firm size and the relative importance of external growth.
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