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The macroeconomic determinants of M&A activity in the United Kingdom
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This research intends to study the multivariate relationship between the macroeconomic environment and M&A activity in the United Kingdom, to which it uses data comprising completed deals with an UK-based acquirer from January 1985 until December 2015. Employing time series econometrics, it concludes that: i) the macroeconomic determinants used as proxy for business cycles share a long-term pattern with deal activity; ii) short-term adjustment processes towards the long-run equilibrium arise following shocks in the variables used; iii) GDP seems to be the major driver of M&A in the short and long terms; and iv) in the long-run, the stock-market proves a less relevant factor impacting deal activity in the UK than in the United States. This study contributes to the existent literature by: i) extending the research to other geographies rather than the US; and ii) employing multivariate models to assess the bi-directional relationship between M&A activity and economic conditions.
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Mergers and acquisitions Macroeconomic activity United Kingdom