Asia Pacific Journal of Management

, Volume 35, Issue 4, pp 919–942 | Cite as

Entry-timing, business groups and early-mover advantage within industry merger waves in emerging markets: A study of Indian firms

  • Mohammad FuadEmail author
  • Ashutosh Kumar Sinha


Merger waves are periods of intense and concentrated merger activity which exhibit a wave-like pattern. Drawing upon the resource-based view, we examine the timing of entry and early-mover advantage within merger waves. Following a robust simulation-based methodology of wave analysis, we identify merger waves in eight industries during the time period 2000–2014. Firms affiliated to business groups were found to be early movers. A higher degree of internationalization is also associated with early movement of a firm. Within business groups, their multi-entity character is positively associated with early entry whereas their board interlock was negatively related with entry-timing. Further, early moving acquirers reap superior post-acquisition performance, thereby suggesting that early-mover advantages exist within merger waves.


Merger and acquisition waves Business groups Timing Resource-based view Early-mover advantage 


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© Springer Science+Business Media, LLC 2017

Authors and Affiliations

  1. 1.Strategic Management GroupIndian Institute of Management, LucknowLucknowIndia

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