摘要：While acquisitions by large firms receive a great deal of media and researcher attention, acquisitions by small firms tend to be overlooked. This study compares a sample of M&As by small U.S. manufacturing firms that occurred between 1992 and 1999 with a sample of M&As conducted by large U.S. manufacturing firms that occurred during the same period Characteristics examined include the type of transaction, the type of ownership of the target firm and the relationship between the target and acquirer's primary products and geographic locations. Results indicate that many small firms are active acquirers and are involved in a wide range of M&A activities that are often quite similar to that undertaken by large firms. There are, however, several important differences. Small firms are found to be more likely to purchase privately held targets and to make acquisitions of targets that were primarily involved in industries outside of manufacturing. Large acquirers are more likely to make acquisitions of partial interest in a target and to make cross-border transactions. Implications for researchers and practitioners are discussed.
