TY - JFULL AU - Pulak Mishra and P V Kiran Kumar PY - 2011/9/ TI - Impact of Mergers and Acquisitions on Consumers- Welfare: Experience of Indian Manufacturing Sector T2 - International Journal of Mechanical and Industrial Engineering SP - 1098 EP - 1109 VL - 5 SN - 1307-6892 UR - https://publications.waset.org/pdf/15468 PU - World Academy of Science, Engineering and Technology NX - Open Science Index 56, 2011 N2 - In the context of introduction of deregulatory policy measures and subsequent wave of mergers and acquisitions (M&A) in Indian corporate sector since 1991, the present paper attempts to examine the welfare implications of this wave. It is found that M&A do not have any significant impact on consumers- welfare. Instead, consumers- welfare is significantly influenced by exports intensity, imports intensity, advertising intensity, technology related efforts, and past profitability of the firms. While the industries with higher exports orientation or greater product differentiation or better financial performance experience greater loss in consumers- welfare, it is less in the industries with greater competition from imports or better technology. Hence, the wave of M&A in Indian manufacturing sector in the post-liberalization era may not be a matter of serious concern from consumers- welfare point of view. Instead, in many cases, M&A can help the firms in consolidating their business and enhancing competitiveness, and this may benefit the consumers in the form of greater efficiency and lower prices. ER -