Time driven activity based costing for public services: a field study in Belgian swimming pools
Stouthuysen, Kristof Schierhout, K. Roodhooft, Filip Reusen, Evelien
Stouthuysen, Kristof
Schierhout, K.
Roodhooft, Filip
Reusen, Evelien
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2014
Journal
Public Money and Management
Book
Publication Volume
34
Publication Issue
4
Publication Begin page
289
Publication End page
296
Publication Number of pages
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Abstract
This paper empirically investigates the antecedents of growth through mergers and acquisitions (M&As) in a typical continental European country, Belgium. The article reports on a study using data on 484 private and listed bidders engaging in 990 M&As during 1997–2007, and matches this sample with companies that did not pursue any external growth. By analyzing firm characteristics, industry, and aggregate financial market variables, the study can also discern the motives that are important in the decision to acquire. The results show that neither the firm's cash position nor its cash-generating abilities influence its choice to grow externally. Yet, intangible assets affect the M&A decision positively, whereas ownership concentration and bank loans have a negative effect. In industries where incumbents are operating at a lower scale and in more highly concentrated industries, the odds of firms participating in M&As are larger. Industry deregulation, industry growth, and financial market conditions have no influence. These findings are largely comparable across listed and private firms. Yet, the data do reveal that the operating scale of industry incumbents and industry concentration matter only in horizontal and domestic takeover decisions.
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Keywords
Cost Control, Public Services, Time-driven Activity-based Costing