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IN postwar years, firm mergers have tended to be worldwide. The merger trends are interesting for two reasons. First, they reflect the patterns of firm behavior in each country. Secondly, they suggest intercountry differences of public policies toward business. But both the public policies and economic analysis of mergers are still in a transitional stage. Thus, the understanding of merger problems leaves room for serious controversy. In Japan, large mergers began to appear around the mid-1960s. The peak of the merger movement was the Yahata Steel-Fuji Steel merger (the new name is Nippon Steel) in 1970, which gave rise to the largest firm in Japan, and the world's second steel producer. Since the proposal, there has been a substantial amount of controversial discussion regarding the effects of mergers, especially large mergers. However, the empirical evidence of their effects is still scanty. 1 The effects of mergers can be operationally classified into two aspects; the first is concerned with the performances of merging firms; the second is concerned with the possible effects of mergers on competition and overall concentration. The aim of the present study is to bring forward the additional evidence of the microeconomic effects of mergers, that is, the financial performances of merging firms in Japanese manufacturing industry.2 The performances tested are: (1) profitability; (2) efficiency; (3) firm growth; (4) research and development.
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