Debt, mergers and acquisitions, institutional arrangements and change to the multilayered subsidiary form

Despite the rapid increase in corporate debt and prevalence of mergers and acquisitions, researchers have not examined whether these changes have affected corporate form change. The purpose of this research is to examine causes of change from the multidivisional (MDF) to the multilayered subsidiary form (MLSF). The MLSF is a corporation with a hierarchy of two or more levels of subsidiary corporations with a parent company at the top of the...