Forty-six percent of executives predict there will be more mergers and acquisitions as well as strategic alliance activity over the next two years, according to Deloitte LLP's third annual survey on corporate development.

Corporate boards are playing a more prominent role regarding mergers and acquisitions, the survey finds. In fact, more than 40 percent of respondents say their boards of directors are now more involved in mergers and acquisitions over the last two years, and they are even asking for more frequent, detailed updates as well as spending more time considering these transactions.

Although 54 percent of respondents at large companies, which is defined as those with at least $1 billion in annual revenues, say the greatest value boards added is based on constructive evaluation of and challenges to transaction objectives, only 31 percent of respondents from smaller companies believe the same.