Versioni
- 2023-12-20 (2)
- 2021-12-31 (1)
Parole chiave
fusioni e acquisizioni
produttività totale dei fattori
Unione Europea
logit
Come citare
Accepted 2022-05-06
Published 2023-12-20
Abstract
Questo studio analizza empiricamente le determinanti della probabilità che un'impresa UE riceva e porti a termine un'offerta pubblica di acquisto. La nostra strategia di identificazione si basa sulla metodologia logit, utilizzando acquisizioni transfrontaliere e dati di bilancio a livello aziendale per gli anni 2008-2018. Scopriamo che una maggiore produttività aumenta la probabilità di acquisizione, ad eccezione delle grandi imprese. Anche una maggiore liquidità dell'impresa e lo status di società quotata in borsa aumentano la probabilità di un'acquisizione transfrontaliera.
Riferimenti bibliografici
AMBROSE, B. W., AND MEGGINSON, W. L. (1992). THE ROLE OF ASSET STRUCTURE, OWNERSHIP STRUCTURE, AND TAKEOVER DEFENSES IN DETERMINING ACQUISITION LIKELIHOOD. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 27(4), 575-589.
ANDREWS, D., C. CRISCUOLO AND P. GAL (2016), "THE BEST VERSUS THE REST: THE GLOBAL PRODUCTIVITY SLOWDOWN, DIVERGENCE ACROSS FIRMS AND THE ROLE OF PUBLIC POLICY", OECD PRODUCTIVITY WORKING PAPERS, NO. 5, OECD PUBLISHING, PARIS, https://doi.org/10.1787/63629cc9-en
ÅSTEBRO, T., AND WINTER, J. K. (2012). MORE THAN A DUMMY: THE PROBABILITY OF FAILURE, SURVIVAL AND ACQUISITION OF FIRMS IN FINANCIAL DISTRESS. EUROPEAN MANAGEMENT RE-VIEW, 9(1), 1-17.
BAJGAR, M., ET AL. (2020), "COVERAGE AND REPRESENTATIVE-NESS OF ORBIS DATA", OECD SCIENCE, TECHNOLOGY AND INDUSTRY WORKING PAPERS, NO. 2020/06, OECD PUBLISHING, PARIS, https://doi.org/10.1787/c7bdaa03-en
BRAR, G., GIAMOURIDIS, D., AND LIODAKIS, M. (2009). PRE-DICTING EUROPEAN TAKEOVER TARGETS. EUROPEAN FINANCIAL MANAGEMENT, 15(2), 430-450.
CARRIL-CACCIA, F. (2020). DOES THE ORIGIN MATTER? THE EF-FECTS OF CROSS-BORDER MERGERS AND ACQUISITIONS IN FRANCE. INTERNATIONAL JOURNAL OF EMERGING MARKETS. https://doi.org/10.1108/IJOEM-10-2019-0823.
DE JONG, A., AND FLIERS, P. T. (2020). PREDICTING TAKEOVER TARGETS: LONG-RUN EVIDENCE FROM THE NETHERLANDS. DE ECONOMIST, 168(3), 343-368.
EUROPEAN COMMISSION (2003). COMMISSION RECOMMENDA-TION OF 6 MAY 2003 CONCERNING THE DEFINITION OF MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES (TEXT WITH EEA REL-EVANCE) (NOTIFIED UNDER DOCUMENT NUMBER C(2003) 1422),OJ L 124, 20.5.2003, P. 36–41, AVAILABLE AT
http://data.eu-ropa.eu/eli/reco/2003/361/oj
GAL, P. (2013). MEASURING TOTAL FACTOR PRODUCTIVITY AT THE FIRM LEVEL USING OECD-ORBIS, OECD ECONOMICS DE-PARTMENT WORKING PAPERS, NO. 1049, OECD PUBLISHING, PARIS, https://doi.org/10.1787/5k46dsb25ls6-en
GREGORI, W. D, AND MARATTIN, L. (2019). DETERMINANTS OF FISCAL DISTRESS IN ITALIAN MUNICIPALITIES. EMPIRICAL ECONOMICS, 56(4), 1269-1281.
GREGORI, W. D., MARTINEZ CILLERO, M., & NARDO, M. (2021). THE EFFECTS OF CROSS-BORDER ACQUISITIONS ON FIRMS’ PRODUCTIVITY IN THE EU, EUROPEAN COMMISSION, ISPRA, JRC125470.
GREGORI, W. D., AND NARDO, M. (2021). THE EFFECT OF RE-STRICTIVE MEASURES ON CROSS‐BORDER INVESTMENT IN THE EUROPEAN UNION. THE WORLD ECONOMY, 44(7), 1914-1943.
HARFORD, J., KLASA, S., AND MAXWELL, W. F. (2014). REFI-NANCING RISK AND CASH HOLDINGS. THE JOURNAL OF FINANCE, 69(3), 975-1012.
HARRIS, R., AND ROBINSON, C. (2002). THE EFFECT OF FOREIGN ACQUISITIONS ON TOTAL FACTOR PRODUCTIVITY: PLANT-LEVEL EVIDENCE FROM UK MANUFACTURING, 1987–1992. REVIEW OF ECONOMICS AND STATISTICS, 84(3), 562-568.
LEVINSOHN, J., AND PETRIN, A. (2003). ESTIMATING PRODUC-TION FUNCTIONS USING INPUTS TO CONTROL FOR UNOBSERVABLES. THE REVIEW OF ECONOMIC STUDIES, 70(2), 317-341.
LONG, J. S., AND FREESE, J. (2006). REGRESSION MODELS FOR CATEGORICAL DEPENDENT VARIABLES USING STATA (VOL. 7). STATA PRESS.
MCFADDEN, D. (1974). CONDITIONAL LOGIT ANALYSIS OF QUAL-ITATIVE CHOICE BEHAVIOR. IN: ZAREMBKA P (ED) FRONTIERS IN ECONOMETRICS. ACADEMIC PRESS, NEW YORK, 105-142.
PALEPU, K. G. (1986). PREDICTING TAKEOVER TARGETS: A METHODOLOGICAL AND EMPIRICAL ANALYSIS. JOURNAL OF ACCOUNTING AND ECONOMICS, 8(1), 3-35.
POWELL, R. G. (1997). MODELLING TAKEOVER LIKELIHOOD. JOURNAL OF BUSINESS FINANCE AND ACCOUNTING, 24(7‐8), 1009-1030.
TUNYI, A. (2019). FIRM SIZE, MARKET CONDITIONS AND TAKEO-VER LIKELIHOOD. REVIEW OF ACCOUNTING AND FINANCE, 18(3), 483-507.
VAN BIESEBROECK, J. (2008). THE SENSITIVITY OF PRODUCTIV-ITY ESTIMATES: REVISITING THREE IMPORTANT DEBATES. JOURNAL OF BUSINESS & ECONOMIC STATISTICS, 26(3), 311-328.
WECHE-GELÜBCKE, J. P. (2012). FOREIGN AND DOMESTIC TAKE-OVERS IN GERMANY: CHERRY-PICKING AND LEMON-GRABBING (NO. 240). WORKING PAPER SERIES IN ECONOMICS, LEUPHANA UNIVERSITÄT LÜNEBURG.
TQuesto lavoro è fornito con la licenza Creative Commons Attribuzione 4.0 Internazionale.
Copyright (c) 2022 Wildmer Daniel Gregori, Maria Martinez Cillero