Autore
Vitali, Giampaolo

Titolo
The entry mode choice of EU leading companies (1987-1997).
Periodico
CERIS-CNR. Working Paper
Anno: 1999 - Fascicolo: 10 - Pagina iniziale: 1 - Pagina finale: 32

The aim of the paper is to provide empirical evidence on the relationship between industrial structure and M&A process. We focus on the determining factors fostering a firm to choose controlling acquisitions or non-controlling ones. We use the Acquisitions and Divestments Database (ADD), a data-base collecting equity operations made by top-90 EU leaders in the period 1987-1997. A logit analysis shows some variables that increase the probability that the firm’s entry mode choice is a non-controlling-acquisition: firm’s size, firm’s diversification strategy, industry concentration, oligopolistic competition. On the contrary, the R&D differentiated industries and the role of the stock exchange market enforce the probability that the firm’s entry mode is a controlling acquisition.



Testo completo: http://www.ceris.cnr.it/ceris/workingpaper/1999/wp10_99_Vitali.PDF

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