Autori: Beltratti, Andrea, Caselli, Stefano, Bezzecchi, Alessia
Titolo: Le acquisizioni internazionali aumentano gli utili? Evidenza dall'M&A delle imprese italiane tra il 2004 e il 2015
Periodico: Piccola impresa
Anno: 2018 - Fascicolo: 2 - Pagina iniziale: 14 - Pagina finale: 33

We use a new sample including 1,371 Italian firms between 2003 and 2015 in order to study the impact of M&A activity on the EBITDA margin. Using an econometric methodology (propensity score matching) that is robust to the presence of inverse causality, we find that the Italian firms characterized by international M&A operations have a larger sector-corrected EBITDA margin than firms that have put in place domestic M&A operations or firms that do not have put in place any M&A activity at all. International expansion put in place through the purchase of production units has a lower impact on EBITDA margin than international expansion regarding the purchase of distribution networks.




SICI: 0394 7947(2018)2<14:LAIAGU>2.0.ZU;2-W
Testo completo: http://rivistapiccolaimpresa.uniurb.it/index.php/piccola/article/view/291/122122137

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