21 years of international M&As and joint ventures by Italian medium-sized listed firms: Value creation or value destruction?
AbstractThis study provides evidence of the value creation of different equity entry modes in a sample of international investments performed by all Italian medium-sized listed firms in the period 1986-2006. Our research shows a positive and significant market reaction to announcements of internationalization strategies. The results are largely affected by high-equity entry modes carried out in advanced economies. Low-equity entry modes and international operations performed in emerging countries show no significant market reaction. We also find that the relative size of the deal, the firm age, the country risk, and the evolution of information disclosure regulation, matter in explaining the outcomes.
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Bibliographic InfoArticle provided by Elsevier in its journal Research in International Business and Finance.
Volume (Year): 25 (2011)
Issue (Month): 1 (January)
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Web page: http://www.elsevier.com/locate/ribaf
Entry mode Event study Internationalization Italian medium-sized firm Joint venture M& A Value creation;
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- Valeria Gattai & Piergiovanna Natale, 2012.
"What makes a joint venture: micro evidence from Sino-Italian contracts,"
218, University of Milano-Bicocca, Department of Economics, revised Jan 2012.
- Gattai, Valeria & Natale, Piergiovanna, 2013. "What makes a joint venture: Micro-evidence from Sino-Italian contracts," Review of Financial Economics, Elsevier, vol. 22(4), pages 194-205.
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