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The Impact of Corporate Culture, Efficiency and Geographic Distance on M&A Results: the European Case

In: New Issues in Financial Institutions Management

Author

Listed:
  • Franco Fiordelisi
  • Duccio Martelli

Abstract

The volume of merger and acquisition (M&A) transactions has soared over the last few years. According to the Thomson Financial (2007), the volume of worldwide M&As declared during 2007 reached US$ 4.5 trillion in announced deals and US$ 3.8 trillion in completed deals, that is, a 24 per cent increase over the previous record set in 2006. Since 2000, the volume of M&A deals has increased by 32 per cent, despite the fall off during the third quarter of 2007 caused by concerns in the credit markets. The M&A phenomenon concerns all countries worldwide (see Table 8.1); in 2007, M&A deals increased by 25 per cent in North America (reaching a volume of almost US$2 trillion over 2007, that is, 52 per cent of the value of M&A deals worldwide), by 18 per cent in Europe (reaching a volume of almost US$1.3 trillion over 2007, that is, 34 per cent of M&A deals by value worldwide) and also strongly increased in the Asia-Pacific area — by 61 per cent (reaching a volume of almost US$0.4 trillion over 2007, that is, 10 per cent of M&A deals by value worldwide).

Suggested Citation

  • Franco Fiordelisi & Duccio Martelli, 2010. "The Impact of Corporate Culture, Efficiency and Geographic Distance on M&A Results: the European Case," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Franco Fiordelisi & Philip Molyneux & Daniele Previati (ed.), New Issues in Financial Institutions Management, chapter 8, pages 139-152, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-29915-3_9
    DOI: 10.1057/9780230299153_9
    as

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