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The entry mode choice of EU leading companies (1987-1997)

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Abstract

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.

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File URL: http://www.ceris.cnr.it/ceris/workingpaper/1999/wp10_99_Vitali.pdf
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Paper provided by Institute for Economic Research on Firms and Growth - Moncalieri (TO) in its series CERIS Working Paper with number 199910.

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Length: 28 pages Keywords : Industrial structure; European industry, M&As; acquisitions; joint-ventures
Date of creation: Dec 1999
Date of revision:
Handle: RePEc:csc:cerisp:199910

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  1. Damien NEVEN & George SIOTIS, 1995. "Technology Sourcing and FDI in the EC : An Empirical Evaluation," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9508, Université de Lausanne, Faculté des HEC, DEEP.
  2. Mutinelli, Marco & Piscitello, Lucia, 1998. "The entry mode choice of MNEs: an evolutionary approach," Research Policy, Elsevier, vol. 27(5), pages 491-506, September.
  3. Alessandro Sembenelli & Laura Rondi & Stephen W. Davies, 1995. "Explaining Corporate Structure:The Md Matrix, Product Differentiation And Size Of Market," CERIS Working Paper 199504, Institute for Economic Research on Firms and Growth - Moncalieri (TO).
  4. Teece, David J., 1993. "Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy," Research Policy, Elsevier, vol. 22(2), pages 112-113, April.
  5. Stephen Davies & Laura Rondi & Alessandro Sembenelli, 1997. "Multinationality, Diversification And Firm Size An Empirical Analysis Of Europe'S Leading Firms," CERIS Working Paper 199701, Institute for Economic Research on Firms and Growth - Moncalieri (TO).
  6. Teece, David J., 1992. "Competition, cooperation, and innovation : Organizational arrangements for regimes of rapid technological progress," Journal of Economic Behavior & Organization, Elsevier, vol. 18(1), pages 1-25, June.
  7. Peter J Buckley & Mark C Casson, 1998. "Analyzing Foreign Market Entry Strategies: Extending the Internalization Approach," Journal of International Business Studies, Palgrave Macmillan, vol. 29(3), pages 539-561, September.
  8. Liebeskind, Julia Porter & Opler, Tim C & Hatfield, Donald E, 1996. "Corporate Restructuring and the Consolidation of US Industry," Journal of Industrial Economics, Wiley Blackwell, vol. 44(1), pages 53-68, March.
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