Advanced Search
MyIDEAS: Login to save this paper or follow this series

Mergers, acquisitions and technological regimes: the European experience over the period 2002- 2005

Contents:

Author Info

  • Damiani, Mirella
  • Pompei, Fabrizio

Abstract

Comparisons by countries and by sectors of mergers and acquisitions have usually been performed in separate fields of research. A first group of studies, focusing on international comparisons, has explored the role of corporate governance systems, investor protection laws and other countries’ regulatory institutions as the main determinants of takeovers around the world. A second group of contributions has attributed a central role to variations in industry composition, documenting that, in each country, mergers occur in waves and within each wave clustering by industry is observed. This paper aims to integrate both perspectives and to make comparisons by countries and by sectors, thus exploring the role of various driving forces on takeover activities. It also intends to consider the specific influence that technological regimes and their innovation patterns may exert in reallocating assets and moving capital among sectors. This will be done by examining the European experience of the last few years (2002-2005). We found that even in countries where transfer of control is a frequent phenomenon, mergers are less frequent in those sectors where innovation is a cumulative process and where takeovers may be a threat to the continuity of accumulation of innovative capabilities.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://mpra.ub.uni-muenchen.de/8226/
File Function: original version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8226.

as in new window
Length:
Date of creation: 11 Apr 2008
Date of revision:
Handle: RePEc:pra:mprapa:8226

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: Mergers and Acquisitions; Corporate Governance; Technological Regimes;

Other versions of this item:

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Patrick Bolton & Marco Becht & Alisa Röell, 2002. "Corporate Governance and Control," NBER Working Papers 9371, National Bureau of Economic Research, Inc.
  2. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1788, Harvard - Institute of Economic Research.
  3. Martynova, M. & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Discussion Paper, Tilburg University, Center for Economic Research 2006-6, Tilburg University, Center for Economic Research.
  4. Fabrizio Cesaroni & Alfonso Gambardella & Walter Garcia-Fontes & Myriam Mariani, 2001. "The Chemical Sector al System. Firms, markets, institutions and the processes of knowledge creation and diffusion," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy 2001/17, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  5. Denis, Diane K. & McConnell, John J., 2003. "International Corporate Governance," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 38(01), pages 1-36, March.
  6. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, American Finance Association, vol. 54(2), pages 471-517, 04.
  7. Goergen, Marc & Renneboog, Luc, 2003. "Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids," EIFC - Technology and Finance Working Papers, United Nations University, Institute for New Technologies 20, United Nations University, Institute for New Technologies.
  8. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, Elsevier, vol. 65(3), pages 365-395, September.
  9. Malerba, Franco, 2002. "Sectoral systems of innovation and production," Research Policy, Elsevier, Elsevier, vol. 31(2), pages 247-264, February.
  10. Malerba, Franco & Orsenigo, Luigi, 1996. "Schumpeterian patterns of innovation are technology-specific," Research Policy, Elsevier, Elsevier, vol. 25(3), pages 451-478, May.
  11. Rossi, Stefano & Volpin, Paolo, 2003. "Cross-Country Determinants of Mergers and Acquisitions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3889, C.E.P.R. Discussion Papers.
  12. Schmidt, Reinhard H., 2003. "Corporate Governance in Germany: An Economic Perspective," CFS Working Paper Series 2003/36, Center for Financial Studies (CFS).
  13. Reinhard H. Schmidt, 2004. "Corporate Governance in Germany: An Economic Perspective," Working Paper Series: Finance and Accounting, Department of Finance, Goethe University Frankfurt am Main 118, Department of Finance, Goethe University Frankfurt am Main.
  14. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, Elsevier, vol. 88(3), pages 430-465, June.
  15. Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
  16. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  17. Lucian Arye Bebchuk, 1994. "Efficient and Inefficient Sales of Corporate Control," NBER Working Papers 4788, National Bureau of Economic Research, Inc.
  18. Harris, Milton & Raviv, Artur, 1988. "Corporate control contests and capital structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 55-86, January.
  19. Randall Morck & Daniel Wolfenzon & Bernard Yeung, 2004. "Corporate Governance, Economic Entrenchment and Growth," NBER Working Papers 10692, National Bureau of Economic Research, Inc.
  20. Marc Goergen, 2005. "Corporate Governance Convergence: Evidence From Takeover Regulation Reforms in Europe," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 21(2), pages 243-268, Summer.
  21. Becht, Marco, 1999. "European corporate governance: Trading off liquidity against control," European Economic Review, Elsevier, Elsevier, vol. 43(4-6), pages 1071-1083, April.
  22. Boyan Jovanovic & Peter L. Rousseau, 2002. "The Q-Theory of Mergers," American Economic Review, American Economic Association, American Economic Association, vol. 92(2), pages 198-204, May.
  23. Nam-Hoon Kang & Sara Johansson, 2000. "Cross-Border Mergers and Acquisitions: Their Role in Industrial Globalisation," OECD Science, Technology and Industry Working Papers 2000/1, OECD Publishing.
  24. Andrade, Gregor & Stafford, Erik, 2004. "Investigating the economic role of mergers," Journal of Corporate Finance, Elsevier, Elsevier, vol. 10(1), pages 1-36, January.
  25. Malerba, Franco & Orsenigo, Luigi, 1995. "Schumpeterian Patterns of Innovation," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 19(1), pages 47-65, February.
  26. Corrocher, Nicoletta & Malerba, Franco & Montobbio, Fabio, 2007. "Schumpeterian patterns of innovative activity in the ICT field," Research Policy, Elsevier, Elsevier, vol. 36(3), pages 418-432, April.
  27. Shleifer, Andrei & Vishny, Robert W., 2003. "Stock market driven acquisitions," Journal of Financial Economics, Elsevier, Elsevier, vol. 70(3), pages 295-311, December.
  28. Miriam Manchin, 2004. "Determinants of European cross-border mergers and acquisitions," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 212, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  29. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, The MIT Press, edition 2, volume 1, number 0262232588, December.
  30. Chilosi, Alberto & Damiani, Mirella, 2007. "Stakeholders vs. shareholders in corporate governance," MPRA Paper 2334, University Library of Munich, Germany.
  31. C.J. Krizan & John Haltiwanger & Lucia Foster, 2002. "The Link Between Aggregate and Micro Productivity Growth: Evidence from Retail Trade," Working Papers 02-18, Center for Economic Studies, U.S. Census Bureau.
  32. Gary Gorton & Matthias Kahl & Richard Rosen, 2005. "Eat or Be Eaten: A Theory of Mergers and Merger Waves," NBER Working Papers 11364, National Bureau of Economic Research, Inc.
  33. Cloodt, Myriam & Hagedoorn, John & Van Kranenburg, Hans, 2006. "Mergers and acquisitions: Their effect on the innovative performance of companies in high-tech industries," Research Policy, Elsevier, Elsevier, vol. 35(5), pages 642-654, June.
  34. Rajan, Raghuram G. & Zingales, Luigi, 2003. "The great reversals: the politics of financial development in the twentieth century," Journal of Financial Economics, Elsevier, Elsevier, vol. 69(1), pages 5-50, July.
  35. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1741, Harvard - Institute of Economic Research.
  36. van Dijk, Machiel, 2000. "Technological Regimes and Industrial Dynamics: The Evidence from Dutch Manufacturing," Industrial and Corporate Change, Oxford University Press, vol. 9(2), pages 173-94, June.
  37. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 2(1), pages 21-48, Winter.
  38. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(2), pages 103-120, Spring.
  39. Breschi, Stefano & Malerba, Franco & Orsenigo, Luigi, 2000. "Technological Regimes and Schumpeterian Patterns of Innovation," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 110(463), pages 388-410, April.
  40. Cassiman, Bruno & Colombo, Massimo G. & Garrone, Paola & Veugelers, Reinhilde, 2005. "The impact of M&A on the R&D process: An empirical analysis of the role of technological- and market-relatedness," Research Policy, Elsevier, Elsevier, vol. 34(2), pages 195-220, March.
  41. Frank A. Schmid & Mark Wahrenburg, 2002. "Mergers and acquisitions in Germany," Working Papers, Federal Reserve Bank of St. Louis 2002-027, Federal Reserve Bank of St. Louis.
  42. Omesh Kini & William Kracaw & Shehzad Mian, 2004. "The Nature of Discipline by Corporate Takeovers," Journal of Finance, American Finance Association, American Finance Association, vol. 59(4), pages 1511-1552, 08.
  43. Benfratello Luigi, 2001. "Determinanti ed effetti delle fusioni e acquisizioni: un'analisi sulla base delle notifiche alle autorità antitrust," L'industria, Società editrice il Mulino, Società editrice il Mulino, issue 3, pages 469-500.
  44. Mitchell, Mark L. & Mulherin, J. Harold, 1996. "The impact of industry shocks on takeover and restructuring activity," Journal of Financial Economics, Elsevier, Elsevier, vol. 41(2), pages 193-229, June.
  45. Malerba, Franco & Orsenigo, Luigi, 1997. "Technological Regimes and Sectoral Patterns of Innovative Activities," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 83-117.
  46. Gregory JACKSON & MIYAJIMA Hideaki, 2007. "Varieties of Capitalism, Varieties of Markets: Mergers and Acquisitions in Japan, Germany, France, the UK and USA," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 07054, Research Institute of Economy, Trade and Industry (RIETI).
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Mirella Damiani, 2010. "Labour regulation, corporate governance and varieties of capitalism," Quaderni del Dipartimento di Economia, Finanza e Statistica, Università di Perugia, Dipartimento Economia, Finanza e Statistica 76/2010, Università di Perugia, Dipartimento Economia, Finanza e Statistica.
  2. Francesco Venturini, 2011. "Product variety, product quality, and evidence of Schumpeterian endogenous growth: a note," Quaderni del Dipartimento di Economia, Finanza e Statistica, Università di Perugia, Dipartimento Economia, Finanza e Statistica 93/2011, Università di Perugia, Dipartimento Economia, Finanza e Statistica.
  3. Muscio, Alessandro & Nardone, Gianluca & Stasi, Antonio, 2012. "Perceived Technological Regimes: An Empirical Analysis of the Apulian Wine Industry," 2012 International European Forum, February 13-17, 2012, Innsbruck-Igls, Austria, International European Forum on Innovation and System Dynamics in Food Networks 144969, International European Forum on Innovation and System Dynamics in Food Networks.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:8226. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.