IDEAS home Printed from https://ideas.repec.org/a/fan/ededed/vhtml10.3280-ed2016-002002.html

Merger&Acquisitions (M&As) e alliances delle imprese crocieristiche: un?analisi delle determinanti strategiche

Author

Listed:
  • Lara Penco
  • Giorgia Profumo

Abstract

Il presente contributo si propone di studiare le determinanti strategiche che stanno alla base delle operazioni di Mergers and Acquisitions (M&As) e delle alleanze interaziendali, quali modalit? di implementazione della crescita delle imprese. Viene proposto, in particolare, un modello teorico interpretativo dei driver di crescita esterna basato su due dimensioni: (1) il livello di rischiosit? e di complessit? del business; (2) la centralit? delle risorse e delle competenze che vengono acquisite dall?impresa che realizza la strategia. Il modello teorico ? stato poi applicato al settore crocieristico, mediante un?analisi qualitativa basata su tre case-study, ovvero sulle imprese leader Carnival Cruise, Royal Caribbean e Star Cruise-Norvegian Cruise Line. Il settore crocieristico ? un campo privilegiato per studiare le determinanti alla base delle decisioni attuative della strategie, poich? ? stato contraddistinto negli ultimi anni da ondate di fusioni e acquisizioni, nonch? da numerose partnership strategiche attivate dalle cruise company con attori del sistema del valore crocieristico. I risultati hanno mostrato come le imprese crocieristiche abbiano nel tempo modificato le proprie modalit? di implementazione delle strategie, essendo cambiate le motivazioni di natura strategica.

Suggested Citation

  • Lara Penco & Giorgia Profumo, 2016. "Merger&Acquisitions (M&As) e alliances delle imprese crocieristiche: un?analisi delle determinanti strategiche," ECONOMIA E DIRITTO DEL TERZIARIO, FrancoAngeli Editore, vol. 2016(2), pages 237-264.
    • Handle: RePEc:fan:ededed:v:html10.3280/ed2016-002002
    as

    Download full text from publisher

    File URL: http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=57953&Tipo=ArticoloPDF
    Download Restriction: Single articles can be downloaded buying download credits, for info: https://www.francoangeli.it/DownloadCredit
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Jensen, Michael C. & Ruback, Richard S., 1983. "The market for corporate control : The scientific evidence," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 5-50, April.
    2. Galai, Dan & Masulis, Ronald W., 1976. "The option pricing model and the risk factor of stock," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 53-81.
    3. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
    4. Lara Penco & Assunta Di Vaio, 2014. "Monetary and non-monetary value creation in cruise port destinations: an empirical assessment," Maritime Policy & Management, Taylor & Francis Journals, vol. 41(5), pages 501-513, September.
    5. Lihua Wang & Edward J. Zajac, 2007. "Alliance or acquisition? a dyadic perspective on interfirm resource combinations," Strategic Management Journal, Wiley Blackwell, vol. 28(13), pages 1291-1317, December.
    6. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73(2), pages 110-110.
    7. Yakov Amihud & Baruch Lev, 1981. "Risk Reduction as a Managerial Motive for Conglomerate Mergers," Bell Journal of Economics, The RAND Corporation, vol. 12(2), pages 605-617, Autumn.
    8. Pierre Dussauge & Bernard Garrette, 1995. "Determinants of Success in International Strategic Alliances: Evidence from the Global Aerospace Industry," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 26(3), pages 505-530, September.
    9. Assunta Di Vaio & Francesca Medda & Lourdes Trujillo, 2011. "An Analysis Of The Efficiency Of Italian Cruise Terminals," Articles, International Journal of Transport Economics, vol. 38(1).
    10. Lewellen, Wilbur G, 1971. "A Pure Financial Rationale for the Conglomerate Merger," Journal of Finance, American Finance Association, vol. 26(2), pages 521-537, May.
    11. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73(4), pages 351-351.
    12. Eckbo, B. Espen, 1983. "Horizontal mergers, collusion, and stockholder wealth," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 241-273, April.
    13. Mary Coleman & David Meyer & David Scheffman, 2003. "Economic Analyses of Mergers at the FTC: The Cruise Ships Mergers Investigation," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 23(2), pages 121-155, September.
    14. Garette, Bernard & Dussauge, Pierre, 2000. "Alliances versus acquisitions: choosing the right option," European Management Journal, Elsevier, vol. 18(1), pages 63-69, February.
    15. Bernard Garrette & Pierre Dussauge, 2000. "Alliances versus acquisitions: choosing the right option," Post-Print hal-00458779, HAL.
    16. Gary Hamel, 1991. "Competition for competence and interpartner learning within international strategic alliances," Strategic Management Journal, Wiley Blackwell, vol. 12(S1), pages 83-103, June.
    17. Anju Seth, 1990. "Sources of value creation in acquisitions: An empirical investigation," Strategic Management Journal, Wiley Blackwell, vol. 11(6), pages 431-446, October.
    18. Balakrishnan, Srinivasan & Koza, Mitchell P., 1993. "Information asymmetry, adverse selection and joint-ventures : Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 20(1), pages 99-117, January.
    19. Ellert, James C, 1976. "Mergers, Antitrust Law Enforcement and Stockholder Returns," Journal of Finance, American Finance Association, vol. 31(2), pages 715-732, May.
    20. Hung, Kam & Petrick, James F., 2011. "Why do you cruise? Exploring the motivations for taking cruise holidays, and the construction of a cruising motivation scale," Tourism Management, Elsevier, vol. 32(2), pages 386-393.
    21. Jean‐Francois Hennart, 1988. "A transaction costs theory of equity joint ventures," Strategic Management Journal, Wiley Blackwell, vol. 9(4), pages 361-374, July.
    22. Lee, Scott & Ramdeen, Collin, 2013. "Cruise ship itineraries and occupancy rates," Tourism Management, Elsevier, vol. 34(C), pages 236-237.
    23. Bernard Garrette & Pierre Dussauge, 1995. "Determinants of Success in International Strategic Alliances: Evidence from the Global Aerospace Industry," Post-Print hal-00458889, HAL.
    24. Dan Lovallo & Colin Camerer, 1999. "Overconfidence and Excess Entry: An Experimental Approach," American Economic Review, American Economic Association, vol. 89(1), pages 306-318, March.
    25. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
    26. Fee, C. Edward & Thomas, Shawn, 2004. "Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms," Journal of Financial Economics, Elsevier, vol. 74(3), pages 423-460, December.
    27. Shleifer, Andrei & Vishny, Robert W, 1988. "Value Maximization and the Acquisition Process," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 7-20, Winter.
    28. Peter Wild & John Dearing, 2000. "Development of and prospects for cruising in Europe," Maritime Policy & Management, Taylor & Francis Journals, vol. 27(4), pages 315-333.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Martynova, M. & Renneboog, L.D.R., 2005. "Takeover Waves : Triggers, Performance and Motives," Discussion Paper 2005-029, Tilburg University, Tilburg Law and Economic Center.
    2. Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
    3. Martynova, M., 2006. "The market for corporate control and corporate governance regulation in Europe," Other publications TiSEM 8651e281-4914-41f2-ac14-1, Tilburg University, School of Economics and Management.
    4. Stienstra, Miranda, 2020. "The determinants and performance implications of alliance partner acquisition," Other publications TiSEM 7fdee0c2-d4d2-4f5b-95e3-2, Tilburg University, School of Economics and Management.
    5. Sehleanu Mariana, 2015. "Creating Or Destroying Value Through Mergers And Acquisitions?," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 593-600, July.
    6. Dickerson, Andrew P. & Gibson, Heather D. & Tsakalotos, Euclid, 2002. "Takeover risk and the market for corporate control: the experience of British firms in the 1970s and 1980s," International Journal of Industrial Organization, Elsevier, vol. 20(8), pages 1167-1195, October.
    7. Luc Renneboog & Peter G. Szilagyi, 2008. "Corporate Restructuring and Bondholder Wealth," European Financial Management, European Financial Management Association, vol. 14(4), pages 792-819, September.
    8. Ferreira, Manuel Portugal & Santos, João Carvalho & de Almeida, Martinho Isnard Ribeiro & Reis, Nuno Rosa, 2014. "Mergers & acquisitions research: A bibliometric study of top strategy and international business journals, 1980–2010," Journal of Business Research, Elsevier, vol. 67(12), pages 2550-2558.
    9. Szilagyi, P.G., 2007. "Corporate governance and the agency costs of debt and outside equity," Other publications TiSEM 9520d40a-224f-43a8-9bf9-b, Tilburg University, School of Economics and Management.
    10. Ollinger, Michael & Nguyen, Sang V., 2003. "Empirical Evidence On The Motives For Mergers And Acquisitions In Eight Food Industries," 2003 Annual meeting, July 27-30, Montreal, Canada 22176, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    11. Ana I. Fernández & Silvia Gómez-Ansón, 1999. "Un estudio de las Ofertas Públicas de Adquisición en el mercado de valores español," Investigaciones Economicas, Fundación SEPI, vol. 23(3), pages 471-495, September.
    12. Mike Burkart & Samuel Lee, 2008. "One Share - One Vote: the Theory," Review of Finance, European Finance Association, vol. 12(1), pages 1-49.
    13. Gammelgaard, Jens, 1999. "Competence: A Dynamic Extension of the Existing Typology of Acquisition Motives," Working Papers 12-1999, Copenhagen Business School, Department of International Economics and Management.
    14. David R Merrell, 1999. "Productivity And Acquisitions In U.S. Coal Mining," Working Papers 99-17, Center for Economic Studies, U.S. Census Bureau.
    15. Martynova, M. & Renneboog, L.D.R., 2006. "The Performance of the European Market for Corporate Control : Evidence from the 5th Takeover Wave," Discussion Paper 2006-118, Tilburg University, Center for Economic Research.
    16. Joseph A. Clougherty & Tomaso Duso, 2010. "Using Rival Effects to Identify Synergies and Improve Merger Typologies," CIG Working Papers SP II 2010-13, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
    17. Tunyi, Abongeh A., 2021. "Revisiting acquirer returns: Evidence from unanticipated deals," Journal of Corporate Finance, Elsevier, vol. 66(C).
    18. Jozsef Molnar, 2002. "Preemptive Horizontal Mergers: Theory and Evidence," KRTK-KTI WORKING PAPERS 0213, Institute of Economics, Centre for Economic and Regional Studies.
    19. Hassan, Ibne & Chidlow, Agnieszka & Romero-Martínez, Ana M., 2016. "Selection, valuation and performance assessment: Are these truly inter-linked within the M&A transactions?," International Business Review, Elsevier, vol. 25(1), pages 255-266.
    20. Kamerbeek, S.P., 2009. "Merger Performance and Efficiencies in Horizontal Merger Policy in the US and the EU," MPRA Paper 18064, University Library of Munich, Germany.

    More about this item

    Keywords

    ;
    ;
    ;

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fan:ededed:v:html10.3280/ed2016-002002. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stefania Rosato (email available below). General contact details of provider: http://www.francoangeli.it/riviste/sommario.aspx?IDRivista=202 .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.