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Fusioni ed acquisizioni: determinanti ed effetti in un confronto europeo

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  • Marco Bellucci

Abstract

Il lavoro analizza il processo di riallocazione della proprietà nei settori manifatturieri di 16 paesi europei nel biennio 2006-2007, concentrandosi sullo studio dei fattori istituzionali, settoriali e tecnologici alla base di fusioni ed acquisizioni. In particolare si esaminano le determinanti e gli effetti di tali operazioni in termini di performance per le imprese acquirenti. Dai risultati ottenuti emerge che le operazioni di fusione ed acquisizione risultano più frequenti nei paesi in cui la proprietà azionaria è frammentata e il mercato per il controllo societario, come previsto dall’ampia letteratura sulla corporate governance, agisce da meccanismo correttivo nei casi di inefficiente gestione delle imprese. Dal punto di vista settoriale, la frequenza dei takeover è maggiore nelle industrie meno tradizionali, quali la chimica e l’elettronica, e più in generale nei settori in cui il ruolo chiave ai fini dell’innovazione è giocato dall’attività interna di R&S. Inoltre emerge che la maggior parte delle società acquirenti europee è di grande dimensione in termini di fatturato, e sono proprio le imprese più grandi ad intraprendere con maggior frequenza operazioni di M&A. A parità di condizioni, un paese con una base industriale ampia e frammentata in tante piccole e medie unità aziendali risulta quindi meno attivo di altri nel mercato delle acquisizioni societarie. Le imprese acquirenti europee presentano prima dell’acquisizione profili reddituali e finanziari migliori e risultano più dotate di intangible assets delle imprese del campione di controllo; l’acquisizione, inoltre, non sembra avere, in generale, nel breve periodo, effetti positivi sulle performance delle imprese acquirenti. Tuttavia, l’acquisizione appare produrre effetti positivi sul versante della produttività e degli intangible assets, segnalando che uno degli obiettivi delle imprese nell’intraprendere un’acquisizione è quello di sfruttare complementarietà o sinergie nelle attività “invisibili”.

Suggested Citation

  • Marco Bellucci, 2010. "Fusioni ed acquisizioni: determinanti ed effetti in un confronto europeo," Quaderni del Dipartimento di Economia, Finanza e Statistica 80/2010, Università di Perugia, Dipartimento Economia.
  • Handle: RePEc:pia:wpaper:80/2010
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    Keywords

    Mergers and Acquisitions; Innovation; Technological regimes; Corporate governance;

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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