Value creation and division of gains in horizontal acquisitions in Europe: the role of industry conditions

Abstract

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Investigating the linkages between industrial policies and M&A dynamics: Evidence from China

“…Additionally, industry factors, such as sales concentration, scale efficiency and competition, seem to assume great importance in determining the specific advantages and conditions that companies can exploit with M&As, and therefore, they are capable of influencing success in terms of postmerger firm-level gains and value. Finally, M&As tend to cluster across related industries, acting as a mechanism of asset reallocation along the production chain (Huyghebaert and Luypaert, 2013;Szücs, 2016).…”

“…Following their differences in terms of sectors and position along the value chain, the literature usually distinguishes among horizontal, vertical and conglomerate M&As. 1 Horizontal M&As are widely studied and are those for which industry-level components appear to be more relevant (Huyghebaert and Luypaert, 2013). They are regarded to generate the most important increase in sectoral efficiency and R&D, but they are those causing more problems in terms of the concentration of market power, even stronger in the case of market contraction Kin and Singal, 1993;Sapienza, 2002;Schweiger and Very, 2003;Anderson et al, 2013;Barbieri et al, 2017).…”

Influence of family ownership on the industry-diversifying nature of a firm’s M&A strategy: Empirical evidence from Continental Europe

“…We capture this idea by means of the variables TOTAL RISK and CONGLOMERATE. Next, firms in a low-growth or highly concentrated industry may opt for an industry-diversifying M&A strategy (e.g., Huyghebaert & Luypaert, 2013;Powell & Yawson, 2005). Finally, we control for differences in investor protection and disclosure standards across countries by means of MARKETCAP_GDP (La Porta, Lopez-de-Silanes, Shleifer, & Vishny, 1998).…”

The Method of Estimating the Premium in Mergers and Acquisitions in Emerging Markets for Private Companies

“…[7], N. Huyghebaert [8]). Обзор эмпирических исследований, посвященных оценке эффективно-сти сделок M&A с применением метода событий (event studies) для развитых и развивающихся рынков капитала, представлен в работах С.А.…”