Open Access Open Access  Accesso riservato Accesso riservato

Le acquisizioni internazionali aumentano gli utili? Evidenza dall’M&A delle imprese italiane tra il 2004 e il 2015

Andrea Beltratti


We use a new sample including 1,371 Italian firms between 2003 and 2015 in order to study the impact of M&A activity on the EBITDA margin. Using an econometric methodology (propensity score matching) that is robust to the presence of inverse causality, we find that the Italian firms characterized by international M&A operations have a larger sector-corrected EBITDA margin than firms that have put in place domestic M&A operations or firms that do not have put in place any M&A activity at all.   International expansion put in place through the purchase of production units has a larger impact on EBITDA margin than international expansion regarding the purchase of distribution networks.

Parole chiave

Mergers & Acquisitions; EBITDA margin; Propensity Score Matching; Non-listed firms

Full Text


Riferimenti bibliografici

Baghai M., S. Smit, e P. Viguerie, 2009, Is your growth strategy flying blind?, Harvard Business Review, 87(5), 86-96

Bank of America Merrill Lynch, 2015, M&A: Theory vs. practice, Industry overview

Bonaime, A., H. Gulen, e M. Ion, 2017, Does policy uncertainty affect mergers and acquisitions?, mimeo

Bris A., e C. Cabolis, 2008, The value of investor protection: evidence from cross-border mergers, Review of Financial Studies, 21, 2605-2648

Bruner, R.F., 2002, Does M&A pay? A survey of evidence for the decision-maker, Journal of Applied Finance, 12, 48-68

Cartwright, S. e R. Schoenberg, 2006, 30 years of mergers and acquisitions research: Recent advances and future opportunities, British Journal of Management, 17, Issue S1, S1-S5

Datta D., e G. Puia, 1995, Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. acquiring firms, Management International Review, 35, 337-359

Denis D., D. Denies, e K. Yost, 2002, Global diversification, industrial diversification, and firm value, Journal of Finance, 57, 1951-1979

Doige C., G.A. Karolyi, e R.M. Stulz, 2007, Why Do Countries Matter So Much For Corporate Governance?, Journal of Financial Economics, 86, 1-39.

Dos Santos, M.B., V.R. Errunza, e D.P. Miller, 2008, Does Corporate International Diversification Destroy Value? Evidence from Cross-Border Mergers and Acquisitions, Journal of Banking & Finance, 32, 2716-2724

Doukas, J., e N. Travlos, 1988, The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions, Journal of Finance 23, 1161-1178

Erel, I., R.C. Liao, e M.S. Weisbach, 2012, Determinants of cross-border mergers and acquisitions, Journal of Finance, 67, 1045-1082

Erel, I., Y. Jang, e M.S. Weisbach, 2015, Do acquisitions relieve target firms’ financial constraints?, Journal of Finance, 70, 289-328

Fatemi, A.M., 1984, Shareholder Benefits from Corporate International Diversification, Journal of Finance 39, (1325-1345)

Harris R.S., e D. Ravenscraft, 1991, The role of acquisition in foreign direct investment: evidence from the U.S. stock market, Journal of Finance, 46, 825-844

Healey, P., K. Palepu, e R. Ruback, 1997, Which takeovers are profitable: Strategic or financial?, Sloan Management Review, 38, 45-57

Jensen, M.C., 1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review, 76, 357–398

Kang J., 1993. The international market for corporate control, Journal of Financial Economics,. 34, 345–371

Li, J., e S. Guisinger, 1991, Comparative business failures of foreign-controlled firms in the United States. Journal of International Business Studies, 22, 209–224

Moeller, Schlingemann, e R.M Stulz, 2005, Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave, Journal of Finance 60, 757-782

Morck R., e D. Yeung, 1991, Why investors value multinationality, Journal of Business, 64, 165-187

Nitsch, D., Beamish, P., Makino, S., 1996. Entry mode and performance of Japanese FDI in Western Europe. Management International Review, 36, 27–43

Roberts, M.R., e T. Whited, 2013, Endogeneity in empirical corporate finance, in Handbook of the economics of finance, ed. by G. Costantinides, M. Harris e R.M. Stulz, 2, 493-572

Rosenbaum P.R., e D.B. Rubin (1983), The central role of propensity score in observational studies for causal effects, Biometrika, 70, 41-55

Scholes, M.S., e M.A. Wolfson, 1990, The effects of changes in tax laws on corporate reorganization activity, Journal of Business, 63, 141-164

Seth, A., K.P. Song, e R.R. Pettit, 2002. Value creation and destruction in cross-border acquisitions: an empirical analysis of foreign acquisitions of U.S. firm, Strategic. Management Journal 23, 921–940

Wang C., e F. Xie, 2009, Corporate governance transfer and synergistic gains from mergers and acquisitions, Review of Financial Studies, 22, 829-858



  • Non ci sono refbacks, per ora.

ISSN 0394-7947