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

Andrea Beltratti

Abstract


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

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DOI: http://dx.doi.org/10.14596/pisb.291

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