Determinants of cross-border acquisitions in the EU
This study empirically investigates the determinants of the probability that a European Union firm received and completed a takeover bid. Our identification strategy relies on the logit method-ology, using cross-border acquisitions and firm level balance sheet data for the years 2008-2018. We find...
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| Format: | Article |
| Language: | English |
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Università degli Studi di Urbino Carlo Bo
2021-12-01
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| Series: | Argomenti: Rivista di Economia, Cultura e Ricerca Sociale |
| Subjects: | |
| Online Access: | https://journals.uniurb.it./index.php/argomenti/article/view/2900 |
| _version_ | 1797449038065303552 |
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| author | Wildmer Daniel Gregori Maria Martinez Cillero |
| author_facet | Wildmer Daniel Gregori Maria Martinez Cillero |
| author_sort | Wildmer Daniel Gregori |
| collection | DOAJ |
| description |
This study empirically investigates the determinants of the probability that a European Union firm received and completed a takeover bid. Our identification strategy relies on the logit method-ology, using cross-border acquisitions and firm level balance sheet data for the years 2008-2018. We find that higher productivity in-creases the probability of acquisition, except for large firms. Higher firm liquidity, and listing status also increase the probability of a cross-border acquisition. On the other hand, age, profitability, higher indebtedness and equity levels are negatively related to the probability of acquisition. Some sectoral variation, dividing high vs low tech sectors, is also observed in our estimates.
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| first_indexed | 2024-03-09T14:20:00Z |
| format | Article |
| id | doaj.art-cbb4423ef26743d5b3fe6b9e2d4d5d23 |
| institution | Directory Open Access Journal |
| issn | 1971-8357 |
| language | English |
| last_indexed | 2024-03-09T14:20:00Z |
| publishDate | 2021-12-01 |
| publisher | Università degli Studi di Urbino Carlo Bo |
| record_format | Article |
| series | Argomenti: Rivista di Economia, Cultura e Ricerca Sociale |
| spelling | doaj.art-cbb4423ef26743d5b3fe6b9e2d4d5d232023-11-28T17:40:03ZengUniversità degli Studi di Urbino Carlo BoArgomenti: Rivista di Economia, Cultura e Ricerca Sociale1971-83572021-12-012010.14276/1971-8357.2900Determinants of cross-border acquisitions in the EUWildmer Daniel GregoriMaria Martinez Cillero0European Commission This study empirically investigates the determinants of the probability that a European Union firm received and completed a takeover bid. Our identification strategy relies on the logit method-ology, using cross-border acquisitions and firm level balance sheet data for the years 2008-2018. We find that higher productivity in-creases the probability of acquisition, except for large firms. Higher firm liquidity, and listing status also increase the probability of a cross-border acquisition. On the other hand, age, profitability, higher indebtedness and equity levels are negatively related to the probability of acquisition. Some sectoral variation, dividing high vs low tech sectors, is also observed in our estimates. https://journals.uniurb.it./index.php/argomenti/article/view/2900FDICross-border M&AsTFPEuropean UnionLogit |
| spellingShingle | Wildmer Daniel Gregori Maria Martinez Cillero Determinants of cross-border acquisitions in the EU Argomenti: Rivista di Economia, Cultura e Ricerca Sociale FDI Cross-border M&As TFP European Union Logit |
| title | Determinants of cross-border acquisitions in the EU |
| title_full | Determinants of cross-border acquisitions in the EU |
| title_fullStr | Determinants of cross-border acquisitions in the EU |
| title_full_unstemmed | Determinants of cross-border acquisitions in the EU |
| title_short | Determinants of cross-border acquisitions in the EU |
| title_sort | determinants of cross border acquisitions in the eu |
| topic | FDI Cross-border M&As TFP European Union Logit |
| url | https://journals.uniurb.it./index.php/argomenti/article/view/2900 |
| work_keys_str_mv | AT wildmerdanielgregori determinantsofcrossborderacquisitionsintheeu AT mariamartinezcillero determinantsofcrossborderacquisitionsintheeu |