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 lower impact on EBITDA margin than international expansion regarding the purchase of distribution networks.
Le acquisizioni internazionali aumentano gli utili? Evidenza dal M&A delle imprese italiane tra il 2004 e il 2015
Andrea Beltratti;Alessia Bezzecchi;Stefano Caselli
2018
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 lower impact on EBITDA margin than international expansion regarding the purchase of distribution networks.File | Dimensione | Formato | |
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Beltratti-Bezzecchi-Caselli Piccola Impresa.pdf
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