Cross-border mergers and acquisitions and European integration - Sciences Po Accéder directement au contenu
Article Dans Une Revue Economic Policy Année : 2009

Cross-border mergers and acquisitions and European integration

Résumé

Cross-border mergers and acquisitions activities (M&As) sharply increased over the last two decades, partly as a result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the main forces driving M&As, using a unique database on bilateral cross-border M&As at the sectoral level (in manufacturing and services) over the period 1985-2004. The key empirical findings are: (1) EMU helped the restructuring of capital within the same sector of manufacturing activity among euro area firms; (2) joining the EU favoured both horizontal and vertical mergers; (3) policy-makers can help attract capital by reducing the corporate tax rates and the degree of product market regulations and by improving the country's financial systems; (4) the service industry has not yet fully benefited from European integration because the level of protection and barriers to entry in the services sector act as a strong deterrent to cross-border M&As in services.
Fichier principal
Vignette du fichier
cross-border-mergers-and-a-nc.pdf (300.24 Ko) Télécharger le fichier
Origine : Accord explicite pour ce dépôt
Loading...

Dates et versions

hal-01022660 , version 1 (10-07-2014)

Identifiants

Citer

Nicolas Coeurdacier, Roberto A. de Santis, Antonin Aviat. Cross-border mergers and acquisitions and European integration. Economic Policy, 2009, 24 (57), pp.56-106. ⟨hal-01022660⟩
499 Consultations
4138 Téléchargements

Partager

Gmail Facebook X LinkedIn More