21 years of international M&As and joint ventures by Italian medium-sized listed firms: Value creation or value destruction?

Corporate governance and the quality of voluntary disclosure: Evidence from medium-sized listed firms

“…Such criteria, largely diffused in strategic management and industrial organisational literature (Alzona, 2007;Tunisini and Bocconcelli, 2009;Varaldo et al, 2009), include: (i) a turnover ranging from 15 to 330 million euros; (ii) a number of employees between 50 and 499 and (iii) not being controlled by any large holding company (that is, independence criteria). Consistent with previous Italian (Tunisini and Bocconcelli, 2009;Morresi and Pezzi, 2011) and international (Pavitt et al, 1987;Perks, 2006;Weinstein, 2011) contributions dealing with the setting of a dimensional threshold for medium-sized firms, the above-mentioned criteria were preferred with respect to the parameters defined by the EU Commission. This choice is fully in line with the purpose of this article, whose theoretical angle is based on strategic and managerial arguments; therefore, legislative and fiscal profiles related to firm size are deliberately left aside in this article.…”

What makes a joint venture: Micro‐evidence from Sino‐Italian contracts

“…To the best of our knowledge, this is the first attempt at collecting survey data on international partnerships at the contract, rather than country, industry or firm level, providing a comprehensive picture in terms of sample representation and topic coverage 2 . This markedly differentiates our contribution from previous studies aimed at providing an overview of general trends in inter‐firm alliances through already existing databases (see, for instance: Hagedoorn, 1996, 2002; Moskalev & Swensen, 2007; Morresi & Pezzi, 2011). Having designed the data‐collection questionnaire, we were able to include questions suitable to understand what makes a JV and to what extent the empirical evidence supports the theoretical predictions.…”

“…The choice of the home and host markets is inspired by recent evidence about cross‐country alliances. The well documented preference of Italian entrepreneurs for joint ventures vs. wholly foreign owned enterprises makes Italy a suitable focus of our study (see, among others: Bontempi & Prodi, 2009; Gattai, 2010; Morresi & Pezzi, 2011). The largest FDI recipient in the world after the US, China is known for shared ownership of foreign affiliates, even though wholly foreign owned enterprises have been allowed since the 1980s (Moskalev & Swensen, 2007).…”

“…Having designed the data‐collection questionnaire, we were able to include questions suitable to understand what makes a JV and to what extent the empirical evidence supports the theoretical predictions. Hence, even if we narrow down the scope for research by adopting a single home/single host perspective and selecting JVs within the broader array of contracts considered in Hagedoorn (1996, 2002), Moskalev and Swensen (2007) and Morresi and Pezzi (2011), we still cover all classes of industries and firms and comment on a wider spectrum of contractual features adding to sector, country and ownership structure. As a result, our analysis is strongly complementary to previous ones.…”

Macroeconomic Change, and Cross-Border Mergers and Acquisitions: The Indian Experience, 1991-2010

“…In due course of time, developed economies merger waves have engulfed developing countries considering the 1990-91 economic deregulation and liberalization experience (e.g., Weston, Chung, & Hoag, 1998;Weston, Mitchell, & Mulherin, 2003). 6 A number of American and European researchers have extensively been investigated M&A in key areas ranging from the negotiation process to due diligence activity, stock returns to accounting performance for pre-and post-acquisition periods, post-merger strategies to culture-integration issues, and so forth (e.g., Barbopoulos, Paudyal, & Pescetto, 2012;Basuil & Datta, 2015;Boateng, Hua, Uddin, & Du, 2014;Collins et al, 2009;Conklin, 2005;Corhay & Rad, 2000;Das & Kapil, 2012;Erel, Liao, & Weisbach, 2012;Ketkar, 2012;Kling et al, 2014;Malhotra, Sivakumar, & Zhu, 2011;Morresi & Pezzi, 2011;Mukherji, Mukherji, Dibrell, & Francis, 2013;Rasedie & Srinivasan, 2011;Reus, 2012;Serdar Dinc & Erel, 2013;Stepanok, 2015;Vasconcellos, Madura, & Kish, 1990). Conversely, I find a few studies on international mergers and joint ventures noticed in EMs institutional setting.…”