Mergers, acquisitions and technological regimes: the European experience over the period 2002- 2005

Mirella Damiani and Fabrizio Pompei

MPRA Paper from University Library of Munich, Germany

Abstract: Comparisons by countries and by sectors of mergers and acquisitions have usually been performed in separate fields of research. A first group of studies, focusing on international comparisons, has explored the role of corporate governance systems, investor protection laws and other countries’ regulatory institutions as the main determinants of takeovers around the world. A second group of contributions has attributed a central role to variations in industry composition, documenting that, in each country, mergers occur in waves and within each wave clustering by industry is observed. This paper aims to integrate both perspectives and to make comparisons by countries and by sectors, thus exploring the role of various driving forces on takeover activities. It also intends to consider the specific influence that technological regimes and their innovation patterns may exert in reallocating assets and moving capital among sectors. This will be done by examining the European experience of the last few years (2002-2005). We found that even in countries where transfer of control is a frequent phenomenon, mergers are less frequent in those sectors where innovation is a cumulative process and where takeovers may be a threat to the continuity of accumulation of innovative capabilities.

Keywords: Mergers and Acquisitions; Corporate Governance; Technological Regimes (search for similar items in EconPapers)
JEL-codes: G34 L60 O30 (search for similar items in EconPapers)
Date: 2008-04-11
New Economics Papers: this item is included in nep-cfn, nep-com, nep-eec and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Working Paper: Mergers, acquisitions and technological regimes: the European experience over the period 2002-2005 (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:8226

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