Mergers and Acquisitions in European banking higher productivity or better synergy among business lines?
Rym Ayadi (),
Jean-Philippe Boussemart (),
Hervé Leleu () and
Dhafer Saidane ()
Journal of Productivity Analysis, 2013, vol. 39, issue 2, 165-175
This paper aims at assessing the extent to which M&As in European banking sector over the period 1996–2003 result in two simultaneous catching up and convergence processes of consolidating groups. First, do the M&As significantly contribute to the consolidating banks to catch-up with the productivity benchmark? Second, in terms of synergies or complementarities among business lines, is there a convergence process of output mixes among the individual banks of the M&A operations? Our sample is made up of 42 M&A transactions and 587 non-merging banks in Europe. The main conclusion is that M&A operations in the European banking industry appear to be essentially motivated by an objective of improving complementarities among lines of work from each component of M&As rather than increasing productivity at the merged banks. Copyright Springer Science+Business Media, LLC 2013
Keywords: Efficiency; Free Aggregation Hull; Catching-up; Convergence; Mergers & acquisitions; Banking industry; D24; G21; G34; L25 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:jproda:v:39:y:2013:i:2:p:165-175
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