Ottorino Morresi
Sapienza University of Rome
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Archive | 2014
Ottorino Morresi; Alberto Pezzi
Table of contents Chapter 1 - The M&A phenomenon Chapter 2 - Cross-border M&As: theory and strategic process Chapter 3 - Cross-border M&As and performance: empirical evidence Chapter 4 - Cross-border mergers and acquisitions and stock market performance: evidence from medium-sized US and European firms
Archive | 2014
Ottorino Morresi; Alberto Pezzi
The best ways to enter an international market and develop a company’s presence abroad are fundamental strategic decisions that firms choose, or should choose, after careful consideration of the company’s objectives and resources. Internationalization strategies have a long-term horizon and firms have to identify a methodology that weighs the trade-offs between different possible alternatives in order to maximize efficiency in the long term (Anderson and Gatignon, 1986) and the firm’s value. These assessments should be complemented by additional, more in-depth investigations into the environmental and industry costs and risks.
Archive | 2014
Ottorino Morresi; Alberto Pezzi
Over the last few decades, the intensity of the internationalization process in small- and medium-sized enterprises (SMEs) has dramatically increased as a result of a combination of a number of external trends such as globalization, evolution of information and communication technology, transportation cost reduction, development of policies by supranational institutions aimed at fostering SME international growth, etc. (Wright et al., 2007; Knight and Kim, 2009). International diversification strategies have become particularly important strategic options for SMEs whose business scope has been geographically confined by nature. SMEs adopt internationalization strategies to seize new opportunities for growth in terms of markets and profitability. However, numerous researchers have observed that the implementation of internationalization strategies of SMEs is strictly affected by liabilities of foreignness (Hymer, 1976), newness (Stinchcombe, 1965), entrepreneurial behavior (Jones and Coviello, 2005), and lack of resources and capabilities (Buckley, 1989; Jarillo, 1989; Beamish, 1999). As a result, the complexities of international operations are likely to be more challenging for SMEs than for their larger established counterparts (Czinkota, 1982; Craig and Douglas, 1996). The level of risk becomes higher when SMEs attempt to adapt knowledge and capabilities that have developed in a domestic context to a host market with different operational, political, economic, and cultural barriers (Oviatt and McDougall, 1994; McDougall and Oviatt, 1996).
Archive | 2014
Ottorino Morresi; Alberto Pezzi
One of the most interesting, intriguing, and puzzling questions raised by the literature on cross-border M&As is whether these deals are associated with improved market- and accounting-based performance of the firms involved in the transaction. A large number of contributions have tried to answer the question with mixed, and at times unclear, results. This section proposes a critical discussion of the main evidence that has emerged by analyzing papers and manuscripts published over the last 30 years. The purpose is to build an integrated framework that may explain (1) the outcomes of these deals, (2) the conditions that make a cross-border deal either a successful or a failed transaction, and (3) those who benefit the most from these deals.
Archive | 2014
Ottorino Morresi; Alberto Pezzi
Mergers and acquisitions (M&As) can conventionally be defined as the purchase of entire companies or their specific assets by another company. M&A transactions therefore imply that existing assets are combined in a new shape. In a frictionless world, asset recombination occurs whenever corporate assets are not used in the best possible way. The new asset combination should therefore be more productive than the old one. This means that corporate assets should be channeled toward those combinations that assure their highest productivity. Put differently, the combination of two or more assets should be more valuable than the sum of its parts. M&As have their theoretical foundation in three well-recognized theories: neoclassical theory, redistribution theory, and behavioral theory.
Wolpertinger 2010 | 2011
Ottorino Morresi; Alberto Pezzi
In the last 40 years, the intensity of the internationalization process of Italian firms has been growing. Unlike other developed countries, for which studies on internationalization are mostly related to large multinational corporations, the majority of Italian studies rely on Small and Medium-sized Enterprises (SMEs) (Depperu, 1997; Zucchella and Maccarini, 1999), which are considered to be distinctive of the Italian entrepreneurial base. Italian SMEs are used to going abroad through either non-equity or low-equity entry modes, such as exporting and joint ventures, because of their low confidence in international M&As. The propensity of Italian firms to go international through high-equity entry modes is more recent, and has grown in the last few years. Between 2002 and 2007, the Italian outward Foreign Direct Investments (FDIs) increased by 3.6 per cent if we look at the average growth rate of foreign shareholdings and 5.8 per cent if we look at the number of subsidiaries (ICE, 2009, p. 290). It is worth noticing that medium-sized enterprises contributed the most to the above growth, despite their relatively low incidence on the total FDI stock (Mariotti and Mutinelli, 2009). These data lead us to argue that internationalization strategies of SMEs are likely to be remarkably different depending on the specific size of constituent firms (e.g. micro, small and medium firms).
Research in International Business and Finance | 2011
Ottorino Morresi; Alberto Pezzi
Archive | 2015
Ottorino Morresi; Daniela Venanzi
3rd World Finance Conference | 2012
Ottorino Morresi; Alberto Pezzi
Archive | 2014
Ottorino Morresi; Alberto Pezzi