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DOI | 10.1016/j.enpol.2018.08.042 |
Abandoned deals: the merger and acquisition process in the electricity and gas industry | |
ten Brug, Hans; Sahib, Padma Rao | |
2018-12-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2018 |
卷号 | 123页码:230-239 |
文章类型 | Article |
语种 | 英语 |
国家 | Netherlands |
英文摘要 | High profile deals emphasize the costs of the merger and acquisition (M&A) process particularly when deals fail before closure. However, beyond anecdotal evidence, we do not know why some M&A deals in the electricity and gas industries are abandoned. We analyze a sample of over 5000 M&As in the electricity and gas industries. The three most important factors affecting M&A abandonment are if the acquirer engaged in a divestiture at the same time, whether the target firm was publicly owned, and if the acquirer already had a toe-hold (part ownership) in the target firm at the time of the M&A deal. An M&A deal is 10.17% less likely to be abandoned if the acquirer engaged in a divestiture at the same time. An M&A involving a publicly owned target firm is 9.87% more likely to be abandoned. Lastly, an M&A in which the acquirer had a toe-hold in the target company is 7.87% more likely to be abandoned. Our findings show that policy makers and practitioners should be aware that the M&A process is affected by often over-looked deal or firm specific factors. |
英文关键词 | Mergers and acquisitions Abandoned deals Restructuring Electricity industry Gas industry Regulation |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000453499700023 |
WOS关键词 | MARKET |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/16518 |
专题 | 气候变化 |
作者单位 | Univ Groningen, Dept Global Econ & Management, Fac Econ & Business, Nettelbosje 2, NL-9747 AE Groningen, Netherlands |
推荐引用方式 GB/T 7714 | ten Brug, Hans,Sahib, Padma Rao. Abandoned deals: the merger and acquisition process in the electricity and gas industry[J]. ENERGY POLICY,2018,123:230-239. |
APA | ten Brug, Hans,&Sahib, Padma Rao.(2018).Abandoned deals: the merger and acquisition process in the electricity and gas industry.ENERGY POLICY,123,230-239. |
MLA | ten Brug, Hans,et al."Abandoned deals: the merger and acquisition process in the electricity and gas industry".ENERGY POLICY 123(2018):230-239. |
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