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DOI | 10.1016/j.enpol.2017.04.030 |
Eco-efficiency outcomes of mergers and acquisitions in the European electricity industry | |
Monastyrenko, Evgenii | |
2017-08-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2017 |
卷号 | 107 |
文章类型 | Article |
语种 | 英语 |
国家 | France |
英文摘要 | The European electricity industry was recently liberalized. In response, there was a surge of mergers and acquisitions (M & As). This study addresses the effects of M & As on the eco-efficiency of European electricity producers in 2005-2013. The environmental production technology comprises CO2 emissions as an undesirable output. I compute eco-efficiency using data envelopment analysis (DEA) and the Malmquist-Luenberger productivity index, which are both based on radial directional distance function. I observe a decreasing trend in average eco-efficiency, which contradicts the previously documented moderate efficiency gains of liberalization. The effects of M & As are isolated using second-step fractional regression. The domestic horizontal M & As, which are systematically regulated by the European Commission, have no impact. Although one cross-border horizontal deal has a same-year effect of roughly -3%, this effect becomes approximately +1.5% over a two-year timespan. Vertical domestic M & As have a short-run negative impact of 3.6% that does not persist over time. Vertical international M & As reduce the eco-efficiency by 2.1% two years after their completion. Limited evidence suggests that the conglomerate deals are at least not harmful. The policy implication is that the merger regulation should be based on DEA eco-efficiency measures. Regulators should devote more attention to cross border M & As and particularly to vertical deals. |
英文关键词 | Electric power industry Mergers and acquisitions Eco-efficiency Data envelopment analysis Fractional regression model Carbon dioxide emissions |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000405158200025 |
WOS关键词 | DIRECTIONAL DISTANCE FUNCTION ; CROSS-BORDER ACQUISITIONS ; ASSESSING ENVIRONMENTAL PERFORMANCE ; FRACTIONAL RESPONSE VARIABLES ; WORKING CAPITAL MANAGEMENT ; CO2 EMISSION PERFORMANCE ; M-AND-A ; FOREIGN ACQUISITIONS ; DISTRIBUTION COMPANIES ; ENERGY EFFICIENCY |
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/19099 |
专题 | 气候变化 |
作者单位 | Paris 1 Pantheon Sorbonne Univ, Paris Sch Econ, 106-112 Blvd Hop, F-75013 Paris, France |
推荐引用方式 GB/T 7714 | Monastyrenko, Evgenii. Eco-efficiency outcomes of mergers and acquisitions in the European electricity industry[J]. ENERGY POLICY,2017,107. |
APA | Monastyrenko, Evgenii.(2017).Eco-efficiency outcomes of mergers and acquisitions in the European electricity industry.ENERGY POLICY,107. |
MLA | Monastyrenko, Evgenii."Eco-efficiency outcomes of mergers and acquisitions in the European electricity industry".ENERGY POLICY 107(2017). |
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