How Swiss Small- and Medium-sized Firms Assess the Performance Impact of Mergers and Acquisitions

Open access
Author
Arvanitis, Spyros
Stucki, Tobias
Date
2012-09Type
- Working Paper
ETH Bibliography
yes
Altmetrics
Abstract
While previous studies on mergers and acquisitions (M&As) mostly relied on large firms, our study is based on a sample that includes all Swiss M&As that took place in the period 2006–2008, mostly of which have been SMEs. We investigate the firm characteristics that determine the innovation and economic performance of M&A. The performance measures are based on firms’ assessments. These measures are regressed on a series of possible determining factors as postulated in existing theoretical and empirical literature. M&A performance is primarily affected by specific M&A characteristics, but not by general market characteristics such as demand development or competition conditions. Rather astonishingly, it is also not affected by firm characteristics such as capital intensity, human capital endowment and firm size. There is an interesting exception: innovation activities. This means that with the remarkable exception of innovation activities the level of M&A performance is determined primarily by factors of the M&A process itself. Show more
Permanent link
https://doi.org/10.3929/ethz-a-007362339Publication status
publishedExternal links
Search via SFX
Journal / series
KOF Working PapersVolume
Publisher
KOF Swiss Economic Institute, ETH ZurichSubject
Mergers and acquisitions; WIRTSCHAFTLICHKEIT; ECONOMIC EFFICIENCY; SMALL AND MEDIUM SIZED ENTERPRISES; Micro data; SCHWEIZ (MITTELEUROPA). SCHWEIZERISCHE EIDGENOSSENSCHAFT; KLEINE UND MITTLERE UNTERNEHMEN; SWITZERLAND (CENTRAL EUROPE). SWISS CONFEDERATION; Innovation performance; Economic performance; BETRIEBSSFUSIONEN; BUSINESS AMALGAMATIONSOrganisational unit
02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
Notes
.More
Show all metadata
ETH Bibliography
yes
Altmetrics