Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2017.02.032 |
Do acquisitions by electric utility companies create value? Evidence from deregulated markets | |
Kishimoto, Jo1; Goto, Mika2; Inoue, Kotaro3 | |
2017-06-01 | |
发表期刊 | ENERGY POLICY
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ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2017 |
卷号 | 105 |
文章类型 | Article |
语种 | 英语 |
国家 | Japan |
英文摘要 | In the early 1990s, the United Kingdom (the UK) initiated widespread reforms in the electricity industry through a series of market liberalization policies. Several other countries have subsequently followed the lead and restructured their electricity industry. A major outcome of the deregulation effort is the spate of takeovers, both domestic and global, by electric utility companies. With the entry of new players and increasing competition, the business environment of the electricity industry has changed dramatically. This study analyzes the economic impact of mergers and acquisitions (M &As) in the electric utility industry after deregulation. We have examined acquisitions that took place between 1998 and 2013 in the United States, Canada, the UK, Germany, and France. Although previous studies showed no evidence of a positive effect on acquiring firms through M & As, we find that acquisitions by electric utility companies increased the acquiring firms' share value and improved their operating performance, primarily through efficiency gains after the deregulation. These results are consistent with the empirical evidence and implications presented by Andrade et al. (2001) that M & A created value for the shareholders of the acquiring and target combined firms. |
英文关键词 | Mergers and acquisitions Electric utility Deregulation Shareholder value Firm performance |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000400532900021 |
WOS关键词 | CORPORATE GOVERNANCE ; HORIZONTAL MERGERS ; POWER-GENERATION ; INDUSTRY ; LIBERALIZATION ; EFFICIENCY ; GAINS ; FIRM ; TAKEOVERS ; SCREENS |
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/18990 |
专题 | 气候变化 |
作者单位 | 1.Tokyo Inst Technol, Dept Ind Engn & Management, Grad Sch Decis Sci & Technol, Tokyo, Japan; 2.Tokyo Inst Technol, Sch Environm Soc, Technol & Innovat Management, Dept Innovat Sci,Meguro Ku, 2-12-1 Ookayama, Tokyo 1528552, Japan; 3.Tokyo Inst Technol, Sch Engn, Dept Ind Engn & Econ, Tokyo, Japan |
推荐引用方式 GB/T 7714 | Kishimoto, Jo,Goto, Mika,Inoue, Kotaro. Do acquisitions by electric utility companies create value? Evidence from deregulated markets[J]. ENERGY POLICY,2017,105. |
APA | Kishimoto, Jo,Goto, Mika,&Inoue, Kotaro.(2017).Do acquisitions by electric utility companies create value? Evidence from deregulated markets.ENERGY POLICY,105. |
MLA | Kishimoto, Jo,et al."Do acquisitions by electric utility companies create value? Evidence from deregulated markets".ENERGY POLICY 105(2017). |
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