Do acquisitions by electric utility companies create value? Evidence from deregulated markets
Do acquisitions by electric utility companies create value? Evidence from deregulated markets
复制标题
电力公司的收购是否创造价值？
DOI：
10.1016/j.enpol.2017.02.032
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发表时间：
2017
期刊：
影响因子：
9
通讯作者：
Kotaro Inoue
中科院分区：
文献类型：
--
作者：
Jo Kishimoto;Mika Goto;Kotaro Inoue
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.
