We study the effects of ownership and complementarity on the performance of bilateral contracts (M&A, Minority Stake purchase and Joint Venture). We derive profitability conditions based on how a contract changes the asset control between partners and how thisaffects their position against competitors. Then we test our predictions on a sample of US firms. We build a multiproduct and time varying complementarity index in order to estimate the link between firms’ relationships within industry, and performance over time.[...]
Integration Contracts and Asset Complementarity: Evidence from US Data
PASSARELLI, Francesco
2013-01-01
Abstract
We study the effects of ownership and complementarity on the performance of bilateral contracts (M&A, Minority Stake purchase and Joint Venture). We derive profitability conditions based on how a contract changes the asset control between partners and how thisaffects their position against competitors. Then we test our predictions on a sample of US firms. We build a multiproduct and time varying complementarity index in order to estimate the link between firms’ relationships within industry, and performance over time.[...]File in questo prodotto:
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