کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5106072 | 1481251 | 2017 | 20 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Eco-efficiency outcomes of mergers and acquisitions in the European electricity industry
ترجمه فارسی عنوان
نتایج اقتصادی بهره وری از ادغام و خرید در صنعت برق اروپا
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
مهندسی انرژی
مهندسی انرژی و فناوری های برق
چکیده انگلیسی
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 â3%, 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.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Energy Policy - Volume 107, August 2017, Pages 258-277
Journal: Energy Policy - Volume 107, August 2017, Pages 258-277
نویسندگان
Evgenii Monastyrenko,