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Microeconomic impacts of the mergers and acquisitions of energy industries in the World

Author

Listed:
  • Helder Queiroz Pinto Jr.
  • Mariana Lootty

Abstract

The energy industries have witnessed a significant growth of global mergers and acquisitions (M&A´s) process in the 1990´s. According to Unctad statistics, the total amount of global M&A deals (domestic and cross borders) on the electric, oil and gas sectors has recorded US$ 329 billions on the 1990-1999 period. The present paper sheds light on M&A process occurred on the energy industries during this period and, based on a sample of 248 transactions carried out by 18 big energy enterprises, develops an empirical microeconomic analysis about the impacts of these transactions over the performance of the firms involved. Overall, the results show significant improvements on the firms’ performance after M&A operations, regarding the following variables: sales, net profits, assets, dividends, and, to a less extent, the ratio (net profits/sales). JEL Classification: L1; L94;, L95; C14.

Suggested Citation

  • Helder Queiroz Pinto Jr. & Mariana Lootty, 2005. "Microeconomic impacts of the mergers and acquisitions of energy industries in the World," Brazilian Journal of Political Economy, Center of Political Economy, vol. 25(4), pages 439-453.
    • Handle: RePEc:ekm:repojs:v:25:y:2005:i:4:p:439-453:id:652
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    More about this item

    Keywords

    Energy industry; Mergers and acquisitions; Non-parametric analysis;
    All these keywords.

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities
    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General

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