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The Influence of Integration Type on M&A Deals Effectiveness in BRICS Countries

Student: Kholopov Georgy

Supervisor: Ilya Partin

Faculty: Faculty of Economic Sciences

Educational Programme: Strategic Corporate Finance (Master)

Final Grade: 7

Year of Graduation: 2016

Using the sample of 254 M&A deals, initiated by companies from non-financial sector during 2009-2015, in this paper we studied the influence of integration type on M&A deals effectiveness. With the help of industry SIC-codes and vertical relatedness coefficients, derived from US Input-Output tables, the deals were divided into vertical, horizontal and conglomerate. As a result of this research we concluded that the difference in effectiveness between conglomerate and non-conglomerate deals is insignificant. As for the difference between horizontal, vertical or conglomerate deals, we found that this difference is significant for the only one event window and unstable for variation in event window length and for variation in cut-off value for determining vertical relatedness of deals. Also, using the sample, we found that the influence of vertical relatedness degree is insignificant for the M&A deals effectiveness.

Full text (added May 15, 2016)

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