No. 1045 - Mergers and acquisitions: firm characteristics and performance effects
Mergers and acquisitions (M&As) play a key role in the restructuring of the business sector, with potential implications for economic growth, allocative efficiency, market power and the public interest. This paper documents M&A activity involving non-financial firms in Italy and other major European Union countries over the period 2014-2024, investigates the characteristics of the firms involved and assesses the effects of these operations on firm performance.
During the period examined, Italy recorded approximately 6,000 M&A deals per year, with an increase over the last five years. These M&As have contributed to the growth in average firm size, despite the restructuring and rationalization measures typically accompanying such operations. In sectors with limited exposure to international competition, M&A deals also tend to strengthen the market power of the firms involved.
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28 July 2026
(only in Italian)
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