Corporate acquisition: a value strategy during the period of crisis. A comparison between Italian and UK companies

Many studies have emphasized the critical effects that corporate acquisition can have on performance and risk, but also on the stakeholders system further compounded in the case of environmental jolt. The aim of this paper is to analyze the relation between different M&A strategies and performance in terms of ROI and Tobin Q. The study is based on the evidence stemming from the sample of listed on Milan Stock Exchange companies, benchmarked with the sample of UK listed companies, that are more active historical players on the financial market. We find that UK companies are more active in acquisition activity but that activity does not produce generally positive effects on accounting (ROI) and market (Tobin Q) performance. The acquisition strategies of Italian companies show the predominance of a neutral effect on performance.