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NEP: New Economics Papers
Agricultural Economics
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Edited by: Angelo Zago
Universita degli Studi di Verona
Date: 2005-02-20
Papers: 1
This document is in the public domain, feel free to circulate it.
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In this issue we have:
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1. The role of technical efficiency in takeovers : evidence from
the french cheese industry, 1985-2000
Chaaban, J.; R?quillart, V.; Tr?visiol, A.
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1. The role of technical efficiency in takeovers : evidence from
the french cheese industry, 1985-2000
Chaaban, J.
R?quillart, V.
Tr?visiol, A.
The paper aims to identify whether production characteristics,
such as technical efficiency and returns to scale, affect
takeovers. Applying a two-stage procedure on original panel data
on french ceese manufacturers, the paper first estimates firm-
specific productive efficiency and scale economies using Data
Envelopment Analysis. The paper then uses the findings of the
first stage to evaluate a random effects logit model of the
determinants of takeover in the french cheese industry for the
period 1985-2000. The paper finds that technical efficiency is
not a significant determinat of takeovers, whereas the nature of
scale economies is. Firms with Decreasing Returns to Scale (i. e.
an over-sized production capacity) face a higher risk of takeover.
This suggests that cheese manufacturers have been seeking to
expand their milk processing capacities by acquiring large firms.
This proves to be an indirect consequence of the non-transferable
milk quota regime affecting the scarce milk input commodity. ...
French Abstract : Ce papier vise ? identifier si les
caract?ristiques de production, telles que l'efficacit? et les
?conomies d'?chelle, affectent le rachat des entreprises.
Appliquant une m?thode ? deux ?tapes sur des donn?es
originales de panel issue de l'industrie fromag?re en France, on
estime d'abord les ?conomies d'?chelles et l'efficacit?
technique pour chaque firme en utilisant la m?thode Data
Envelopment Analysis DEA. On utilise les r?sultats de la
premi?re ?tape pour estimer un mod?le de logit al?atoire des
d?terminants du rachat des entreprises dans l'industrie
fromag?re fran?aise pour la p?riode 1985-2000. Les r?sultats
montrent que les ?conomies d'?chelle, et non l'efficacit?
technique, sont un facteur essentiel dans la d?cision
d'acquisition d'une entreprise par une autre. On montre aussi que
les entreprises rachet?es ont des rendements d?croissants (donc
une structure et une taille relativement grande), des charges
financi?res ?lev?es (traduisant un certain endettement) mais
ne constituent pas de coop?ratives.
Keywords: TECHNICAL EFFICIENCY; TAKEOVERS; MARKET STRUCTURE;
DATA ENVELOPMENT ANALYSIS; PANEL DATA; CHEESE INDUSTRY ;
INDUSTRIE FROMAGERE; CONCENTRATION D'ENTREPRISES;
MODELE; ECONOMIE D'ECHELLE; EFFICACITE; PANEL
JEL: C23 L11 L66
Date: 2004
URL: http://d.repec.org/n?u=RePEc:rea:inrawp:200416&r=agr
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