Merger&Acquisitions (M&As) e alliances delle imprese crocieristiche: un’analisi delle determinanti strategiche

Author/s Lara Penco, Giorgia Profumo
Publishing Year 2016 Issue 2016/2 Language Italian
Pages 28 P. 237-264 File size 528 KB
DOI 10.3280/ED2016-002002
DOI is like a bar code for intellectual property: to have more infomation click here

Below, you can see the article first page

If you want to buy this article in PDF format, you can do it, following the instructions to buy download credits

Article preview

FrancoAngeli is member of Publishers International Linking Association, Inc (PILA), a not-for-profit association which run the CrossRef service enabling links to and from online scholarly content.

The present paper tries to advance knowledge on the antecedents of firms’ strategy implementation, focusing on mergers and acquisitions (M&As) and alliances as potential alternative choices for managers. More specifically, we propose a model for interpreting the drivers of such decisions based on two dimensions: (1) the level of riskiness and complexity of the industry, (2) the centrality of the acquired resources and capabilities for the competitive advantage of the acquiring firm. The theoretical model is applied to the cruise industry, through a qualitative analysis on three case studies, based on the M&As and alliances of the major companies in the last fifteen years. The industry represents an ideal set for studying such issues, as the increasing turbulent environment has pressed cruise operators towards growing strategies that follow different paths. The results show that in the cruise industry the two aforementioned dimensions seems to matter in firms’ choice between M&As and alliances, offering theoretical and practical implications.

Keywords: M&A, alliances, cruise industry.

Jel codes: L1, L21, L22, L25, M21

  1. Amihud, Y., Lev B., Risk Reduction as a Managerial Motive for Conglomerate Mergers”, in «The Bell Journal of Economics», 12, 2, pp. 605-617, 1981.
  2. Andriotis, K., Agiomirgianakis, G., Cruise Visitors’ Experience in a Mediterranean Port of Call, in «International Journal of Tourism Research», 12, 4, pp. 390-404, 2010.
  3. Bain, J.S., Industrial Organisation, New York, John Wiley & Sons Inc., 1959.
  4. Balakrishnan, S., Koza, M.P., Information asymmetry, adverse selection and joint-ventures: Theory and evidence, in «Journal of Economic Behavior & Organization», 20, 1, pp. 99-117, 1993.
  5. Biehn, M., A Cruise Ship is not a Floating Hotel, in «Journal of Revenue & Pricing Management», 5, 2, pp. 135-142, 2006.
  6. Brida, J.G., Bukstein, D., Tealde, E., Exploring Cruise Ship Passengers’ Spending Patterns in Two Uruguayan Ports of Call, SSRN Working Papers Series, --, 2011.
  7. Brida, J.G., Pulina M., Riaño E., Zapata Aguirre S., Cruise Passengers in a Homeport: A Market Analysis, in «Tourism Geographies», 15, 1, pp. 68-87, 2013.
  8. Camerer, C., Lovallo, D., Overconfidence and Excess Entry: An Experimental Approach, in «The American Economic Review», 89, 1, pp. 306-318, 1999.
  9. Capaldo, A., Le strategie di collaborazione, in Sicca L., La gestione strategica dell’impresa, Seconda edizione, Padova, Cedam, 2001.
  10. Cartwright, R., Baird, C., The Development and Growth of the Cruise Industry, Oxford, UK, Butterworth-Heinemann, 1999.
  11. Charlier, J.J., McCalla, R.J., A Geographical Overview of the World Cruise Market and its Seasonal Complementarities, in Dowling, R.K. (ed.), Cruise Ship Tourism, Wallingford, UK, CABI, 2006.
  12. Chase, G, McKee, D., The Economic Impact of Cruise Tourism on Jamaica, in «The Journal of Tourism Studies», 14, 2, pp. 16-22, 2003.
  13. Coleman, M.T., Meyer D.W., Scheffman, D.T. (2003), «Economic Analyses of Mergers at the FTC: The Cruise Ships Mergers Investigation», Review of Industrial Organisation, Vol. 23, n. 2, pp. 121-155.
  14. Cools, K, Roos, A., The Role of Alliances in Corporate Strategy, The Boston Consulting Group Report, 2005.
  15. Cortesi, A., La crescita delle piccole imprese. Fusioni, acquisizioni, accordi, Torino, Giappichelli, 2004.
  16. Cruise Line International Association (CLIA), CLIÀs 2014 Market Profile Study, -- profile_
  17. 2014.pdf?sfvrsn=2 (Date of access: 5/2/2016), 2015. Cruise Market Watch, Cruise Market Watch Statistics, (Date of access: 6/1/2015), 2015.
  18. Di Vaio, A., Medda, F.R., Trujillo, L., An Analysis of the Efficiency of Italian Cruise Terminals, in «International Journal of Transport Economics», 38, 1, pp. 29-46, 2011.
  19. Dickinson, B., Vladimir, A., Selling the Sea: An Inside Look at the Cruise Industry, New Jersey, John Wiley & Sons, Hoboken, 2008.
  20. Dowling, R.K. (ed.), Cruise Ship Tourism, Wallingford, UK, CABI, 2006.
  21. Duman, T., Mattila, A.S., The Role of Affective Factors on Perceived Cruise Vacation Value, in «Tourism Management», 26, 3, pp. 311-323, 2005.
  22. Dussauge, P., Garrette, B., Determinants of Success in International Strategic Alliances: Evidence from the Global Aerospace Industry, in «Journal of International Business Studies», 26, 3, pp. 505-530, 1995.
  23. Eckbo, B.E., Horizontal Mergers, Collusion and Stockholder Wealth, in «Journal of Financial Economics», 11, 1, pp. 241-273, 1983.
  24. Eisenhardt, K.M. (1989), «Building Theories from Case Study Research», Academy of Management Review, Vol. 14, n. 4, pp. 532-550.
  25. Ellert, J.C., Merger, Antitrust Law Enforcement, and Stockholder Returns, in «The Journal of Finance», 31, 2, pp. 715-732, 1976.
  26. Fee, C.E., Thomas, S., Sources of Gains in Horizontal Mergers: Evidence from Customer, Supplier and Rival Firms, in «Journal of Financial Economics», 74, 3, pp. 423-460, 2004.
  27. Ferrara, G., Genco, P., Introduzione. Filiera 8 – Strategie, in Caselli L. (a cura di), Le parole dell’impresa. Guida alla lettura del cambiamento, Milano, FrancoAngeli, 1995.
  28. Fiocca, R., Vicari, S., Le alleanze interaziendali per l’attuazione di strategie commerciali congiunte, in Fiocca, R. (a cura di), Imprese senza confini. Sviluppo e nuove forme di alleanze fra aziende, Milano, Etas, 1987.
  29. Galai, D., Masulis, R.W., The Option Pricing Model and the Risk Factor of Stock, in «Journal of Financial Economics», 3, 1, pp. 53-81, 1976.
  30. Garette, B., Dussauge, P., Alliances Versus Acquisitions: Choosing the Right Option, in «European Management Journal», 18, 1, pp. 63-69, 2000.
  31. Genco, P., Dimensione, scala, condivisione, in Caselli, L. (a cura di), Le parole dell’impresa. Guida alla lettura del cambiamento, Milano, FrancoAngeli, 1995.
  32. Hamel, G. (1991), Competition for Competence and Interpartner Learning within International Strategic Alliances, in «Strategic Management Journal», 12, S1, pp. 83-103.
  33. Hamel, G., Doz ,Y.L., Prahalad, C.K., Collaborate with your Competitors and Win, in «Harvard Business Review», 67, 1, pp. 133-139, 1989.
  34. Haspeslagh, P.C., Jemison, D.B., La gestione delle acquisizioni. Successi e insuccessi nel rinnovamento delle imprese, Milano, Etas, 1992 (Titolo originale: Managing Acquisitions. Creating Value Through Corporate Renewal, New York, The Free Press, 1991).
  35. Hennart, J.F., A Transaction Costs Theory of Equity Joint Ventures, in «Strategic Management Journal», 9, 4, pp. 361-374, 1988.
  36. Hennart, J.F., Reddy, S., The Choice Between Mergers/Acquisitions and Joint Ventures: The Case of Japanese Investors in the United States, in «Strategic Management Journal», 18, 1, pp. 1-12, 1997. Higgins, R.C., Schall, L.D., Corporate Bankruptcy and Conglomerate Merger, in «The Journal of Finance», 30, 1, pp. 93-113, 1975.
  37. Hung, K., Petrick, J., Why Do You Cruise? Exploring the Motivations for Taking Cruise Holidays, and the Construction of a Cruising Motivation Scale, in «Tourism Management », 32, 2, pp. 386-393, 2011.
  38. Jensen, M.C., Takeovers: Their Causes and Consequences, in «The Journal of Economic Perspectives», 2, 1, pp. 21-48, 1988.
  39. Jensen, M.C., Ruback, R., The Market for Corporate Control. The Scientific Evidence, «Journal of Financial Economics», 11, 1, pp. 5-50, 1983.
  40. Kester, J.G.C., Cruise Tourism, in «Tourism Economics», 9, 3, pp. 337-350, 2002.
  41. Klein, R., Turning Water into Money: the Economics of the Cruise Industry, in Dowling, R.K. (ed.), Cruise Ship Tourism, Wallingford, UK, CABI, 2006.
  42. Lee, S., Ramdeen, C., Cruise Ship Itineraries and Occupancy Rates, in «Tourism Management », 34, pp. 236-237, 2013.
  43. Lekakou, M., Pallis, A., Vaggelas, G., Which Homeport in Europe: The Cruise Industry’s Selection Criteria, in «Tourismos: An International Multidisciplinary Journal of Tourism», 4, 4, pp. 215-240, 2009.
  44. Lewellen, W.G., A Pure Financial Rationale for the Conglomerate Merger, in «The Journal of Finance», 26, 2, pp. 521-537, 1971.
  45. Lois, P., Wang, J., Choosing a Cruise Destination, and the Level of Passengers’ Satisfaction, Their Needs and Expectations: the Cyprus Case, in «Tourism Today», 5, pp. 142-152, 2005.
  46. Malmendier, U., Tate, G., Who Makes Acquisitions? CEO Overconfidence and the Market’s Reaction, NBER Working Paper Series, 10813, September, 2004.
  47. Manne, H.G., Mergers and the Market for Corporate Control, in «Journal of Political Economy», 73, 2, pp. 110-120, 1965.
  48. Marris, R., The Economic Theory of Managerial Capitalism, New York, Free Press, 1964.
  49. Napolitano, M.R., La gestione dei processi di acquisizione e fusione di imprese, Milano, FrancoAngeli, 2003.
  50. Papathanassis, A., Beckmann, I., Assessing the ‘Poverty of Cruise Theory’ Hypothesis, in «Annals of Tourism Research», 38, 1, pp. 153-174, 2011.
  51. Papatheodorou, A., The Cruise Industry: An Industrial Organization Perspective, in Dowling, R.K. (ed.), Cruise Ship Tourism, Wallingford, UK, CABI, 2006.
  52. Penco, L., Strategy Implementation in the Cruise Industry: Mergers, Acquisitions and Strategic Alliances, in Morvillo, A., Petrillo, C. (a cura di), Cruise Shipping Opportunities and Challenges: Markets, Technologies and Local Development, Napoli, Enzo Albano Editore, 2008.
  53. Penco, L., Remondino, M., Esposito De Falco, S., The Evaluation of Effects of Blogs on the Cruiser’s Decision-making Process. An Empirical Analysis, Proceeding of The 1st Enlightening Tourism Conference, Napoli, 13-14 settembre, 2012.
  54. Penco, L., Il business crocieristico. Imprese, strategie e territorio, Milano, FrancoAngeli, 2013.
  55. Penco, L., Di Vaio, A., Monetary and Non-Monetary Value Creation in Cruise Port Destinations: An Empirical Assessment, in «Maritime Policy & Management», 41, 5, pp. 501-513, 2014.
  56. Porter, M.E., Di Cesare, F., Manselle, R., La produzione croceristica: i prodotti, le imprese, i mercati, Giappichelli Editore, Torino, 1997. Profumo, G., Strategie di crescita nel settore del trasporto aereo. Determinanti e modalità di attuazione, Napoli, Enzo Albano Editore, 2008.
  57. Rispoli, M., Di Cesare, F., Manzelle, R., La produzione croceristica: i prodotti, le imprese, i mercati, Giappichelli Editore, Torino, 1997.
  58. Rodrigue, J.P., Notteboom, T., The Geography of Cruises: Itineraries, not Destinations, in «Applied Geography», 38, pp. 31-42, 2013.
  59. Roll, R., The Hubris Hypothesis of Corporate Takeovers, in «Journal of Business», 59, 2, pp. 197-216, 1986.
  60. Satta, G., Parola, F., Penco, L., Persico, L., Musso, E., Motivation-based Segmentation in the Cruise Industry: An Exploratory Study, in «International Journal of Transport Economics» (forthcoming), 2016.
  61. Satta, G., Parola, F., Penco, L., Persico, L., Word of mouth and satisfaction in cruise port destinations, in «Tourism Geographies», 17, 1, pp. 54-75, 2015.
  62. Savioli, G., Fusione di società. Motivazioni economico-aziendali, valutazione, aspetti contabili, civilistici e fiscali, Milano, Etas, 1994.
  63. Seth, A., Value Creation in Acquisitions: A Re-Examination of Performance Issues, in «Strategic Management Journal», 11, 2, pp. 99-115, 1990a.
  64. Seth, A., Sources of Value Creation in Acquisitions: An Empirical Investigation, in «Strategic Management Journal», 11, 6, pp. 431-446, 1990b.
  65. Shleifer, A., Vishny, R.W., Value Maximization and the Acquisition Process, in «The Journal of Economic Perspectives», 2, 1, pp. 7-20, 1988.
  66. Stigler, G., A Theory of Oligopoly, in «The Journal of Political Economy», 72, 1, pp. 44-61, 1964.
  67. Teye, V., Leclerc, D., Product and Service Delivery Satisfaction among North American Cruise Passengers, in «Tourism Management», 19, 2, pp. 153-160, 1998.
  68. Toh, R., Rivers, M., Ling, T., Room Occupancies: Cruise Lines Out-do the Hotels, in «Hospitality Management», 24, 1, pp. 121-135, 2005.
  69. Vicari, S., Nuove dimensioni della concorrenza. Strategie nei mercati senza confini, Milano, Egea, 1989.
  70. Vogel, M., The Economics of US ‘Cruise Companies’ European Brand Strategies, in «Tourism Economics», 15, 4, pp. 735-751, 2009.
  71. Wang, L., Zajac, E.J., Alliance or Acquisition? A Dyadic Perspective on Interfirm Resource Combinations, in «Strategic Management Journal», 28, 13, pp. 1291-1317, 2007.
  72. Weaver, A., Spaces of Containment and Revenue Capture: ‘Super-Sized’ Cruise Ships as Mobile Tourism Enclaves, in «Tourism Geographies», 7, 2, pp. 165-184, 2005.
  73. Wie, B.W., A Dynamic Game Model of Strategic Capacity Investment in the Cruise Line Industry, in «Tourism Management», 26, 2, pp. 203-217, 2005.
  74. Wild, P., Dearing, J., Development of and Prospects for Cruising in Europe, in «Maritime Policy & Management», 27, 4, pp. 315-333, 2000.
  75. Williamson, O.E., Economies as an Antitrust Defence: The Welfare Tradeoffs, in «American Economic Review», 58, 1, pp. 18-36, 1968.
  76. Williamson, O.E., Markets and Hierarchies, New York, The Free Press, 1975.
  77. Wood, R.E., Caribbean Cruise Tourism: Globalization at Sea, in «Annals of Tourism Research», 27, 2, pp. 345-370, 2000.
  78. Yin, R. (1994), Case Study Research: Design and Methods, Sage Publishing, Beverly Hills.
  79. Yin, X., Shanley, M., Industry Determinants of the “Merger versus Alliance” Decision, in «The Academy of Management Review», 33, 2, pp. 473-491, 2008.

Lara Penco, Giorgia Profumo, Merger&Acquisitions (M&As) e alliances delle imprese crocieristiche: un’analisi delle determinanti strategiche in "ECONOMIA E DIRITTO DEL TERZIARIO " 2/2016, pp 237-264, DOI: 10.3280/ED2016-002002