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Questa tesi è composta da due saggi distinti nel campo dell'economia applicata. Nonostante affrontino diverse domande di ricerca, entrambi i capitoli sono collegati tematicamente dal loro focus sulle questioni relative ai confini delle aziende. Il primo capitolo è un lavoro congiunto con la prof.ssa Maria Luisa Mancusi e il prof. Luca Viarengo. Il titolo del nostro saggio è: "Diversificazione tra e all'interno delle imprese: una prospettiva più dettagliata sulla creazione di valore nelle operazioni di fusione e acquisizione". Questo capitolo indaga l'impatto della diversificazione aziendale sui guadagni derivanti dalle acquisizioni per le imprese acquirenti coinvolte nelle operazioni di fusione e acquisizione. Facciamo ciò sfidando la classificazione convenzionale delle operazioni di fusione e acquisizione in categorie related e unrelated, basate unicamente sulla presenza o meno di settori o industrie di attività in comune tra le due imprese. Per raggiungere questo obiettivo, quantifichiamo la diversificazione utilizzando la misura di Entropia, un indice ben consolidato nella letteratura di finanza aziendale e organizzazione industriale: tale misura consente la decomposizione della diversificazione aziendale in due componenti distinte, ciascuna indicante un diverso livello di aggregazione industriale. Sfruttando queste componenti e le loro variazioni stimate derivanti dall'operazione, conduciamo un'analisi più dettagliata della relazione tra diversificazione e guadagni per le imprese acquirenti. Il nostro studio si basa su un dataset comprendente 2.577 operazioni completate tra il 1994 e il 2017. In linea con studi accademici precedenti, le nostre scoperte confermano l'esistenza di diversification discount. Tuttavia, presentiamo prove empiriche che mostrano l'eterogeneità di questo fenomeno tra diversi tipi di acquisizioni: i nostri risultati suggeriscono che una maggiore diversificazione è penalizzata solo quando l'operazione porta a un'espansione nel nume, This thesis comprises two distinct essays within the field of applied economics. Despite addressing distinct research inquiries, both chapters are thematically linked by their focus on matters pertaining to the boundaries of firms. The first chapter is a joint work with prof. Maria Luisa Mancusi and prof. Luca Viarengo. The title of our essay is: “Across and Within Diversification: a more granular perspective on value creation in M&A deals”. This chapter investigates the impact of corporate diversification on the acquisition gains of bidders engaged in M&A deals. We do so by challenging the conventional classification of M&A deals into related and unrelated categories based solely on shared industries or sectors. To achieve this objective, we quantify diversification by utilizing the Entropy measure, a well-established index in corporate finance and industrial organization literature: such measure enables the decomposition of corporate diversification into two distinct components, each denoting a different level of industrial aggregation. By leveraging these components and their estimated variations resulting from the deal, we conduct a more detailed analysis of the relationship between diversification and bidders' gains. Our study focuses on a dataset comprising 2,577 deals completed between 1994 and 2017. In line with prior scholarly works, our findings validate the existence of a diversification discount. However, we present empirical evidence showcasing the heterogeneity of this phenomenon across different types of acquisitions: our results suggest that increased diversification is penalized only when the deal leads to an expansion in the number of industries or sectors in which the bidder operates. The second chapter is a joint work with prof. Valeria Gattai. The title of our essay is: “Family Presence, Productivity and Specificity in Input Procurement: Firm-level Evidence from Italy”. This paper presents an empirical evaluation of the sourcing practices of Ita

This paper provides new empirical evidence on the boundaries of the firm, as shaped by the ownership (make-or-buy) and location (domestic-or-foreign) decisions of sourcing. In particular, we draw on the Grossman–Hart–Moore framework to investigate the role of input characteristics, investment spillovers and firm productivity in ownership and location decisions. For the purpose of the empirical analysis, we rely on original survey data of a stratified sample of Italian manufacturing firms, headquartered in Lombardy. Our probit, multinomial probit and conditional mixed process estimations suggest a number of robust regularities. Some of them confirm so far unexplored theoretical predictions from the Grossman–Hart–Moore framework; others provide new insights on specific relationships on which the theory is silent. As for ownership, we find that reliance on specific inputs and intangible inputs fosters integration over non-integration; moreover, firms acknowledging cross spillover effects are more likely to opt for joint-venture than non-integration. As for location, domestic sourcing prevails over foreign sourcing in presence of investment spillovers, whereas input characteristics play no role. Lastly, productivity is a major driver of the boundaries of the firm in that productive firms are more likely to source abroad than domestically. Holding across different econometric models and a number of robustness checks, our results contribute to the property rights theory of the firm and its recent developments.

This paper provides an empirical assessment of Italian firms’ sourcing. Combining the international economics literature on global sourcing with the family business and international business literature on family firms (FFs)’ internationalization, we build a comprehensive framework in which sourcing is shaped by location (domestic versus foreign sourcing) and ownership (integration versus outsourcing) decisions. Relying on a new firm-level, cross-sectional dataset on a stratified sample of Italian manufacturing firms, we address the relationship between sourcing and various firm-level features. Our probit and multinomial probit estimates highlight family presence in ownership and control, total factor productivity and reliance on specific inputs as the main drivers of sourcing. While playing little role in shaping the ownership decision, both FF status and total factor productivity affect location choices, fostering domestic and foreign sourcing, respectively. Conversely, reliance on specific inputs is key in orienting the ownership decision, promoting integration over outsourcing. Our study contributes to the international economics literature on global sourcing by studying factors other than productivity and input specificity that affect input procurement; moreover, it contributes to the family business and international business literature on FFs’ internationalization by taking a supply-side perspective and investigating sourcing through the interplay between location and ownership choices.