{"id":"https://openalex.org/W3211213292","doi":"https://doi.org/10.3390/en14217126","title":"Characteristics and Shareholder Wealth Effects of Mergers and Acquisitions Involving European Renewable Energy Companies","display_name":"Characteristics and Shareholder Wealth Effects of Mergers and Acquisitions Involving European Renewable Energy Companies","publication_year":2021,"publication_date":"2021-11-01","ids":{"openalex":"https://openalex.org/W3211213292","doi":"https://doi.org/10.3390/en14217126","mag":"3211213292"},"language":"en","primary_location":{"id":"doi:10.3390/en14217126","doi":"https://doi.org/10.3390/en14217126","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en14217126","pdf_url":"https://www.mdpi.com/1996-1073/14/21/7126/pdf?version=1635748134","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/1996-1073/14/21/7126/pdf?version=1635748134","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5070390541","display_name":"Miros\u0142aw Wasilewski","orcid":"https://orcid.org/0000-0001-6791-5713","observed_orcids":["https://orcid.org/0000-0001-6791-5713"]},"institutions":[{"id":"https://openalex.org/I170230895","display_name":"Warsaw University of Life Sciences","ror":"https://ror.org/05srvzs48","country_code":"PL","type":"education","lineage":["https://openalex.org/I170230895"]}],"countries":["PL"],"is_corresponding":false,"raw_author_name":"Miros\u0142aw Wasilewski","raw_affiliation_strings":["Department of Finance, Warsaw University of Life Sciences-SGGW, 02-787 Warsaw, Poland"],"raw_orcid":"https://orcid.org/0000-0001-6791-5713","affiliations":[{"raw_affiliation_string":"Department of Finance, Warsaw University of Life Sciences-SGGW, 02-787 Warsaw, Poland","institution_ids":["https://openalex.org/I170230895"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5016344395","display_name":"Serhiy Zabolotnyy","orcid":"https://orcid.org/0000-0003-4701-0495","observed_orcids":["https://orcid.org/0000-0003-4701-0495"]},"institutions":[{"id":"https://openalex.org/I170230895","display_name":"Warsaw University of Life Sciences","ror":"https://ror.org/05srvzs48","country_code":"PL","type":"education","lineage":["https://openalex.org/I170230895"]}],"countries":["PL"],"is_corresponding":false,"raw_author_name":"Serhiy Zabolotnyy","raw_affiliation_strings":["Department of Finance, Warsaw University of Life Sciences-SGGW, 02-787 Warsaw, Poland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance, Warsaw University of Life Sciences-SGGW, 02-787 Warsaw, Poland","institution_ids":["https://openalex.org/I170230895"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5033657623","display_name":"Dmytro Osiichuk","orcid":"https://orcid.org/0000-0002-6235-2576","observed_orcids":["https://orcid.org/0000-0002-6235-2576"]},"institutions":[{"id":"https://openalex.org/I111398093","display_name":"Kozminski University","ror":"https://ror.org/033wpf256","country_code":"PL","type":"education","lineage":["https://openalex.org/I111398093"]}],"countries":["PL"],"is_corresponding":true,"raw_author_name":"Dmytro Osiichuk","raw_affiliation_strings":["Department of Finance, Kozminski University, 03-301 Warsaw, Poland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance, Kozminski University, 03-301 Warsaw, Poland","institution_ids":["https://openalex.org/I111398093"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5033657623"],"corresponding_institution_ids":["https://openalex.org/I111398093"],"apc_list":{"value":2000,"currency":"CHF","value_usd":2160},"apc_paid":{"value":2000,"currency":"CHF","value_usd":2160},"fwci":1.3924,"has_fulltext":true,"cited_by_count":11,"citation_normalized_percentile":{"value":0.84003898,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"14","issue":"21","first_page":"7126","last_page":"7126"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/mergers-and-acquisitions","display_name":"mergers and acquisitions","score":0.9990000128746033},{"id":"https://openalex.org/keywords/renewable-energy-companies","display_name":"renewable energy companies","score":0.9679999947547913},{"id":"https://openalex.org/keywords/shareholder-wealth-effects","display_name":"shareholder wealth effects","score":0.6809999942779541},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.6190000176429749},{"id":"https://openalex.org/keywords/diversification","display_name":"diversification","score":0.35899999737739563},{"id":"https://openalex.org/keywords/serial-acquirers","display_name":"serial acquirers","score":0.6830000281333923},{"id":"https://openalex.org/keywords/operational-performance","display_name":"operational performance","score":0.621999979019165},{"id":"https://openalex.org/keywords/european-energy-sector","display_name":"European energy sector","score":0.722000002861023}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6578080654144287},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.6034399271011353},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.5634321570396423},{"id":"https://openalex.org/C180916674","wikidata":"https://www.wikidata.org/wiki/Q3711935","display_name":"Diversification (marketing strategy)","level":2,"score":0.562330961227417},{"id":"https://openalex.org/C188573790","wikidata":"https://www.wikidata.org/wiki/Q12705","display_name":"Renewable energy","level":2,"score":0.558685839176178},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.558617889881134},{"id":"https://openalex.org/C548217281","wikidata":"https://www.wikidata.org/wiki/Q731112","display_name":"Mergers and acquisitions","level":2,"score":0.5364232063293457},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.5055587291717529},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4440399408340454},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.424814373254776},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.38513636589050293},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.31718435883522034},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.07593199610710144},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C119599485","wikidata":"https://www.wikidata.org/wiki/Q43035","display_name":"Electrical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3390/en14217126","doi":"https://doi.org/10.3390/en14217126","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en14217126","pdf_url":"https://www.mdpi.com/1996-1073/14/21/7126/pdf?version=1635748134","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jeners:v:14:y:2021:i:21:p:7126-:d:669710","doi":null,"is_oa":false,"landing_page_url":"https://www.mdpi.com/1996-1073/14/21/7126/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:e94ebcd02d0d4f1eb72bab84db2b41b9","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/e94ebcd02d0d4f1eb72bab84db2b41b9","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Energies, Vol 14, Iss 21, p 7126 (2021)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/en14217126","doi":"https://doi.org/10.3390/en14217126","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en14217126","pdf_url":"https://www.mdpi.com/1996-1073/14/21/7126/pdf?version=1635748134","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Affordable and clean energy","score":0.9853000044822693,"id":"https://metadata.un.org/sdg/7"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3211213292.pdf","grobid_xml":"https://content.openalex.org/works/W3211213292.grobid-xml"},"referenced_works_count":46,"referenced_works":["https://openalex.org/W637950706","https://openalex.org/W1555791304","https://openalex.org/W1836709452","https://openalex.org/W1995289939","https://openalex.org/W2006536795","https://openalex.org/W2033681169","https://openalex.org/W2043986537","https://openalex.org/W2047371661","https://openalex.org/W2093419014","https://openalex.org/W2140734893","https://openalex.org/W2472134121","https://openalex.org/W2476458203","https://openalex.org/W2553441617","https://openalex.org/W2560768910","https://openalex.org/W2679652057","https://openalex.org/W2767648278","https://openalex.org/W2788254733","https://openalex.org/W2797802742","https://openalex.org/W2911892655","https://openalex.org/W2949265292","https://openalex.org/W2965108112","https://openalex.org/W2995852700","https://openalex.org/W3016130528","https://openalex.org/W3021484244","https://openalex.org/W3027765077","https://openalex.org/W3085452939","https://openalex.org/W3088751923","https://openalex.org/W3089402229","https://openalex.org/W3097650636","https://openalex.org/W3121131820","https://openalex.org/W3121539871","https://openalex.org/W3121860914","https://openalex.org/W3122048970","https://openalex.org/W3123032372","https://openalex.org/W3125396668","https://openalex.org/W3125464306","https://openalex.org/W3125753275","https://openalex.org/W3139837783","https://openalex.org/W3155836520","https://openalex.org/W3157788568","https://openalex.org/W3162197841","https://openalex.org/W3173416094","https://openalex.org/W3188795583","https://openalex.org/W3194417867","https://openalex.org/W3198612841","https://openalex.org/W4251645483"],"related_works":["https://openalex.org/W1995289939","https://openalex.org/W2760930085","https://openalex.org/W3092370656","https://openalex.org/W2082137713","https://openalex.org/W4403382239","https://openalex.org/W2198732590","https://openalex.org/W2471166838","https://openalex.org/W1863705499","https://openalex.org/W4252141214","https://openalex.org/W7204071558"],"abstract_inverted_index":{"The":[0],"present":[1],"study":[2],"documents":[3],"a":[4,28,104,113,179],"positive":[5,20,151],"market":[6],"reaction":[7],"to":[8,65,80,133,158,177,182],"mergers":[9],"and":[10,69,84,149,164],"acquisition":[11,147],"(M&A)":[12],"deals":[13,44,184],"involving":[14,185],"renewable":[15,29,40,61,137,142,186],"energy":[16,30,41,62,100,143,187],"companies.":[17],"Acquirers":[18,59],"record":[19],"post-deal":[21],"cumulative":[22],"risk-adjusted":[23],"returns":[24],"upon":[25],"taking":[26],"over":[27],"target,":[31],"especially":[32],"if":[33],"the":[34,39,93,99,109,118,126,168,196],"former":[35],"also":[36],"operates":[37],"in":[38,98,107,190,195],"sector.":[42],"Such":[43],"often":[45],"involve":[46],"purchases":[47],"of":[48,60,95,111,120,122,128,141,192],"majority":[49],"equity":[50],"stakes":[51],"financed":[52],"with":[53],"acquirers\u2019":[54],"stock":[55,153],"rather":[56],"than":[57,71],"cash.":[58],"firms":[63,144],"tend":[64],"be":[66,81],"more":[67],"profitable":[68],"cash-rich":[70],"their":[72],"industry":[73],"peers,":[74],"yet":[75],"they":[76,155],"are":[77,156],"less":[78],"likely":[79],"serial":[82],"acquirers":[83],"channel":[85],"cash":[86],"reserves":[87],"towards":[88],"M&As.":[89],"We":[90],"evidence":[91],"that":[92],"quality":[94],"corporate":[96],"governance":[97],"sector":[101],"may":[102],"play":[103],"substantial":[105],"role":[106],"shaping":[108],"choice":[110],"targets;":[112],"director\u2019s":[114],"outside":[115],"affiliations":[116],"increase":[117],"likelihood":[119],"takeovers":[121],"non-energy":[123],"firms,":[124,188],"while":[125],"presence":[127],"outsiders":[129],"on":[130,167],"board":[131],"appears":[132],"incentivize":[134],"diversification":[135],"into":[136],"energy.":[138],"While":[139],"acquisitions":[140],"feature":[145],"lower-than-average":[146],"premia":[148],"generate":[150],"short-term":[152],"returns,":[154],"found":[157],"exercise":[159],"an":[160],"overall":[161],"negative":[162],"short-":[163],"medium-term":[165],"impact":[166],"combined":[169],"entities\u2019":[170],"operating":[171],"performance.":[172],"Overall,":[173],"capital":[174],"markets":[175],"appear":[176],"attach":[178],"sizeable":[180],"premium":[181],"risky":[183],"possibly":[189],"expectation":[191],"wealth":[193],"accrual":[194],"long":[197],"term.":[198]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":4}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2021-11-08T00:00:00"}