As the phenomenon of SPACs has been on the rise in the IPOs market, there is still scant research on the companies targeted by this investment vehicle, as well as on their differences from firms undergoing other exit strategies. Adopting a strategic perspective, this dissertation aims at identifying the business model characteristics, or configurations of them, that most distinguish SPAC’s targets from traditional IPO firms or M&A’s targets. In order to properly investigate this topic, we studied this phenomenon in the space economy, a market with a strong innovative and technological component, which has proven to be an attractive field for these investment vehicles to generate value for investors. By carrying out a fsQCA analysis on a sample of companies originally created, we found out distinctive characteristics of the companies involved in each category of deal. The analysis showed that target enterprises purchased by SPACs mainly serve niche markets with a focused offering, present a major servitization component and have an international customer base.
Sebbene il fenomeno delle SPACs sia in crescita nel mercato delle IPOs, sono ancora pochi gli studi sulle società targettizzate da questo veicolo di investimento, nonché sulle loro differenze rispetto alle imprese che intraprendono altre strategie di uscita. Adottando una prospettiva strategica, questa tesi si propone di identificare le caratteristiche del modello di business, o le configurazioni di queste caratteristiche, che maggiormente distinguono i target delle SPACs dalle imprese che invece compiono IPO o M&A. Per svolgere lo studio sull'argomento, abbiamo investigato il fenomeno nell’ambito dell’economia spaziale, un mercato con una forte componente innovativa e tecnologica, che si è rivelato un contesto d’interesse per questi veicoli d’investimento in cui generare valore per gli investitori. Effettuando un'analisi di tipo fsQCA su un campione di aziende da noi costruito, abbiamo rilevato le caratteristiche distintive delle società coinvolte in ciascuna categoria di affare. L'analisi ha evidenziato che le imprese acquisite dalle SPAC operano principalmente in mercati di nicchia con un'offerta mirata, presentano una rilevante componente di servitizzazione e si rivolgono ad una clientela internazionale.
SPACs and other Exit Strategies in the Space Economy: A Configurational Business Model Approach
Nicoletti, Davide;Cigognini, Andrea
2021/2022
Abstract
As the phenomenon of SPACs has been on the rise in the IPOs market, there is still scant research on the companies targeted by this investment vehicle, as well as on their differences from firms undergoing other exit strategies. Adopting a strategic perspective, this dissertation aims at identifying the business model characteristics, or configurations of them, that most distinguish SPAC’s targets from traditional IPO firms or M&A’s targets. In order to properly investigate this topic, we studied this phenomenon in the space economy, a market with a strong innovative and technological component, which has proven to be an attractive field for these investment vehicles to generate value for investors. By carrying out a fsQCA analysis on a sample of companies originally created, we found out distinctive characteristics of the companies involved in each category of deal. The analysis showed that target enterprises purchased by SPACs mainly serve niche markets with a focused offering, present a major servitization component and have an international customer base.File | Dimensione | Formato | |
---|---|---|---|
2022_12_Cigognini_Nicoletti_01.pdf
non accessibile
Descrizione: Executive Summary & Thesis
Dimensione
2.51 MB
Formato
Adobe PDF
|
2.51 MB | Adobe PDF | Visualizza/Apri |
2022_12_Cigognini_Nicoletti_02.pdf
non accessibile
Descrizione: Executive Summary
Dimensione
715.39 kB
Formato
Adobe PDF
|
715.39 kB | Adobe PDF | Visualizza/Apri |
2022_12_Cigognini_Nicoletti_03.pdf
non accessibile
Descrizione: Thesis
Dimensione
1.91 MB
Formato
Adobe PDF
|
1.91 MB | Adobe PDF | Visualizza/Apri |
I documenti in POLITesi sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
https://hdl.handle.net/10589/201359