Do Foreign Mergers and Acquisitions Boost Firm Productivity?

• Tác giả: Marc Schiffbauer
• Ngôn ngữ: eng
• Ký hiệu phân loại: 658.16 Reorganization and dissolution of enterprises
• Thông tin xuất bản: Elsevier, 2018
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 312227
• Chủ đề: 1. ACQUISITIONS; 2. CROSS-BORDER MERGERS; 3. FIRM HETEROGENEITY; 4. PRODUCTIVITY

Tóm tắt

This paper examines the causal relationship between foreign mergers and acquisitions (M&A) and the productivity of acquired firms using micro-data from the UK over the period 1999-2007. Our results suggest a significant heterogeneity in the total factor productivity (TFP) effects of foreign M&A at the industry level. Overall, we uncover a systematic pattern of post-acquisition TFP effects that is consistent with the most recent theoretical models of firm heterogeneity and cross-border mergers and acquisitions as mode of foreign entry. Furthermore, we find positive aggregate effects on labor productivity due to capital deepening but not due to changes in TFP.