Do Foreign Mergers and Acquisitions Boost Firm Productivity?
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.
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| Format: | Journal Article biblioteca |
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Elsevier
2017-12
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| Subjects: | CROSS-BORDER MERGERS, ACQUISITIONS, PRODUCTIVITY, FIRM HETEROGENEITY, |
| Online Access: | http://hdl.handle.net/10986/29255 |
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dig-okr-10986292552023-04-03T09:56:09Z Do Foreign Mergers and Acquisitions Boost Firm Productivity? Schiffbauer, Marc Siedschlag, Iulia Ruane, Frances CROSS-BORDER MERGERS ACQUISITIONS PRODUCTIVITY FIRM HETEROGENEITY 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. 2018-01-29T21:14:00Z 2018-01-29T21:14:00Z 2017-12 Journal Article Article de journal Artículo de revista International Business Review 0969-5631 http://hdl.handle.net/10986/29255 CC BY-NC-ND 3.0 IGO World Bank http://creativecommons.org/licenses/by-nc-nd/3.0/igo application/pdf Elsevier |
| institution |
Banco Mundial |
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Estados Unidos |
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biblioteca |
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America del Norte |
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Biblioteca del Banco Mundial |
| topic |
CROSS-BORDER MERGERS ACQUISITIONS PRODUCTIVITY FIRM HETEROGENEITY CROSS-BORDER MERGERS ACQUISITIONS PRODUCTIVITY FIRM HETEROGENEITY |
| spellingShingle |
CROSS-BORDER MERGERS ACQUISITIONS PRODUCTIVITY FIRM HETEROGENEITY CROSS-BORDER MERGERS ACQUISITIONS PRODUCTIVITY FIRM HETEROGENEITY Schiffbauer, Marc Siedschlag, Iulia Ruane, Frances Do Foreign Mergers and Acquisitions Boost Firm Productivity? |
| description |
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. |
| format |
Journal Article |
| topic_facet |
CROSS-BORDER MERGERS ACQUISITIONS PRODUCTIVITY FIRM HETEROGENEITY |
| author |
Schiffbauer, Marc Siedschlag, Iulia Ruane, Frances |
| author_facet |
Schiffbauer, Marc Siedschlag, Iulia Ruane, Frances |
| author_sort |
Schiffbauer, Marc |
| title |
Do Foreign Mergers and Acquisitions Boost Firm Productivity? |
| title_short |
Do Foreign Mergers and Acquisitions Boost Firm Productivity? |
| title_full |
Do Foreign Mergers and Acquisitions Boost Firm Productivity? |
| title_fullStr |
Do Foreign Mergers and Acquisitions Boost Firm Productivity? |
| title_full_unstemmed |
Do Foreign Mergers and Acquisitions Boost Firm Productivity? |
| title_sort |
do foreign mergers and acquisitions boost firm productivity? |
| publisher |
Elsevier |
| publishDate |
2017-12 |
| url |
http://hdl.handle.net/10986/29255 |
| work_keys_str_mv |
AT schiffbauermarc doforeignmergersandacquisitionsboostfirmproductivity AT siedschlagiulia doforeignmergersandacquisitionsboostfirmproductivity AT ruanefrances doforeignmergersandacquisitionsboostfirmproductivity |
| _version_ |
1767604031580012544 |