Airline horizontal mergers and productivity: Empirical evidence from a quasi-natural experiment in China |
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| Institution: | 1. School of Economic Sciences, Washington State University, Pullman, WA, USA;2. College of Economic and Social Development, Nankai University, Tianjin, China;3. Institute of Transport and Logistics Studies, University of Sydney, Sydney, Australia;4. Sauder School of Business, The University of British Columbia, Vancouver, BC, Canada;5. Ningbo NSCIIC and MIT-Global Scale Network China campus, Ningbo, China;6. School of International Trade and Economics, University of International Business and Economics, Beijing, China;1. Department of Economics, Newcastle University, NE1 7RU, United Kingdom;2. Institute of Social Science, the University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo 113-0033, Japan;3. Graduate School of Logistics, Inha University, 100 Inha-ro Nam-gu, Incheon 22212, South Korea;4. International Affairs Staff, Yogyakarta City Mayor’s Office, Yogyakarta City Government, Yogyakarta 55165, Indonesia, and Lecturer, Department of Economic Development, Ahmad Dahlan University;5. Graduate School for International Development and Cooperation, Hiroshima University, 1-5-1 Kagamiyama, Higashi-Hiroshima Hiroshima-ken 739–8529, Japan;1. Department of Applied Economics and GIM, Universitat de Barcelona, Avinguda Diagonal 690, Barcelona 08034, Spain & Public-Private Sector Research Center - IESE Business School, University of Navarra, Spain;2. Departament d’Economia and CREIP, Universitat Rovira i Virgili, Avinguda de la Universitat 1, Reus 43204, Spain;1. School of Mathematical Sciences, University of Electronic Science and Technology of China, Chengdu, P.R. China\n;2. Institute of Transport and Logistics Studies, University of Sydney, Sydney, NSW, Australia;3. Sauder School of Business, University of British Columbia, Vancouver, Canada;4. School of Economic Sciences, Washington State University, Pullman, United States;1. European Commission and Barcelona Graduate School of Economics. DG Competition, B 1049, Brussels, Belgium;2. European Commission. DG Competition, B 1049, Brussels, Belgium;3. European Commission, Imperial College London and University of Rome II. South Kensington campus, London SW7 2AZ, United Kingdom;1. Department of Economics, University of Virginia, USA;2. Department of Economics, UNC - Chapel Hill, USA |
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| Abstract: | The identification of possible efficiency gains is a core issue in the analysis of mergers. However, empirical studies are generally subject to bias caused by merger endogeneity. In the early 2000s, the Chinese government pursued a strategy of merging small firms in key industries to create large enterprise groups. Mergers created by this policy provide a rare quasi-natural experiment to investigate the effect of mergers. We take the opportunity to apply the difference-in-differences approach to identify the effect of mergers on the efficiency of Chinese airlines. Overall, our analysis suggests that the mergers increased the productivity of Chinese airlines. |
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