Do foreign mergers and acquisitions boost firm productivity? |
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Authors: | Marc Schiffbauer Iulia Siedschlag Frances Ruane |
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Institution: | 1. World Bank, United States;2. Economic and Social Research Institute, Ireland;3. Department of Economics, Trinity College Dublin, Ireland |
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Abstract: | 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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Keywords: | F23 D24 O33 Cross-border mergers and acquisitions Productivity Firm heterogeneity |
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