Employment Effects of Acquisitions: Evidence from Acquired European Firms |
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Authors: | Harald Oberhofer |
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Affiliation: | 1. Department of Economics and Social Sciences and Salzburg Centre of European Union Studies (SCEUS), University of Salzburg, Residenzplatz 9, 5010, Salzburg, Austria 2. The Austrian Center for Labor Economics and the Analysis of the Welfare State, Salzburg, Austria
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Abstract: | This paper examines the employment effects of acquisitions for acquired European firms, taking non-random selection of acquisition targets explicitly into account. Following the empirical firm growth literature and theories put forward in the mergers and acquisition (M&A) literature, we control for convergence dynamics in firm size and distinguish between different types of acquisitions. Empirically, we estimate an endogenous treatment model using accounting data for a newly created sample of acquired and non-acquired European firms. Our results reveal positive employment effects for different types of acquisitions indicating that M&As likely induce efficiency gains. |
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