Journal
INTERNATIONAL BUSINESS REVIEW
Volume 26, Issue 6, Pages 1124-1140Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.ibusrev.2017.04.003
Keywords
Cross-border mergers and acquisitions; Productivity; Firm heterogeneity
Categories
Funding
- European Union's RTD 6th Framework Programme [CIT5-028818]
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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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