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The Performance of UK Takeovers: Does the Nationality of Acquirers Matter?

Aoife Hanley and Vasilios Zervos

International Journal of the Economics of Business, 2007, vol. 14, issue 2, 283-297

Abstract: Using data for 755 acquisitions of manufacturing firms in the UK over a seven year period from 1990 to 1996, we find that the direct effect of an acquisition induces a labour productivity dip in the immediate aftermath of a takeover. This dip is seen for UK, US and the rest of the world acquisitions and is of the magnitude of between 6 and 9%. Similar to Harris and Robinson (2002) we conclude that the decline in productivity is consistent with the adjustment costs of acquisition.

Keywords: Acquisitions; Labour Productivity; Adjustment Costs; Multinationals (search for similar items in EconPapers)
Date: 2007
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