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Do Foreign Mergers & Acquisitions Boost Firm Productivity?

Marc Schiffbauer, Iulia Siedschlag () and Frances Ruane ()
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Marc Schiffbauer: ESRI

No DYNREG47, Papers from Economic and Social Research Institute (ESRI)

Abstract: This paper examines the causal relationship between foreign mergers and acquisitions and firm productivity in the UK over the period 1999-2007. Our results raise questions about the existence of aggregate effects of foreign ownership on TFP in the longer-run. However, we find significant heterogeneity in the 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.

Keywords: Cross-border mergers and acquisitions; Productivity; Firm heterogeneity (search for similar items in EconPapers)
Pages: 40 pages
Date: 2009
New Economics Papers: this item is included in nep-bec, nep-com and nep-eff
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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