Do Foreign Mergers and Acquisitions Boost Firm Productivity?

[摘要] 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.

[发布机构] Elsevier

[学科分类] 社会科学、人文和艺术（综合）

[关键词] CROSS-BORDER MERGERS;ACQUISITIONS;PRODUCTIVITY;FIRM HETEROGENEITY