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http://hdl.handle.net/10419/56780
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| Title: | | Cross-border mergers and acquisitions of multinational firms: New firm-level evidence  |
| Authors: | | Arndt, Christian Mattes, Anselm |
| Issue Date: | | 2010 |
| Series/Report no.: | | IAW-Diskussionspapiere 62 |
| Abstract: | | FDI is an important channel for productivity spillovers across economies. But productivity and employment effects of cross-border mergers and acquisitions (M&A) on multinational firms are rather unclear and much disputed. We empirically analyze the effects of cross-border M&A on the performance of multinationals in Germany using new data on the firm-level. In order to control for possible selection biases we use a propensity score matching approach. We find that, first, foreign-owned multinationals are smaller but more productive than their domestic counterparts in the mean. But controlling for differences in the industrial composition and firm size, foreign-owned multinationals are larger in terms of capital, sales, and value added. The difference of total factor productivity amounts to 6 %. Second, multinationals show quite heterogeneous performances after cross-border M&A. Third, we do not find an average causal effect of cross-border M&A on the employment of the acquired multinational firm. But most importantly, the causal effect of cross-border M&A on the multinationals' productivity is positive and significant. |
| Subjects: | | FDI Spillover foreign ownership cross-border M&A productivity employment effects |
| JEL: | | F21 F23 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IAW-Diskussionspapiere, Institut für Angewandte Wirtschaftsforschung (IAW)
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