Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/110833 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
CESifo Working Paper No. 5331
Verlag: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Zusammenfassung: 
The research on the location choice for Foreign Direct Investment (FDI) is traditionally restricted to a choice between countries. The within-country location choice is less prominent in the literature. If within-country location decisions are considered it is mostly limited to Greenfield investments. The vast majority of FDI, however, takes place in the form of cross-border Mergers & Acquisitions (M&As), and for this form of FDI (empirical) research on location choice within countries has been neglected. In this paper we analyze the within country location-target selection of M&As in the USA. Extending Guadalupe (2012), by introducing location choice, and applying the consequences of super-modularity of our model we analyze the within country location choice of (cross-border) M&As. Using a detailed firm level data set for all manufacturing sector M&As across the USA for the period 1985-2012, we compare location choices of cross-border M&As to that of national M&As. We find that: cross-border M&As are more spatially concentrated than national M&As, that cross-border M&As sort into larger agglomerations across the USA than national M&As, and that for both forms of M&As location specific market access in the USA as well as access to the rest of the world (through transport hubs) are key drivers for target selection.
Schlagwörter: 
cross-border mergers and acquisitions
location choice
agglomeration
JEL: 
F10
F12
L13
Dokumentart: 
Working Paper
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