Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/50084
Authors: 
Schiffbauer, Marc
Siedschlag, Iulia
Ruane, Frances
Year of Publication: 
2009
Series/Report no.: 
ESRI working paper 305
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.
Subjects: 
cross-border mergers and acquisitions
productivity
firm heterogeneity
JEL: 
F23
D24
O33
Document Type: 
Working Paper

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