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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
ESRI Working Paper No. 305
Verlag: 
The Economic and Social Research Institute (ESRI), Dublin
Zusammenfassung: 
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.
Schlagwörter: 
cross-border mergers and acquisitions
productivity
firm heterogeneity
JEL: 
F23
D24
O33
Dokumentart: 
Working Paper

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