Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/80855 
Year of Publication: 
2012
Series/Report no.: 
KOF Working Papers No. 319
Publisher: 
ETH Zurich, KOF Swiss Economic Institute, Zurich
Abstract: 
This paper investigates the post-merger performance effects of mergers and acquisitions (M&As). Our study is based on a representative sample that includes all Swiss M&As that took place in the period 2006-2008. In contrast to previous studies in this field most of our M&As took place between SMEs. Our data allows us to investigate the impact of M&As not only on different measures of economic performance but also on innovation performance. For the empirical analysis we use a matching framework that accounts for endogenous selection. Based on the sample of all M&As we cannot find statistically significant performance effects of M&As for any of the four performance measures. However, we find some positive and statistically significant performance effects when we examine separately specific sub-samples of M&As, namely (a) the M&As with a relative size (as to sales) of the acquired firm of more than 25% of the acquiring firm and (b) the M&As that took place in 2006, i.e. the M&As with the largest time distance between M&A and performance measurement in our sample.
Subjects: 
mergers and acquisitions
economic performance
innovation performance
JEL: 
L20
O31
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size
463.69 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.