Participation in global value chains and M&A flows

IF 2.8 4区管理学 Q2 BUSINESS

Industrial and Corporate Change Pub Date : 2024-05-13 DOI:10.1093/icc/dtae017

Andrea Ciani, Wildmer Daniel Gregori

引用次数: 0

Abstract

This study investigates whether companies operating in industrial sectors characterized by a higher participation in global value chains (GVC) are more likely to be involved in cross-border mergers and acquisitions (M&A). We focus on firms acquired in the EU27 during the period 2008–2020 implementing a gravity model. Results show that cross-border investments are indeed associated with sectoral GVC participation, in particular the dependence on intermediates supplied by other countries (i.e., backward GVC participation) of the target country-sector, which is positively correlated with M&A flows. This evidence is confirmed when the acquired firm operates in high-tech sectors, and when the investor is based in OECD countries. In addition, we find that companies from non-OECD countries supplying inputs to other countries (i.e., higher forward GVC participation) are more likely to pursue a cross-border acquisition.

查看原文本刊更多论文

参与全球价值链和并购流动

本研究探讨了在全球价值链（GVC）参与度较高的产业部门运营的公司是否更有可能参与跨国并购（M&A）。我们采用引力模型，重点研究了 2008-2020 年间在欧盟 27 国收购的公司。结果表明，跨境投资确实与部门全球价值链参与有关，特别是目标国家-部门对其他国家提供的中间产品的依赖性（即后向全球价值链参与），这与 M&A 流量呈正相关。当被收购企业在高科技行业运营，且投资者位于经合组织国家时，这一证据得到了证实。此外，我们还发现，向其他国家提供投入的非经合组织国家的公司（即前向全球价值链参与度较高）更有可能进行跨国并购。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.