Digital M&As, knowledge distance, and labor productivity: Technical and organizational perspectives

IF 4.7 2区经济学 Q1 ECONOMICS

Economic Modelling Pub Date : 2025-02-28 DOI:10.1016/j.econmod.2025.107064

Yiming Zhao , Haitong Li , Zicong Miao , Keyang Li

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Abstract

This study investigates the impact of digital mergers and acquisitions (M&As) on labor productivity, focusing on the influence of the knowledge distance between merging parties. Using a sample of firms that underwent M&As between 2007 and 2022, we employ the difference-in-differences method to analyze whether digital M&As lead to higher labor productivity than non-digital M&As. Our results show that a longer knowledge distance between merging parties strengthens the positive relationship between digital M&As and labor productivity. Channel tests reveal that digital M&As improve labor productivity through enhanced technological innovation efficiency when knowledge distance is closer and reduce organizational instability when knowledge distance is longer. Moreover, the effects are more pronounced in larger, younger firms and those with higher labor intensity and better talent pools. These findings provide new insights into the outcomes of digital M&As and highlight the critical role of knowledge distance in shaping labor productivity.

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数字化并购、知识距离和劳动生产率：技术和组织视角

本研究考察了数字化并购对劳动生产率的影响，重点研究了并购双方知识距离的影响。利用2007年至2022年间进行并购的企业样本，我们采用差异中的差异方法来分析数字化并购是否比非数字化并购带来更高的劳动生产率。研究结果表明，并购方之间的知识距离越长，数字化并购与劳动生产率之间的正向关系越强。渠道检验表明，知识距离越近，数字化管理通过提高技术创新效率提高劳动生产率，知识距离越远，数字化管理通过降低组织不稳定性提高劳动生产率。此外，这种影响在规模更大、更年轻的公司以及那些劳动强度更高、人才库更好的公司中更为明显。这些发现为数字化并购的结果提供了新的见解，并突出了知识距离在塑造劳动生产率方面的关键作用。

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来源期刊

Economic Modelling ECONOMICS-

CiteScore

8.00

自引率

10.60%

发文量

295

期刊介绍： Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.