The location of cross-border and national mergers and acquisitions within the United States

IF 1.2 4区 管理学 Q3 ECONOMICS
Steven Brakman, Harry Garretsen, Charles van Marrewijk, Arjen van Witteloostuijn
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Abstract

Research on the location choice of foreign direct investment (FDI) focuses on the choice between countries. The within-country location choice is either not analyzed at all or restricted to greenfield investments only. The majority of FDI, however, takes the form of cross-border mergers and acquisitions (M&As). We develop and test a pair of hypotheses regarding location-target selection for both cross-border and national M&As across the United States, expecting differences in line with the liability of foreignness argument. Using a detailed firm-level data set for M&As in the period 1985–2012, we compare location choices of cross-border versus national M&As. We find that cross-border M&As are more spatially concentrated, and tend to sort into larger agglomerations than national M&As. This finding holds both for urban agglomerations in isolation, as well as for agglomerations that take the economic geography of the United States into account.

Abstract Image

美国境内跨境和国内并购的地点
对外国直接投资区位选择的研究主要集中在国家之间的选择。国内地点选择要么根本不进行分析,要么仅限于绿地投资。然而,大多数外国直接投资采取的形式是跨国并购。我们提出并检验了一对关于跨国并购和国家并购的区位目标选择的假设;正如在美国各地一样,期望差异符合外国责任的论点。使用详细的企业级数据集进行M&;与1985-2012年期间一样,我们比较了跨国并购与跨国并购的区位选择;我们发现跨国并购;As在空间上更集中,并且倾向于比国家并购更大的聚集;这一发现既适用于孤立的城市群,也适用于考虑到美国经济地理的城市群。
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来源期刊
CiteScore
3.20
自引率
5.30%
发文量
43
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