{"title":"The impact of mergers and acquisitions on performance of firms: A pre- and post-TRIPS analysis of India's pharmaceutical industry","authors":"Indrani Chakraborty , Paul Kattuman","doi":"10.1016/j.aglobe.2023.100059","DOIUrl":null,"url":null,"abstract":"<div><p>This study analyses the impact of mergers and acquisitions on performance of Indian pharmaceutical firms following the implementation of TRIPS in 1995. In order to identify adequately the effect of mergers, we investigate the impact on firm performance of the merged vis-a-vis the non-merged firms in the post-TRIPS period using difference-in-differences and propensity score matching approaches. Our results suggest that firm performance improved in merged firms, following the mergers. We argue that our finding represents the incidence of “positioning” merger (Gorton et al., 2009). Moreover, transfer of technologies and capabilities helped to improve firm performance in merged firms. Our findings have significant policy implications for Asian countries.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100059"},"PeriodicalIF":0.0000,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia and the Global Economy","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2667111523000063","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
This study analyses the impact of mergers and acquisitions on performance of Indian pharmaceutical firms following the implementation of TRIPS in 1995. In order to identify adequately the effect of mergers, we investigate the impact on firm performance of the merged vis-a-vis the non-merged firms in the post-TRIPS period using difference-in-differences and propensity score matching approaches. Our results suggest that firm performance improved in merged firms, following the mergers. We argue that our finding represents the incidence of “positioning” merger (Gorton et al., 2009). Moreover, transfer of technologies and capabilities helped to improve firm performance in merged firms. Our findings have significant policy implications for Asian countries.
本研究分析了1995年TRIPS实施后，并购对印度制药公司业绩的影响。为了充分确定合并的影响，我们使用差异差异和倾向得分匹配方法，研究了后TRIPS时期合并企业相对于未合并企业对企业绩效的影响。我们的研究结果表明，合并后的公司业绩有所改善。我们认为，我们的发现代表了“定位”合并的发生率（Gorton et al.，2009）。此外，技术和能力的转让有助于提高合并公司的业绩。我们的研究结果对亚洲国家具有重要的政策意义。
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