{"title":"跨国并购是否提高了并购企业的国内绩效?","authors":"Sung Hyun Son, Young-Han Kim","doi":"10.1016/j.asieco.2023.101696","DOIUrl":null,"url":null,"abstract":"<div><p>Facing the concerns that outward foreign direct investments might hollow out domestic corporate activities, we examine whether cross-border acquisitions by emerging market enterprises (EMEs) improve or damage domestic corporate performances based on the data of 348 Indian firms’ cross-border M&A experiences from 1995 to 2017. We investigate acquirers’ post-M&A performances by nonparametric flexible conditional difference-in-difference (DID) analysis which considers different treatment timing and periods. We find that cross-border acquisitions increase acquiring firms’ domestic sales, total labor costs, and total factor productivity (TFP). In addition, we demonstrate that Indian firms’ cross-border M&As in technology-intensive sectors with merged firms located in OECD countries taking the form of horizontal M&As show better domestic performances. The results implicate that well-tuned outward FDIs via cross-border M&As of emerging economies do not hollow out but complement domestic corporate activities.</p></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"90 ","pages":"Article 101696"},"PeriodicalIF":2.9000,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does cross-border M&A improve merging firms’ domestic performances?\",\"authors\":\"Sung Hyun Son, Young-Han Kim\",\"doi\":\"10.1016/j.asieco.2023.101696\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Facing the concerns that outward foreign direct investments might hollow out domestic corporate activities, we examine whether cross-border acquisitions by emerging market enterprises (EMEs) improve or damage domestic corporate performances based on the data of 348 Indian firms’ cross-border M&A experiences from 1995 to 2017. We investigate acquirers’ post-M&A performances by nonparametric flexible conditional difference-in-difference (DID) analysis which considers different treatment timing and periods. We find that cross-border acquisitions increase acquiring firms’ domestic sales, total labor costs, and total factor productivity (TFP). In addition, we demonstrate that Indian firms’ cross-border M&As in technology-intensive sectors with merged firms located in OECD countries taking the form of horizontal M&As show better domestic performances. The results implicate that well-tuned outward FDIs via cross-border M&As of emerging economies do not hollow out but complement domestic corporate activities.</p></div>\",\"PeriodicalId\":47583,\"journal\":{\"name\":\"Journal of Asian Economics\",\"volume\":\"90 \",\"pages\":\"Article 101696\"},\"PeriodicalIF\":2.9000,\"publicationDate\":\"2023-12-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Asian Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1049007823001161\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Asian Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1049007823001161","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
Does cross-border M&A improve merging firms’ domestic performances?
Facing the concerns that outward foreign direct investments might hollow out domestic corporate activities, we examine whether cross-border acquisitions by emerging market enterprises (EMEs) improve or damage domestic corporate performances based on the data of 348 Indian firms’ cross-border M&A experiences from 1995 to 2017. We investigate acquirers’ post-M&A performances by nonparametric flexible conditional difference-in-difference (DID) analysis which considers different treatment timing and periods. We find that cross-border acquisitions increase acquiring firms’ domestic sales, total labor costs, and total factor productivity (TFP). In addition, we demonstrate that Indian firms’ cross-border M&As in technology-intensive sectors with merged firms located in OECD countries taking the form of horizontal M&As show better domestic performances. The results implicate that well-tuned outward FDIs via cross-border M&As of emerging economies do not hollow out but complement domestic corporate activities.
期刊介绍:
The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.