跨国并购是否提高了并购企业的国内绩效?

IF 2.9 3区 经济学 Q1 ECONOMICS
Sung Hyun Son, Young-Han Kim
{"title":"跨国并购是否提高了并购企业的国内绩效?","authors":"Sung Hyun Son,&nbsp;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&amp;A experiences from 1995 to 2017. We investigate acquirers’ post-M&amp;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&amp;As in technology-intensive sectors with merged firms located in OECD countries taking the form of horizontal M&amp;As show better domestic performances. The results implicate that well-tuned outward FDIs via cross-border M&amp;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,&nbsp;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&amp;A experiences from 1995 to 2017. We investigate acquirers’ post-M&amp;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&amp;As in technology-intensive sectors with merged firms located in OECD countries taking the form of horizontal M&amp;As show better domestic performances. The results implicate that well-tuned outward FDIs via cross-border M&amp;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}
引用次数: 0

摘要

面对对外直接投资可能掏空国内企业活动的担忧,我们基于348家印度企业1995年至2017年的跨境并购经验数据,考察了新兴市场企业(EMEs)的跨境收购是改善还是损害了国内企业绩效。本文采用非参数柔性条件差中差(DID)分析方法考察并购后并购方的绩效,该方法考虑了不同的并购时机和并购周期。研究发现,跨国收购增加了收购方的国内销售额、总劳动力成本和全要素生产率。此外,我们还证明了印度企业在技术密集型行业与经合组织国家的企业以横向并购的形式进行跨国并购时,表现出更好的国内绩效。结果表明,通过跨境并购调整的新兴经济体对外直接投资不会空洞化,而是对国内企业活动的补充。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
4.70
自引率
9.40%
发文量
90
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.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信