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Corporate Restructuring and the Consolidation of US Industry

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  • Liebeskind, Julia Porter
  • Opler, Tim C
  • Hatfield, Donald E

Abstract

This study examines the impact of corporate restructuring measured at the industry level on industry concentration in 695 four-digit U.S. industries in the basic, manufacturing, and services sectors between 1981 and 1989. The results show a modest increase in median industrial concentration in sample industries between 1981 and 1989. The authors find no evidence that selloffs of assets at the industry level through horizontal mergers, acquisitions, and interfirm asset sales increased U.S. industrial concentration during the 1980s. Copyright 1996 by Blackwell Publishing Ltd.

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  • Liebeskind, Julia Porter & Opler, Tim C & Hatfield, Donald E, 1996. "Corporate Restructuring and the Consolidation of US Industry," Journal of Industrial Economics, Wiley Blackwell, vol. 44(1), pages 53-68, March.
    • Handle: RePEc:bla:jindec:v:44:y:1996:i:1:p:53-68
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    Cited by:

    1. Giampaolo Vitali, 1999. "The entry mode choice of EU leading companies (1987-1997)," CERIS Working Paper 199910, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
    2. Schmid, David & Morschett, Dirk, 2020. "Decades of research on foreign subsidiary divestment: What do we really know about its antecedents?," International Business Review, Elsevier, vol. 29(4).
    3. Barbara M. Roberts, "undated". "Transition and Changes in Industrial Concentration in Poland," Discussion Papers in European Economics 98/4, Division of Economics, School of Business, University of Leicester.
    4. Pulak Mishra, 2018. "Are Mergers and Acquisitions Necessarily Anti-competitive? Empirical Evidence from India’s Manufacturing Sector," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 12(3), pages 276-307, August.
    5. Nicholas Argyres & Todd R. Zenger, 2013. "Dynamics of organizational structure," Chapters, in: Anna Grandori (ed.), Handbook of Economic Organization, chapter 12, Edward Elgar Publishing.
    6. Heather Berry, 2013. "When Do Firms Divest Foreign Operations?," Organization Science, INFORMS, vol. 24(1), pages 246-261, February.
    7. Kim, Bae-Geun, 2010. "Identifying a permanent markup shock and its implications for macroeconomic dynamics," Journal of Economic Dynamics and Control, Elsevier, vol. 34(8), pages 1471-1491, August.
    8. Mitchell Berlin, 1999. "Jack of all trades? Product diversification in nonfinancial firms," Business Review, Federal Reserve Bank of Philadelphia, issue May, pages 15-29.
    9. Fligstein, Neil & Shin, Taek-Jin, 2007. "Shareholder Value and the Transformation of American Industries, 1984-2001," Institute for Research on Labor and Employment, Working Paper Series qt4r16k6j6, Institute of Industrial Relations, UC Berkeley.

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