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Do Wages Rise or Fall Following Merger?

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  • Martin J. Conyon
  • Sourafel Girma
  • Steve Thompson
  • Peter W. Wright

Abstract

This paper provides a systematic empirical analysis of the effects of merger and acquisition activity on profitability and firm-level employee remuneration in the UK, using a specially constructed database for the period 1979-91. It finds that both profitability and wages rise following acquisition, and firms that merge within the same industry division experience larger increases in profitability and pay their workers higher wages than those engaged in unrelated acquisitions; i.e. in part, the result of an increase in the efficiency with which labour is used following related acquisition. Copyright 2004 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 66 (2004)
Issue (Month): 5 (December)
Pages: 847-862

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Handle: RePEc:bla:obuest:v:66:y:2004:i:5:p:847-862

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Cited by:
  1. Kevin Amess & Mike Wright, 2012. "Leveraged buyouts, private equity and jobs," Small Business Economics, Springer, vol. 38(4), pages 419-430, May.
  2. John P. Weche Geluebcke, 2012. "Foreign and Domestic Takeovers in Germany: First Comparative Evidence on the Post-acquisition Target Performance using new Data," Working Paper Series in Economics 249, University of Lüneburg, Institute of Economics.
  3. John Marsh & Donald S. Siegel & Kenneth L. Simons, 2007. "Assessing the Effects of Ownership Change on Women and Minority Employees: Evidence from Matched Employer-Employee Data," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 14(2), pages 161-178.
  4. Hvide, Hans K. & Kristiansen, Eirik G., 2006. "Management of Knowledge Workers," Discussion Papers 2006/7, Department of Business and Management Science, Norwegian School of Economics.
  5. Yama Temouri & Nigel L. Driffield & Dolores Añón Higón, 2008. "Analysis of Productivity Differences among Foreign and Domestic Firms: Evidence from Germany," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 144(1), pages 32-54, April.
  6. Donald S. Siegel & Kenneth L. Simons, 2006. "Assessing the Effects of Mergers and Acquisitions on Firm Performance, Plant Productivity, and Workers: New Evidence from Matched Employer-Employee Data," Rensselaer Working Papers in Economics 0601, Rensselaer Polytechnic Institute, Department of Economics.
  7. Heyman, Fredrik & Sjöholm, Fredrik & Gustavsson Tingvall, Patrik, 2006. "Acquisitions, Multinationals, and Wage Dispersion," EIJS Working Paper Series 222, The European Institute of Japanese Studies.

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