Employment Effects of Acquisitions: Evidence from Acquired European Firms
AbstractThis paper examines the employment effects of acquisitions for acquired European firms, taking non-random selection of acquisition targets explicitly into account. Following the empirical firm growth literature and theories put forward in the mergers and acquisition (M&A) literature, we control for convergence dynamics in firm size and distinguish between different types of acquisitions. Empirically, we estimate an endogenous treatment model using accounting data for a newly created sample of acquired and non-acquired European firms. Our results reveal positive employment effects for different types of acquisitions indicating that M&As likely induce efficiency gains. Copyright Springer Science+Business Media, LLC. 2013
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Bibliographic InfoArticle provided by Springer in its journal Review of Industrial Organization.
Volume (Year): 42 (2013)
Issue (Month): 3 (May)
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Web page: http://www.springerlink.com/link.asp?id=100336
Merger and acquisitions; Employment effects; Firm growth; Gibrat’s law; Endogenous treatment model;
Other versions of this item:
- Oberhofer, Harald, 2010. "Employment effects of acquisitions: Evidence from acquired European firms," Working Papers in Economics and Finance 2010-10, University of Salzburg.
- C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
- L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Deborah A. Cobb-Clark & Thomas Crossley, 2003. "Econometrics for Evaluations: An Introduction to Recent Developments," The Economic Record, The Economic Society of Australia, vol. 79(247), pages 491-511, December.
- Oberhofer, Harald & Stöckl, Matthias & Winner, Hannes, 2012.
"The Wage Premium of Globalization: Evidence from European Mergers and Acquisitions,"
Working Papers in Economics and Finance
2012-1, University of Salzburg.
- Oberhofer, Harald & Stöckl, Matthias & Winner, Hannes, 2012. "The wage premium of globalization: Evidence from European mergers and acquisitions," Economics Discussion Papers 2012-6, Kiel Institute for the World Economy.
- Harald Oberhofer & Matthias Stöckl & Hannes Winner, 2012. "The Wage Premium of Globalisation: Evidence from European Mergers and Acquisitions," WIFO Working Papers 416, WIFO.
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