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Geography of Domestic Mergers and Acquisitions (M&As): Evidence from Matched Firm-level Data

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  • Petri Bockerman
  • Eero Lehto

Abstract

Bockerman P. and Lehto E. (2006) Geography of domestic mergers and acquisitions (M&As): evidence from matched firm-level data, Regional Studies 40, 847-860. This paper explores domestic mergers and acquisitions (M&As) from the regional perspective. The Finnish evidence reveals that geographical closeness is a characteristic of great importance for domestic M&As. Thus, a great number of M&As occur within narrowly defined regions. Interestingly, domestic M&As reinforce the core-periphery dimension. The results from the matched firm-level data show that larger companies can overcome geographical boundaries more easily and domestic M&As are more likely to occur in regions that contain a great number of companies. In addition, the results reveal that a strong ability by an acquiring company to monitor the target (measured by the knowledge embodied in human capital or in research and development stock) can support M&As that occur across distant locations. Bockerman P. et Lehto E. (2006) La geographie des F&A nationales; des preuves provenant des donnees aupres des entreprises a niveaux correspondants, Regional Studies 40, -. Cet article cherche a examiner sur le plan regional les fusions et acquisitions (F&A) nationales. Les preuves finlandaises laissent voir que la proximite geographique est une caracteristique non-negligeable pour ce qui est des F&A nationales. Par la suite, nombreuses sont les F&A qui ont lieu au sein des regions rigoureusement delimitees. Il est a noter que les F&A nationales renforcent la notion de centre-peripherie. Les resultats provenant des donnees aupres des entreprises a niveaux correspondants montrent que les plus grandes entreprises peuvent surmonter plus facilement les frontieres geographiques et qu'il est plus probable que les F&A nationales ont lieu dans les regions ou le parc d'entreprises s'avere important. En plus, les resultats laissent voir que la capacite d'un acquereur de surveiller l'entreprise ciblee (mesure en termes de la connaissance incarnee dans le stock de capital humain ou de R & D) peut soutenir les F&A qui ont lieu a travers des pays lointains. Fusions Acquisitions F&A Surveiller Agglomeration Bockerman P. und Lehto E. (2006) Die Geographie der im Inland durchgefuhrten Fusionen und Ubernahmen: Beweise von Daten gleichwertiger Firmen, Regional Studies 40, -. Dieser Aufsatz untersucht im Inland durchgefuhrte Fusionen und Ubernahmen (mergers and acquisitions = M&A) aus regionaler Sicht. Die finnischen Beweise zeigen, dass geographische Nahe von grosster Wichtigkeit fur im Inland durchgefuhrte M&As ist. So finden eine hohe Anzahl M&As innerhalb genau umschriebener Regionen statt. Iinteressanterweise bestarken im Inland vorgenommene Fusionen und Ubernahmen die Dimension vom Kern zur Peripherie. Die Ergebnisse der Daten auf Firmenebene zeigen, dass es grosseren Gesellschaften eher gelingt, geographische Grenzen zu uberwinden, und dass M&As innerhalb eines Landes eher in Regionen stattfinden, in denen eine grosse Anzahl Firmen ansassig ist. Daruber hinaus zeigen die Ergebnisse, dass eine uberzeugende Fahigkeit der Ubernehmergesellschaft, das Ziel zu uberwachen (gemessen an den Kenntnissen, die in Menschenkapital oder in Forschungs- und Entwicklungskapital verkorpert sind), im Stande ist, Fusionen und Ubernahmen uber weite Entfernungen hinweg zu unterstutzen. Fusionen Ubernahmen M&As Uberwachung Ballung Bockerman P. y Lehto E. (2006) Geografia de las FyA nacionales: el ejemplo de datos comparativos entre empresas, Regional Studies 40, -. En este articulo se analizan las fusiones y adquisiciones (FyA) nacionales a partir de una perspectiva regional. El caso de Finlandia demuestra que la proximidad geografica es una caracteristica de vital importancia para las FyA nacionales. Un gran numero de FyA ocurren en regiones bien definidas de extension limitada. Es interesante observar que las FyA nacionales refuerzan la dimension entre periferica y centro. Los resultados de los datos comparativos de las empresas indican que las companias mas grandes son mas capaces de superar las limitaciones geograficas y es mas probable que las FyA nacionales ocurran en las regiones donde hay un alto numero de empresas. Ademas, los resultados indican que si las empresas compradoras tienen la capacidad de controlar el objetivo (medida por el conocimiento personificado en capital humano o en existencias de I + D) podran dar su apoyo a las FyA que ocurren en lugares mas alejados. Fusiones Adquisiciones FyA Control Aglomeracion

Suggested Citation

  • Petri Bockerman & Eero Lehto, 2006. "Geography of Domestic Mergers and Acquisitions (M&As): Evidence from Matched Firm-level Data," Regional Studies, Taylor & Francis Journals, vol. 40(8), pages 847-860.
  • Handle: RePEc:taf:regstd:v:40:y:2006:i:8:p:847-860
    DOI: 10.1080/00343400601043365
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    References listed on IDEAS

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    Cited by:

    1. Ron Boschma & Emanuela Marrocu & Raffaele Paci, 2016. "Symmetric and asymmetric effects of proximities. The case of M&A deals in Italy," Journal of Economic Geography, Oxford University Press, vol. 16(2), pages 505-535.
    2. Sidney C. Turner, 2014. "Public Sector Agglomeration in Developed Countries: The Role of Oversight," Growth and Change, Wiley Blackwell, vol. 45(2), pages 191-210, June.

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