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Mergers and investments : where do we stand ?

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  • Yassine Lefouili

    (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse)

  • Leonardo Madio

    (University of Padova, Padova, Italy.)

Abstract

In this paper, we review recent studies on the impact of mergers on investments. We begin by examining how mergers among competing incumbents inf luence firms' incentives to develop new products and undertake cost-reducing or quality-enhancing investment. We then analyze how an incumbent's acquisition of an innovative entrant affects the investment incentives of both parties. Next, we discuss the effects of vertical mergers on the investment decisions of both upstream and downstream firms. Finally, we highlight several policy-relevant insights from the literature and suggest directions for future research.

Suggested Citation

  • Yassine Lefouili & Leonardo Madio, 2026. "Mergers and investments : where do we stand ?," Post-Print hal-05543677, HAL.
    • Handle: RePEc:hal:journl:hal-05543677
    DOI: 10.1016/j.ijindorg.2026.103269
    Note: View the original document on HAL open archive server: https://hal.science/hal-05543677v1
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