Do Mergers and Acquisitions Affect the Performance of Acquiring Firms? Evidence for Swiss Small- and Medium-sized Firms
This paper investigates the post-merger performance effects of merger and acquisitions (M&As). Our study is based on a representative sample that includes all Swiss M&As that took place in the period 2006–2008. In contrast to previous studies in this field most of our M&As took place between SMEs. Our data allows us to investigate the impact of M&As not only on different measures of economic performance but also on innovation performance. For the empirical analysis we use a matching framework that accounts for endogenous selection. Based on the sample of all M&As we cannot find statistically significant performance effects of M&As for any of the four performance measures. However, we find some positive and statistically significant performance effects when we examine separately specific sub-samples of M&As, namely (a) the M&As with a relative size (as to sales) of the acquired firm of more than 25% of the acquiring firm and (b) the M&As that took place in 2006, i.e. the M&As with the largest time distance between M&A and performance measurement in our sample.
|Date of creation:||Oct 2012|
|Contact details of provider:|| Postal: Leonhardstrasse 21, CH-8092 Zürich|
Phone: +41 44 632 42 39
Fax: +41 44 632 12 18
Web page: http://www.kof.ethz.ch
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:kof:wpskof:12-319. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.