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The dynamic impacts of M&A on target firm’s labor in Japan: tentative dynamic panel estimation by GMM

Author

Listed:
  • Yamada, Toshihiro
  • Taguchi, Hiroyuki

Abstract

This paper provides a systematic empirical analysis of the effects of the M&A on target firm’s employment in Japan. It may contribute to the Japanese literature by capturing the dynamic employment impacts of firm acquisition using latest micro data. Our main findings are: the immediate effects of firm acquisition on target firm’s employment proved to be significantly negative presumably due to labor restructuring intended by the acquiring firm, while the negative effects do not appear to last as the subsequent dynamic impacts on target firm’s employment.

Suggested Citation

  • Yamada, Toshihiro & Taguchi, Hiroyuki, 2010. "The dynamic impacts of M&A on target firm’s labor in Japan: tentative dynamic panel estimation by GMM," MPRA Paper 64842, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:64842
    as

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    File URL: https://mpra.ub.uni-muenchen.de/64842/1/MPRA_paper_64842.pdf
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    References listed on IDEAS

    as
    1. Conyon, Martin J. & Girma, Sourafel & Thompson, Steve & Wright, Peter W., 2002. "The impact of mergers and acquisitions on company employment in the United Kingdom," European Economic Review, Elsevier, vol. 46(1), pages 31-49, January.
    2. Kevin Amess & Mike Wright, 2007. "The Wage and Employment Effects of Leveraged Buyouts in the UK," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 14(2), pages 179-195.
    3. Gugler, Klaus & Yurtoglu, B. Burcin, 2004. "The effects of mergers on company employment in the USA and Europe," International Journal of Industrial Organization, Elsevier, vol. 22(4), pages 481-502, April.
    4. Sang V Nguyen & Robert H Mcguckin & Arnold P Reznek, 1995. "The Impact Of Ownership Change On Employment, Wages, And Labor Productivity In U.S. Manufacturing 1977-87," Working Papers 95-8, Center for Economic Studies, U.S. Census Bureau.
    5. McGuckin, Robert H. & Nguyen, Sang V., 2001. "The impact of ownership changes: a view from labor markets," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 739-762, April.
    6. Harford, Jarrad, 2005. "What drives merger waves?," Journal of Financial Economics, Elsevier, vol. 77(3), pages 529-560, September.
    7. Lehto, Eero & Böckerman, Petri, 2008. "Analysing the employment effects of mergers and acquisitions," Journal of Economic Behavior & Organization, Elsevier, vol. 68(1), pages 112-124, October.
    8. Stephen Nickell, 1984. "An Investigation of the Determinants of Manufacturing Employment in the United Kingdom," Review of Economic Studies, Oxford University Press, vol. 51(4), pages 529-557.
    9. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 277-297.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    M&A; firm acquisition; dynamic employment effects;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • M51 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Firm Employment Decisions; Promotions

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