| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12422 |
| 来源ID | Working Paper 12422 |
| Cross-Border Acquisitions and Target Firms' Performance: Evidence From Japanese Firm-Level Data | |
| Kyoji Fukao; Keiko Ito; Hyeog Ug Kwon; Miho Takizawa | |
| 发表日期 | 2006-08-14 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves after the acquisition. In our previous study for the Japanese manufacturing sector, we found that M&As by foreigners brought a larger and quicker improvement in total factor productivity (TFP) and profit rates than M&As by domestic firms. However, it may argued that firms acquired by foreign firms showed better performance simply because foreign investors acquired more promising Japanese firms than Japanese investors did. In order to address this potential problem of selection bias problem, in this study we combine a difference-in-differences approach with propensity score matching. The basic idea of matching is that we look for firms that were not acquired by foreign firms but had similar characteristics to firms that were acquired by foreigners. Using these firms as control subjects and comparing the acquired firms and the control subjects, we examine whether firms acquired by foreigners show a greater improvement in performance than firms not acquired by foreigners. Both results from unmatched samples and matched samples show that foreign acquisitions improved target firms%u2019 productivity and profitability significantly more and quicker than acquisitions by domestic firms. Moreover, we find that there is no positive impact on target firms%u2019 profitability in the case of both within-group in-in acquisitions and in-in acquisitions by domestic outsiders. In fact, in the manufacturing sector, the return on assets even deteriorated one year and two years after within-group in-in acquisition, while the TFP growth rate was higher after within-group in-in acquisitions than after in-in acquisitions by outsiders. Our results imply that in the case of within-group in-in acquisitions, parent firms may be trying to quickly restructure acquired firms even at the cost of deteriorating profitability. |
| 主题 | Econometrics ; Estimation Methods ; Microeconomics ; Households and Firms ; International Economics ; International Factor Mobility |
| URL | https://www.nber.org/papers/w12422 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570079 |
| 推荐引用方式 GB/T 7714 | Kyoji Fukao,Keiko Ito,Hyeog Ug Kwon,et al. Cross-Border Acquisitions and Target Firms' Performance: Evidence From Japanese Firm-Level Data. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12422.pdf（396KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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