Quantifying productivity gains from foreign investment
成果类型：
Article
署名作者：
Fons-Rosen, Christian; Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Villegas-Sanchez, Carolina; Volosovych, Vadym
署名单位：
University of California System; University of California Merced; Center for Economic & Policy Research (CEPR); University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Houston System; University of Houston; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/j.jinteco.2021.103456
发表日期：
2021
关键词：
摘要：
We revisit the relationship between foreign investment and productivity of acquired firms. First, we construct a panel firm-level dataset for eight advanced European countries covering domestic and foreign acquisitions together with detailed balance sheet information for the years 1999-2012. Second, we address the challenge of identifying a causal relation. To that end, we compare foreign to domestic acquisitions in addition to accounting for the impact of majority versus minority acquisitions after controlling for country and sector trends. The productivity of foreign acquired affiliates increases modestly after four years, but only when majority stakes are acquired by foreigners. Our results are driven by foreign acquisitions and not by foreign divestment. (C) 2021 Elsevier B.V. All rights reserved.