The Anticompetitive Effect of Minority Share Acquisitions: Evidence from the Introduction of National Leniency Programs

• 成果类型: Article
• 署名作者: Heim, Sven; Hueschelrath, Kai; Laitenberger, Ulrich; Spiegel, Yossi
• 署名单位: Universite PSL; MINES ParisTech; Universite Paris-Pantheon-Assas; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris; Universite Paris-Pantheon-Assas; Tel Aviv University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20190117
• 发表日期: 2022
• 页码: 366-410
• 关键词: corporate equity ownership; determinants; cartels; mergers; IMPACT; FIRMS; COMPETITION; governance; trust; stake

摘要

We address the growing concern that minority shareholding (MS) in rival firms may lessen competition, using the introduction of national leniency programs (LPs) as a shock that destabilizes collusive agreements. Based on data from 63 countries, we find a large and significant immediate increase in domestic horizontal MS acquisitions once an LP is introduced but only in countries where the LP is deemed to be effective. There is no effect on non-horizontal or cross-border MS acquisitions. Our findings suggest that firms may use MS acquisitions to either stabilize collusive agreements or soften competition in the event that collusion breaks down.