Post-merger restructuring and the boundaries of the firm

• 成果类型: Article
• 署名作者: Maksimovic, Vojislav; Phillips, Gordon; Prabhala, N. R.
• 署名单位: University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2011.05.013
• 发表日期: 2011
• 页码: 317-343
• 关键词: mergers; acquisitions; Divestitures; Selloffs; closures; Restructuring; firm boundaries; theory of the firm; Post-merger performance; Agency theory

摘要

We examine how firms redraw their boundaries after acquisitions using plant-level data. We find that there is extensive restructuring in a short period following mergers and full-firm acquisitions. Acquirers of full firms sell 27% and close 19% of the plants of target firms within three years of the acquisition. Acquirers with skill in running their peripheral divisions tend to retain more acquired plants. Retained plants increase in productivity whereas sold plants do not. These results suggest that acquirers restructure targets in ways that exploit their comparative advantage. (C) 2011 Elsevier B.V. All rights reserved.