ASSESSING THE EFFECTS OF MERGERS AND ACQUISITIONS ON FIRM PERFORMANCE, PLANT PRODUCTIVITY, AND WORKERS: NEW EVIDENCE FROM MATCHED EMPLOYER-EMPLOYEE DATA

• 成果类型: Article
• 署名作者: Siegel, Donald S.; Simons, Kenneth L.
• 署名单位: State University of New York (SUNY) System; University at Albany, SUNY; Rensselaer Polytechnic Institute
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.843
• 发表日期: 2010
• 页码: 903-916
• 关键词: Mergers and acquisitions; human capital; total factor productivity; Downsizing; COMPENSATION; matched employer-employee data

摘要

Empirical studies of mergers and acquisitions typically focus on firm-level financial performance. In contrast, we use human capital theory to model these events as transactions that simultaneously have cross-level, real effects on workers, plants, and firms. Our empirical analysis is based on longitudinal, linked employer-employee data for virtually all Swedish manufacturing firms and employees. We find that mergers and acquisitions enhance plant productivity, although they also result in the downsizing of establishments and firms. Firm performance does not decline in the aftermath of these ownership changes. We conclude that such transactions constitute a mechanism for improving the sorting and matching of plants and workers to more efficient uses. Copyright (C) 2010 John Wiley & Sons, Ltd.