Corporate M&As and Labor Market Concentration: Efficiency Gains or Power Grabs?

• 成果类型: Article
• 署名作者: Cicero, David; Shen, Mo; Shenoy, Jaideep
• 署名单位: Auburn University System; Auburn University; University of Connecticut
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082; 1540-6261
• DOI: 10.1111/jofi.70035
• 发表日期: 2026-06
• 页码: 1437-1484
• 关键词: horizontal mergers; Buyer power; acquisitions; relatedness; hypothesis; takeovers

摘要

Mergers of firms that share labor markets increase labor market concentration which can lead to labor efficiency gains and/or create labor market power for the merged firms. Using a novel measure based on establishment-level employment data, we find that merger-induced increases in labor market concentration explain value creation in a sample of completed U.S. public firm mergers from 1991 to 2016. Analysis of the stock market reactions of rival, supplier, and customer firms, as well as firm- and establishment-level real effects in the merging firms, supports a labor efficiency explanation of these merger gains.