Effect of mergers and acquisitions on employment condition and on shareholders' wealth
Project/Area Number |
19530292
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Single-year Grants |
Section | 一般 |
Research Field |
Public finance/Monetary economics
|
Research Institution | Waseda University |
Principal Investigator |
KUBO Katsuyuki Waseda University, 商学学術院, 教授 (20323892)
|
Project Period (FY) |
2007 – 2010
|
Project Status |
Completed (Fiscal Year 2010)
|
Budget Amount *help |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2010: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2009: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2008: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2007: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
|
Keywords | 金融論 / 経済事情 / 企業統治 / 合併買収 / 雇用 / 合併・買収 / 賃金 |
Research Abstract |
This study investigates the impact of merger on employment and employees' wage in Japan, based on 111 mergers between listed firms, observed between 1990 and 2003. Typically, the number of employees decreases by 3.338% three years after the merger even after we control changes in sales and other variables. Firms with more senior employees are more likely to reduce workers after merger. Secondly, wages increase by 437,851 yen per employee per year after merger. Firms in related merger, and non-rescue merger are more likely to increase their wages. These relations persist even if we control variables such as sales and employees' age. These results show that main motivation behind merger is not to expropriate employees of their wealth.
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Report
(6 results)
Research Products
(47 results)