M&A and Productivity : Evidence from Japanese Firms
| Project/Area Number |
20530228
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Applied economics
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| Research Institution | Research Institute of Economy, Trade and Industry |
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Principal Investigator |
TSURU Kotaro Research Institute of Economy, Trade and Industry, 上席研究員 (80371178)
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| Co-Investigator(Kenkyū-buntansha) |
HOSONO Kaoru 学習院大学, 非常勤講師 (80282945)
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| Project Period (FY) |
2008 – 2010
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| Project Status |
Completed (Fiscal Year 2010)
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| Budget Amount *help |
¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2010: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2009: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2008: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Keywords | M&A / 生産性 / 研究開発 / 企業パフォーマンス / 非上場企業 / TFP / 敵対的買収防衛策 / 競争力 |
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| Research Abstract |
We analyze changes in corporate performance from pre- and to post-merger. We find that TFP level, ROA and the cash flow ratio improve in non-manufacturing. When analyzing changes in performance from immediately after mergers, an improvement in TFP, ROA, and the cash flow ratio are quite evident in mergers between affiliated companies and mergers involving different industries in the case of manufacturing firms.
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Report
(4 results)
Research Products
(19 results)
