2010 Fiscal Year Final Research Report
Effect of mergers and acquisitions on employment condition and on shareholders' wealth
| Project/Area Number |
19530292
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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 |
Public finance/Monetary economics
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| Research Institution | Waseda University |
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Principal Investigator |
KUBO Katsuyuki Waseda University, 商学学術院, 教授 (20323892)
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| Project Period (FY) |
2007 – 2010
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| Keywords | 金融論 / 経済事情 / 企業統治 / 合併買収 / 雇用 |
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| 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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[Remarks] Katsuyuki Kubo "JUDGMENT CALL : What is the best balance between base pay and bonuses?" Financial Times, June 10, 2009
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[Remarks] 久保克行「合併買収と労働者合併後に賃金上昇、処遇改善の例も」『早稲田ビジネススクール・レビュー』8,2008年74-75
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