Quantifying Productivity Gains from Foreign Investment

Medientyp: E-Book

Titel: Quantifying Productivity Gains from Foreign Investment

Beteiligte: Fons-Rosen, Christian [Verfasser:in]; Kalemli-Ozcan, Sebnem [Sonstige Person, Familie und Körperschaft]; Sørensen, Bent E. [Sonstige Person, Familie und Körperschaft]; Villegas-Sanchez, Carolina [Sonstige Person, Familie und Körperschaft]; Volosovych, Vadym [Sonstige Person, Familie und Körperschaft]

Erschienen: [S.l.]: SSRN, [2020]

Umfang: 1 Online-Ressource (57 p)

Sprache: Englisch

DOI: 10.2139/ssrn.2249706

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Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 5, 2019 erstellt

Beschreibung: We revisit the relationship between foreign investment and productivity of acquired firms. First, we construct a panel firm-level dataset for eight ad- vanced European countries covering domestic and foreign acquisitions together with detailed balance sheet information for the years 1999–2012. Second, we address the challenge of identifying a causal relation. To that end, we compare foreign to domestic acquisitions in addition to accounting for the impact of majority versus minority acquisitions after controlling for country and sector trends. The productivity of foreign acquired affiliates increases modestly after four years, but only when majority stakes are acquired by foreigners. Our re- sults are driven by foreign acquisitions and not by foreign divestment

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