Growth Effects of Mergers and Acquisitions: A Sector-level Study of OECD countries
نویسندگان
چکیده
The purpose of the paper is to analyze the impact of mergers and acquisitions (M&A) sales on economic growth. The analysis is conducted by sectors: primary, manufacturing and services. M&A sales are disaggregated by sectors and also into domestic and cross-border M&A sales. The group of the OECD countries is examined. After applying a Generalized Method of Moments (GMM) estimator, which controls for endogeneity of M&A, we find no support of the hypothesis that M&A activity contributes to economic growth, except for growth of the services sector. Both, financial and non-financial domestic services M&A, have a positive effect on services growth. Primary sector and manufacturing M&A have negative effects on their own sectors growth rates. At the aggregate economic level, the impact of M&A on growth is also negative.
منابع مشابه
What drives mergers and acquisitions waves in developing countries? Evidences from Iranian banking industry
M any Middle-East countries, like Iran, have dynamic banking industries and have observed merger and acquisitions (M&A) waves. M&A waves are usually defined in the developed world context and some of their main drivers were identified as: market timing, environment's shocks, merger manias, government regulation and regulatory, and technological changes. It has been discussed that merger waves ...
متن کاملCross Border Mergers and Acquisitions by Indian firms-An Analysis of Pre and Post Merger performance
The corporate sector all over the world is restructuring its operations through different types of consolidation strategies like mergers and acquisitions in order to face challenges posed by the new pattern of globalization, which has led to the greater integration of national and international markets.. The intensity of cross-border operations recorded an unprecedented ...
متن کاملبررسی شاخصهای حمایت از بخش کشاورزی ایران و مقایسه آن با کشورهای منتخب
The support of agricultural sector is adopted in various countries of the globe through different means and mostly with the aims such as increasing farmers incomes, protecting domestic products, ending dependence (on foreign goods), augmenting employment and reducing poverty. This paper tries to survey the support policies in agricultural sector in different countries as far as their components...
متن کاملThe Effects of Intra- and Extra-Organizational Factors on Management Accounting Practices in the Privatization Processes: Evidence from Iran
The specific aim of this academic study is to investigate the possible impacts of external and internal factors in the unique process of privatization on the changes of management accounting practices in listed companies of Tehran Stock Exchange which more than 51% of this companies' shares have been transferred to the private sector. For this purpose, a theoretical framework scientifically bas...
متن کاملAn Investigation of the Impact of Size of the Government on Economic Growth: Some New Evidence from OECD-NEA Countries
Abstract Achieving economic growth, as one of the essential purposes in each country, needs appropriate tracing of government as one of the important and effective sections in that economy. Nowadays, unlike the 80s, economists concentrate on objectives such as explanation of the relationship between size of the government and economic growth and delineation of optimum size of the government w...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 2012