Foreign and Domestic Takeovers in Germany: First Comparative Evidence on the Post-acquisition Target Performance using new Data
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Foreign and Domestic Takeovers in Germany: First Comparative Evidence on the Post-acquisition Target Performance using new Data. / Weche Gelübcke, John Philipp.
Lüneburg : Institut für Volkswirtschaftslehre der Universität Lüneburg, 2012. (Working Paper Series in Economics; No. 249).Research output: Working paper › Working papers
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TY - UNPB
T1 - Foreign and Domestic Takeovers in Germany: First Comparative Evidence on the Post-acquisition Target Performance using new Data
AU - Weche Gelübcke, John Philipp
PY - 2012
Y1 - 2012
N2 - This study provides the first comparative evidence of foreign and domestic acquisitions in Germany. A propensity score matching approach combined with a difference-in-difference estimator were performed separately for foreign and domestic acquisitions to account for a general takeover effect. The study is based on new high-quality panel data for manufacturing enterprises, provided by German offcial statistics. The results indicate a negative impact of foreign takeovers on employment and no productivity improvements for the period 2007 to 2009. This evidence contradicts existing empirical studies for Germany which find significant productivity improvements and no changes in terms of employment. These fndings are of particular interest to Germany as one of the most important FDI in ow destinations worldwide. They contribute to the foreign ownership performance premium literature as well as improving the understanding of foreign acquisition consequences, a subject of utmost topicality.
AB - This study provides the first comparative evidence of foreign and domestic acquisitions in Germany. A propensity score matching approach combined with a difference-in-difference estimator were performed separately for foreign and domestic acquisitions to account for a general takeover effect. The study is based on new high-quality panel data for manufacturing enterprises, provided by German offcial statistics. The results indicate a negative impact of foreign takeovers on employment and no productivity improvements for the period 2007 to 2009. This evidence contradicts existing empirical studies for Germany which find significant productivity improvements and no changes in terms of employment. These fndings are of particular interest to Germany as one of the most important FDI in ow destinations worldwide. They contribute to the foreign ownership performance premium literature as well as improving the understanding of foreign acquisition consequences, a subject of utmost topicality.
KW - Economics
KW - post-acquisition performance
KW - foreign takeover
KW - manufacturing
KW - treatment analysis
KW - Germany
M3 - Working papers
T3 - Working Paper Series in Economics
BT - Foreign and Domestic Takeovers in Germany: First Comparative Evidence on the Post-acquisition Target Performance using new Data
PB - Institut für Volkswirtschaftslehre der Universität Lüneburg
CY - Lüneburg
ER -