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  • 标题:Growth Effects of Mergers and Acquisitions: A Sector-level Study of OECD countries
  • 本地全文:下载
  • 作者:Nadia Doytch ; Esin Cakan
  • 期刊名称:Journal of Applied Economics and Business Research
  • 电子版ISSN:1927-033X
  • 出版年度:2011
  • 卷号:1
  • 期号:3
  • 页码:120-129
  • 出版社:Journal of Applied Economics and Business Research
  • 摘要: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.
  • 关键词:Sectoral Mergers and Acquisitions Sales; Sectoral and Aggregate Growth; Generalized Method of Moments
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