M&As, investment and financing constraints

Arbeitspapier

We use a panel data set of European firms to analyse the effects of domestic and international M&As on target firms' investment, growth and financial constraints. Combining propensity score matching with a difference-in-differences estimator, our results indicate that upon acquisition, target firms obtain better access to external finance, are characterized by higher levels of tangible and intangible assets, and display lower dependence of investments and cash savings to the availability of internal funds. We also provide evidence that these effects are concentrated among acquisitions during the 2007-2009 financial crisis, relatively small target firms, and domestic rather than foreign acquisitions.

Angaben zum Objekt

• ISBN: 978-3-86304-256-1
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: DICE Discussion Paper ; No. 257

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Economic Impacts of Globalization: Microeconomic Impacts ; Multinational Firms; International Business ; Financial Crises ; Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance ; Firm Performance: Size, Diversification, and Scope ; Firm Behavior: Empirical Analysis ; Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
• Thema: Mergers and Acquisitions ; Financial Constraints ; Investment ; Firm Growth ; Financial Crisis ; Foreign Ownership

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Stiebale, Joel ; Wößner, Nicole
• Ereignis: Veröffentlichung
• (wer): Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE)
• (wo): Düsseldorf
• (wann): 2017

Weitere Informationen

• Handle: http://hdl.handle.net/10419/162780
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ