The Productivity Effect of Japanese Enterprises CrossBorder M&A

doi:10.14156/j.cnki.rbwtyj.2019.01.004

Abstract

Abstract: To examine the effect of crossborder M&As on the productivity of Japanese enterprises, the paper uses PSMDID method to analyze Japanese crossborder M&A activities from 2009 to 2016. It found that crossborder M&As significantly increased the productivity of enterprises, but the effect became weaker and weaker with the passage of time. Enterprise heterogeneity and characteristics of the host country have a great influence on the effects. Crossborder M&As improve the productivity of manufacturing and service enterprises. Enterprises that engaged in crossborder M&As in developing countries acquired more productivity gains than those in developed countries.

Key words: Japanese enterprise, crossborder M&A, productivity, PSM-DID

CLC Number:

F279.1

DING Yibing, LIU Ziwei. The Productivity Effect of Japanese Enterprises CrossBorder M&A[J]. JAPANESE RESEARCH, 2019, 33(1): 32-43.

References

［1］季宏，平力群. 日本跨国公司对华直接投资调整及其原因［J］. 日本问题研究，2017（6）：12-20.
［2］NOCKE V, YEAPLE S. Crossrborder Mergers and Acquisitions vs. Greenfield Foreign Direct Investment: The Role of Firm Heterogeneity［J］. Journal of International Economics, 2007, 72(2):336-365.
［3］苏莉, 冼国明. 中国企业跨国并购促进生产率进步了吗?［J］. 中国经济问题, 2017(1):11-23.
［4］BUCKLEY P, CLEGG JETAL. The Determinants of Chinese Outward Foreign Direct Investment［J］. Journal of International Business Studies, 2007, 38(4): 499-518.
［5］ANAND J, DELIOS A. Absolute and Relative Resources as Determinants of International Acquisitions［J］. Strategic Management Journal, 2002, 23(2):119-134.
［6］ALMEIDA P. Knowledge Sourcing by Foreign Multinationals: Patent Citation Analysis in the U.S. Semiconductor Industry［J］. Strategic Management Journal, 2015, 17(2):155-165.
［7］CONTRACTOR F J. Why Do Multinational Firms Exist? A Theory Note About The Effect of Multinational Expansion on Performance and Recent Methodological Critiques［J］. Global Strategy Journal, 2012, 2(4):318-331.
［8］LEE G K, LIEBERMAN M B. Acquisition vs. Internal Development as Modes of Market Entry［J］. Strategic Management Journal, 2010, 31(2):140-158.
［9］RAMAMURTI R. What Is Really Different about Emerging Market Multinationals?［J］. Global Strategy Journal, 2012, 2(1):41-47.
［10］田正. 日本对华直接投资对中国经济发展影响研究［J］. 日本问题研究，2018（3）：54-64.
［11］CHEN V Z, LI J, SHAPIRO D M. International Reverse Spillover Effects on Parent Firms: Evidences from Emergingmarket MNEs in Developed Markets［J］. European Management Journal, 2012, 30(3):204-218.
［12］CRISCUOLO C, MARTIN R. Multinationals and U.S. Productivity Leadership: Evidence from Great Britain［J］. Review of Economics & Statistics, 2009, 91(2):263-281.
［13］CHACAR A S, NEWBURRY W, VISSA B. Bringing Institutions into Performance Persistence Research: Exploring the Impact of Product, Financial, and Labor Market Institutions［J］. Journal of International Business Studies, 2010, 41(7):1119-1140.
［14］CAPRON L, GUILLN M. National Corporate Governance Institutions and Postacquisition Target Reorganization［J］. Strategic Management Journal, 2009, 30(8):803-833.
［15］BOISOT M, MEYER M W. Which Way through the Open Door? Reflections on the Internationalization of Chinese Firms［J］. Management & Organization Review, 2008, 4(3):349-365.
［16］ROSENBAUM P R, RUBIN D B. The Central Role of the Propensity Score in Observational Studies for Causal Effects［J］. Biometrika, 1983, 70(1):41-55.
［17］BECKER SO, ICHINO A. Estimation of Average Treatment Effects Based on Propensity Scores［J］. Stata Journal, 2002, 2(4):358-377.
［18］蒋冠宏. 我国企业跨国并购真的失败了吗?——基于企业效率的再讨论［J］. 金融研究, 2017(4):46-60.
［19］GILLIGAN D O, HODDINOTT J. Is There Persistence in the Impact of Emergency Food Aid? Evidence on Consumption, Food Security, and Assets in Rural Ethiopia［J］. American Journal of Agricultural Economics, 2007, 89(2):225-242.
［20］ABADIE A, GARDEAZABAL J. The Economic Costs of Conflict: A Case Study of the Basque Country［J］. American Economic Review, 2003, 93(1):113-132.

[1]	LI Bo. The Adaptive Evolution of Japanese Enterprise Employment System ——An analysis Based on Essentials of Organizational Behavior [J]. JAPANESE RESEARCH, 2019, 33(6): 42-53.
[2]	JIN Renshu. “Abenomics”: No “Real” Economic Growth and Misalignment of Policies [J]. JAPANESE RESEARCH, 2018, 32(2): 20-27.
[3]	LIANG Jun，ZHAO Qing. Long term Economic Recession [J]. JAPANESE RESEARCH, 2016, 30(2): 11-21.