|
Inward Foreign Direct Investments and Productivity Growth in Japan
|
Yukako Murakami and Kyoji Fukao
|
Firstly, this paper shows that before M&A the foreign firms value the facility and scale economy in target firms which have greater capital stock and sales in the host country. Secondly, out-in M&A firms acquired by foreign firms saw an improvement in their business efficiency after the acquisition. This finding suggests that out-in M&As involve a transfer of business resources or technological knowledge that help to further lift the efficiency of firms.
|
|
Copyright (C) 2003 by Institute of Economic
Research.All rights reserved. |
|