haku: @indexterm organizational change / yhteensä: 1363
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| Tekijä: | Maksimovic, V. Phillips, G. Prabhala, N.R. |
| Otsikko: | Post-merger restructuring and the boundaries of the firm |
| Lehti: | Journal of Financial Economics
2011 : NOV, VOL. 102:2, p. 317-343 |
| Asiasana: | consolidation companies organizational change plant closures restructuring mergers |
| Kieli: | eng |
| Tiivistelmä: | We research how firms redraw their boundaries after acquisitions using plant-level data. Extensive restructuring is found to occur in a short period after mergers and full-firm acquisitions. Acquirers of full firms sell 27% and close 19% of the target firms' plants within three years of the acquisition. Acquirers with more skill in managing their peripheral divisions tend to retain more acquired plants. Retained plants' productivity increases whereas sold plants' productivity do not. These results indicate that acquirers restructure targets such that they utilize their comparative advantage. |
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