Employment protection and takeovers

被引：123
作者：
Dessaint, Olivier [1 ]
Golubov, Andrey [1 ]
Volpin, Paolo [2 ]
机构：
[1] Univ Toronto, Rotman Sch Management, 105 St George St, Toronto, ON M5S 3E6, Canada
[2] City Univ London, Cass Business Sch, 106 Bunhill Row, London EC1Y 8TZ, England
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2017年 / 125卷 / 02期
关键词：
Employment protection; Takeovers; Mergers and acquisitions; Synergy gains; Premiums; Efficiency; CROSS-BORDER MERGERS; CORPORATE GOVERNANCE; POLITICAL-ECONOMY; FAMILY FIRMS; LABOR; PERFORMANCE; GAINS; PROFITABILITY; UNIONIZATION; DETERMINANTS;
D O I：
10.1016/j.jfineco.2017.05.005
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Labor restructuring is a key driver of takeovers and the associated synergy gains worldwide. In a difference-in-differences research design, we show that major increases in employment protection reduce takeover activity by 14-27% and the combined firm gains (synergies) by over half. Consistent with the labor channel behind these effects, deals with greater potential for workforce restructuring show a greater reduction in volume, number, and synergies. Increases in employment protection impede layoffs, resulting in wage costs that match the magnitude of synergy losses. Offer prices are not fully adjusted, with both bidders and targets exhibiting lower returns following the reforms. (C) 2017 Elsevier B.V. All rights reserved.
引用
收藏
页码：369 / 388
页数：20
相关论文
共 50 条
  • [31] Liberty or protection? Making law for employment and social security
    Arup, Christopher
    [J]. GRIFFITH LAW REVIEW, 2022, 31 (03) : 361 - 396
  • [32] Workers, Unions, and Takeovers
    Li, Xiaoyang
    [J]. JOURNAL OF LABOR RESEARCH, 2012, 33 (04) : 443 - 460
  • [33] Shielding firm value: Employment protection and process innovation
    Bena, Jan
    Ortiz-Molina, Hernan
    Simintzi, Elena
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2022, 146 (02) : 637 - 664
  • [34] Employment protection and sickness absence
    Olsson, Martin
    [J]. LABOUR ECONOMICS, 2009, 16 (02) : 208 - 214
  • [35] Trust and employment protection legislation
    Jayakody, Shashitha
    Morelli, David
    Nica, Melania
    Oberoi, Jaideep
    [J]. ECONOMICS LETTERS, 2024, 234
  • [36] Redesigning the Employment Protection System
    Olivier Blanchard
    Jean Tirole
    [J]. De Economist, 2004, 152 : 1 - 20
  • [37] Rigidities in Employment Protection and Exporting
    Seker, Murat
    [J]. WORLD DEVELOPMENT, 2012, 40 (02) : 238 - 250
  • [38] Employment protection and the market for innovations
    Bastgen, A.
    Holzner, C. L.
    [J]. LABOUR ECONOMICS, 2017, 46 : 77 - 93
  • [39] Employment protection and labor productivity
    Bjuggren, Carl Magnus
    [J]. JOURNAL OF PUBLIC ECONOMICS, 2018, 157 : 138 - 157
  • [40] On the evasion of employment protection legislation
    Baumann, Florian
    Friehe, Tim
    [J]. LABOUR ECONOMICS, 2012, 19 (01) : 9 - 17
12345