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Participation in Global Value Chains and M&A flows

Einzelheiten

Identifikator
JRC130029
Datum der Veröffentlichung
3 August 2022
Autor
Gemeinsame Forschungsstelle

Beschreibung

This study investigates to which extent firms operating in sectors more integrated into Global Value Chains (GVC) are more likely to be involved in cross-border Mergers and Acquisitions (M&A) flows. We focus on firms acquired in the EU27 during the period 2008-2020 employing a gravity model. Results show that cross-border investments are indeed associated with sectoral GVC participation, in particular the dependence on intermediate products supplied by other countries (i.e. backward GVC participation) of the target country-sector is positively correlated with M&A flows. This evidence is confirmed when the acquired firm operates in manufacturing or high-tech sectors, and when the investor originates from OECD countries. In addition, results show that companies from countries suppling inputs to other countries are more likely to pursue a cross-border acquisition.

Authors

CIANI Andrea, GREGORI Wildmer

Dateien

JRC130029_Participation in Global Value Chains and M&A flows
English
(1.34 MB - PDF)
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