Skip to main content
EU Science Hub
Vispārīgas publikācijas

Participation in Global Value Chains and M&A flows

Sīkāka informācija

Publikācijas datums
3 augusts 2022
Kopīgais pētniecības centrs


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.


CIANI Andrea, GREGORI Wildmer


3 AUGUSTS 2022
JRC130029_Participation in Global Value Chains and M&A flows
(1.34 MB - PDF)