This study empirically investigates the extent to which firms in the European Union, once acquired through a cross-border acquisition, show different productivity levels as compared to those firms that have not been acquired. Our identification strategy relies on the combination of Propensity Scores and the Staggered Difference-in-Difference estimator, using firms' balance sheet data for the years 2008–2018. We find that cross-border acquisitions decrease the productivity of the acquired firms, especially in the manufacturing sector, both high- and low-tech. We also find evidence of origin and sector heterogeneity. Firms targeted by acquirers with ultimate owners originating in emerging market economies and Offshore Financial Centres also decrease productivity of target firms operating in high-tech manufacturing sectors.

中文翻译：

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跨境收购对欧盟企业生产力的影响

本研究实证调查了欧盟企业一旦通过跨境收购被收购后，与未被收购的企业相比，在多大程度上表现出不同的生产力水平。我们的识别策略依赖于倾向得分和交错双差估计器的组合，使用公司 2008-2018 年的资产负债表数据。我们发现跨境收购降低了被收购公司的生产力，尤其是在高科技和低技术制造业。我们还发现了起源和部门异质性的证据。最终所有者来自新兴市场经济体和离岸金融中心的收购方所瞄准的公司也会降低高科技制造业目标公司的生产率。