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The Effects of M&A on Corporate Performance in Japan: DID Analysis in the Era of Corporate Governance Reform

机译：并购对日本企业业绩的影响：在公司治理改革时代的分析

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摘要

This study analyzes how mergers and acquisitions (M&A) affect the performance of acquired companies in Japan. The sample period includes the era in which the government of Japan promoted a series of corporate governance reforms. A difference-in-differences analysis is implemented to eliminate the endogenous effects of a corporate acquisition. Choosing a control group by propensity score matching, we find that acquisitions have significantly negative effects on employment but no significant effects on labor productivity. For acquisitions by Japanese companies, we also find no significant improvement in ROA but significant improvement in Tobin's q. The results are consistent with the zombie company theory, which indicates that an M&A prolongs the life of an insolvent company. Acquisitions by Japanese companies are in contrast with those by foreign companies, which have positive effects on ROA.
机译：本研究分析了合并和收购（并购）如何影响日本收购公司的表现。样品期包括日本政府促进一系列公司治理改革的时期。实施差异差异分析，以消除企业习得的内生效应。选择控制组通过倾向得分匹配，我们发现收购对就业产生了显着的负面影响，对劳动生产率没有显着影响。对于日本公司的收购，我们还发现ROA的显着改善，但在烟草的Q中没有显着改善。结果与僵尸公司理论一致，这表明一个并购延长了一个破产公司的生命。日本公司的收购与外国公司的收购相反，对ROA具有积极影响。

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