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Geography of domestic mergers and acquisitions (M&As): Evidence from matched firm-level data

Book or journal references : Regional Studies, vol. 40, pp. 847-860 (2006).

Author(s) : Bockerman , P. and Lehto , E.

Abstract :

This paper explores domestic mergers and acquisitions (M&As) from the regional perspective. The Finnish evidence reveals that geographical closeness is a characteristic of great importance for domestic M&As. Thus, a great number of M&As occur within narrowly defined regions. Interestingly, domestic M&As reinforce the core-periphery dimension. The results from the matched firm-level data show that larger companies can overcome geographical boundaries more easily and domestic M&As are more likely to occur in regions that contain a great number of companies. In addition, the results reveal that a strong ability by an acquiring company to monitor the target ( measured by the knowledge embodied in human capital or in research and development stock) can support M&As that occur across distant locations.


Keywords :

mergers; acquisitions; mergers and acquisitions (M&As); monitoring; agglomeration KNOWLEDGE SPILLOVERS; HORIZONTAL MERGER; PATENT CITATIONS; UNITED-STATES; LOCALIZATION; EQUILIBRIUM; INFORMATION; INNOVATION

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