Productivity, Innovation Spillovers, and Mergers: Evidence from a Panel of U.S. Firms-Reference-Cited by-同舟云学术

Productivity, Innovation Spillovers, and Mergers: Evidence from a Panel of U.S. Firms

Published:2023-03-03 Issue:2 Volume:23 Page:397-422
ISSN:1935-1682
Container-title:The B.E. Journal of Economic Analysis & Policy
language:en
Short-container-title:

Author:

Entezarkheir Mahdiyeh¹,Sen Anindya²

Affiliation:

1. Department of Economics , Huron at University of Western Ontario , 1349 Western Rd , London , ON N6G 1H3 , Canada

2. Department of Economics , University of Waterloo , 200 University Ave. West , Waterloo , ON N2L 3G1 , Canada

Abstract

Abstract We investigate the impact of mergers and product innovation on labour productivity through a unique panel data set of roughly 2000 publicly traded U.S. manufacturing firms from 1980 to 2003. OLS estimates reveal that mergers interacted with citation-weighted patents are significantly correlated with increases in labour productivity. OLS and IV estimates of citation-weighted patent stocks with respect to firm-specific labour productivity are positive and consistently significant. Further, mergers are significantly correlated with a rise in citation-weighted patent stocks and research and development (R&D) spending. In tandem, our findings suggest that larger firms resulting from mergers spend more on innovation, which results in higher quality patents, and increased labour productivity.

Publisher

Walter de Gruyter GmbH

Subject

Economics, Econometrics and Finance (miscellaneous),Economics and Econometrics

Link

https://www.degruyter.com/document/doi/10.1515/bejeap-2021-0440/pdf

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