International taxation and productivity effects of M&As



Item Type: Dataset
Title: International taxation and productivity effects of M&As
Date: 13 January 2021
Creator: Todtenhaupt, Maximilian and Voget, Johannes
DDC
Classification:		 330 Economics
Abstract: We investigate how changes in firm productivity after M&As are affected by differences in profit taxation between the target and the acquirer. We argue that tax differentials distort the efficient allocation of productive factors following an M&A and thus inhibit the realization of productivity improvements. Using firm-level data on inputs and outputs of production as well as on corporate M&As, we show that the absolute tax differential between the locations of two merging firms reduces the subsequent total factor productivity gain. This effect is concentrated in horizontal M&As and less pronounced when firms can use international profit shifting to attenuate effective differences in taxation.
URL: https://madata.bib.uni-mannheim.de/362/
DOI: https://doi.org/10.7801/362
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Depositing User: Johannes Voget
Date Deposited: 13 Jan 2021 12:40
Last Modified: 29 Feb 2024 20:39

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