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Acquisitions, Markups, Efficiency, and Product Quality: Evidence from India

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  • Stiebale, Joel
  • Vencappa, Dev

Abstract

We use a rich firm-product panel data set to analyze the effects of domestic and foreign acquisitions on Indian manufacturing firms. Our results indicate that, on average, acquisitions are associated with increases in quantities and markups and lower marginal costs in target firms. We also provide evidence that the quality of products increases while quality-adjusted prices fall upon acquisitions. The effects are most pronounced if acquirers are located in technologically advanced countries.

Suggested Citation

  • Stiebale, Joel & Vencappa, Dev, 2017. "Acquisitions, Markups, Efficiency, and Product Quality: Evidence from India," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168238, Verein für Socialpolitik / German Economic Association.
    • Handle: RePEc:zbw:vfsc17:168238
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    More about this item

    JEL classification:

    • F61 - International Economics - - Economic Impacts of Globalization - - - Microeconomic Impacts
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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