全球智库信息集成服务系统(G2TT): Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19901
来源ID	Working Paper 19901
	Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry
	Serguey Braguinsky; Atsushi Ohyama; Tetsuji Okazaki; Chad Syverson
发表日期	2014-02-14
出版年	2014
语种	英语
摘要	We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the straightforward "higher productivity buys lower productivity" story commonly appealed to in the literature. Acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition, conditional on operating. They were much less profitable, however, due to consistently higher inventory levels and lower capacity utilization--differences which reflected problems in managing the uncertainties of demand. When purchased by more profitable firms, these less profitable acquired plants saw drops in inventories and gains in capacity utilization that raised both their productivity and profitability levels, consistent with acquiring owner/managers spreading their better demand management abilities across the acquired capital.
主题	Microeconomics ; Households and Firms ; Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior ; Industry Studies ; Development and Growth ; Innovation and R& ; D
URL	https://www.nber.org/papers/w19901
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/577575
推荐引用方式 GB/T 7714	Serguey Braguinsky,Atsushi Ohyama,Tetsuji Okazaki,et al. Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry. 2014.