Employee Productivity, Employment Growth, and the Cross‐Border Acquisitions by Emerging Market Firms
研究发现新兴市场企业的跨国并购反而降低了员工生产率，对就业增长影响有限，尤其在欠发达和文化差异大的国家更明显，质疑了通过并购提升人力资本的观点。
We examine the impact of the cross‐border acquisitions made by firms from emerging markets on employee productivity and employment growth. The literature suggests that cross‐border acquisitions enable emerging market firms to obtain new skills and knowledge‐intensive assets, which, in turn, may increase productivity. However, our empirical analysis suggests that cross‐border acquisitions reduce employee productivity and have a limited impact on employment growth. Moreover, we find that cross‐border acquisitions in less‐developed countries and in culturally distinct countries reduce productivity. Overall, our findings cast doubt on the idea that cross‐border acquisitions enable emerging market firms to improve the productivity of one of their most important resources—namely, their human capital. © 2014 Wiley Periodicals, Inc.