Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?

Detalhes bibliográficos
Autor(a) principal: Lommerud, Kjell Erik
Data de Publicação: 2011
Outros Autores: Meland, Frode, Straume, Odd Rune
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/11931
Resumo: Many policy makers seem to prefer domestic alternatives to cross-border mergers.We construct a model where cross-border mergers drive down union-set wages, domestic mergers have nonlabour cost synergies and policy evaluators care more about workers than capital owners. Apparently, the stage is set for “national champion” policies to be sensible. However, we also introduce the possibility of capital flight by allowing a domestic firm to move production abroad. Restrictive cross-border merger policies can then seriously backfire, since they do not necessarily bring about a domestic merger — but capital flight instead.
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spelling Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?Cross-border mergerNational championsGreenfield FDITrade unionsSocial SciencesMany policy makers seem to prefer domestic alternatives to cross-border mergers.We construct a model where cross-border mergers drive down union-set wages, domestic mergers have nonlabour cost synergies and policy evaluators care more about workers than capital owners. Apparently, the stage is set for “national champion” policies to be sensible. However, we also introduce the possibility of capital flight by allowing a domestic firm to move production abroad. Restrictive cross-border merger policies can then seriously backfire, since they do not necessarily bring about a domestic merger — but capital flight instead.Fundação para a Ciência e a Tecnologia (FCT)ElsevierUniversidade do MinhoLommerud, Kjell ErikMeland, FrodeStraume, Odd Rune2011-042011-04-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/11931eng"International Review of Economics & Finance." ISSN 1059-0560. 20:2 (Abr. 2011) 325-341.1059-056010.1016/j.iref.2010.06.005http://www.sciencedirect.com/info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:38:43Zoai:repositorium.sdum.uminho.pt:1822/11931Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:35:14.218050Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?
title Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?
spellingShingle Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?
Lommerud, Kjell Erik
Cross-border merger
National champions
Greenfield FDI
Trade unions
Social Sciences
title_short Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?
title_full Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?
title_fullStr Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?
title_full_unstemmed Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?
title_sort Mergers and capital flight in unionised oligopolies: is there scope for a 'national champion' policy?
author Lommerud, Kjell Erik
author_facet Lommerud, Kjell Erik
Meland, Frode
Straume, Odd Rune
author_role author
author2 Meland, Frode
Straume, Odd Rune
author2_role author
author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Lommerud, Kjell Erik
Meland, Frode
Straume, Odd Rune
dc.subject.por.fl_str_mv Cross-border merger
National champions
Greenfield FDI
Trade unions
Social Sciences
topic Cross-border merger
National champions
Greenfield FDI
Trade unions
Social Sciences
description Many policy makers seem to prefer domestic alternatives to cross-border mergers.We construct a model where cross-border mergers drive down union-set wages, domestic mergers have nonlabour cost synergies and policy evaluators care more about workers than capital owners. Apparently, the stage is set for “national champion” policies to be sensible. However, we also introduce the possibility of capital flight by allowing a domestic firm to move production abroad. Restrictive cross-border merger policies can then seriously backfire, since they do not necessarily bring about a domestic merger — but capital flight instead.
publishDate 2011
dc.date.none.fl_str_mv 2011-04
2011-04-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/11931
url http://hdl.handle.net/1822/11931
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv "International Review of Economics & Finance." ISSN 1059-0560. 20:2 (Abr. 2011) 325-341.
1059-0560
10.1016/j.iref.2010.06.005
http://www.sciencedirect.com/
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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