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

被引：1

作者：

Lommerud, Kjell Erik ^{[2
]}

Meland, Frode ^{[2
]}

Straume, Odd Rune ^{[1
,2
]}

机构：

[1] Univ Minho, Dept Econ, NIPE, P-4710057 Braga, Portugal

[2] Univ Bergen, Dept Econ, N-5020 Bergen, Norway

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2011年 / 20卷 / 02期

关键词：

Cross-border merger; National champions; Greenfield FDI; Trade unions; CROSS-BORDER MERGERS; OWNERSHIP WAGE PREMIUM; TRADE LIBERALIZATION; INTERNATIONAL MERGERS; ECONOMIC-INTEGRATION; INVESTMENT; PROFITABILITY; COMPETITION; INCENTIVES;

D O I：

10.1016/j.iref.2010.06.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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 non-labour 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. (C) 2010 Elsevier Inc. All rights reserved.

引用

页码：325 / 341

页数：17

共 45 条

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