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Selected AbstractsImport Competition and Employment in Japan: Plant Startup, Shutdown and Product ChangesTHE JAPANESE ECONOMIC REVIEW, Issue 2 2004Eiichi Tomiura This paper examines the relationship between import competition and employment during and after the recent Bubble period in Japan. Gross job flow data are combined with import data for 334 four-digit manufacturing industries. The estimates demonstrate that various modes of employment adjustment respond differently to changes in import prices. Job creation/destruction associated with plant startups/shutdowns was significantly sens-itive to import competition. Among plants continuously operating, job creation during the Bubble boom by plants that altered their product mix across industries was responsive to import price fluctuations, while job flows at plants that remained within the same industries were not. [source] Corporate restructurings: ripple effects on corporate philanthropyJOURNAL OF PUBLIC AFFAIRS, Issue 1 2004Jennifer J. Griffin Abstract Corporate restructurings, by their very nature, are inherently disrupting. With managerial discretion potentially curtailed, the ripple effects of restructurings are likely to be widespread and long-lasting. This paper examines one ripple effect of corporate restructurings: the effects of donations from corporate philanthropic foundations after acquisitions. By extending the business strategy merger and acquisition (M&A) literature to include philanthropic activities and applying the corporate citizenship literature to an M&A context, the author creates a model and tests hypotheses. Simultaneous examination of the impacts of corporate citizenship and business strategy is warranted in today's research on corporate restructurings, since larger acquisitions are occurring more frequently, and acquisitions have the potential to adversely affect large numbers of individuals. As ever-larger firms consolidate, with record-breaking merger announcements, the potential for increased scrutiny by the media, shareholders, anti-trust officials and salient stake-holders is heightened. These findings, contrary to predictions, suggest that corporate philanthropy increases during the first year after an acquisition within the same industry. Moreover, the increase is sustained. Philanthropic donations continue to increase three years after acquisitions within the same industry. Implications for public affairs executives is examined. Copyright © 2004 Henry Stewart Publications [source] CLUSTERED SYNERGIES IN THE TAKEOVER MARKETTHE JOURNAL OF FINANCIAL RESEARCH, Issue 4 2008Jeff Madura Abstract In a competitive market for takeover bids, the takeover premium serves as an effective proxy for the expected synergy. We find that the expected synergy is primarily related to the premiums paid in other recent takeovers in the same industry. This relation is even stronger when considering previous takeovers (especially over the previous three-month horizon) in the same industry that have the same payment method (cash versus stock) or form of takeover (tender offer versus merger). More of the variation in expected synergies among takeovers can be explained by the premiums derived from recent takeovers in the same industry than by all bidder- and target-specific characteristics combined. We also find that the bidder valuation effects are inversely related to the premium paid for targets, implying that abnormally high premiums may reflect overpayment rather than abnormally high synergies. [source] Productivity Spillovers from FDI in Malaysian Manufacturing: Evidence from Micro-panel Data,ASIAN ECONOMIC JOURNAL, Issue 2 2009Noor Aini Khalifah C23; F23; L6 Using an establishment-level panel dataset for the Malaysian manufacturing industries for 2000,2004, we argue that differences in the proxies and degrees of foreign shareholdings in measuring foreign presence lead to opposite signs and/or significance of spillover effects. The results show significant evidence of positive productivity spillovers to local establishments in the same industry, based on a broad measure of foreign presence. However, there is no evidence of positive spillover when employment share is used as a proxy for foreign presence. Furthermore, significant negative spillover effects are related to higher employment shares of wholly foreign-owned establishments. Although there is no significant difference in labor productivity between wholly foreign-owned and locally-owned establishments, both majority and minority foreign-owned establishments have significantly lower levels of labor productivity than locally-owned establishments in Malaysia. [source] | ||||||||||