Abstract
The aim of this paper is to analyze, over the period 1999 to 2014, the impact of acquisitions on firm growth for software firms located in Catalonia. We investigate firms that targeted, or are themselves the target of, an acquisition. Applying a matching procedure, we obtain a database of more than 800 firms. Estimates from a fixed effects quantile model show that the effects of acquisitions are heterogeneous—the acquired companies increase their productivity growth, while the acquiring companies significantly increase their sales growth. Among the high-growth firms, the acquiring firms have a 60.8% higher sales growth rate than the control group. The impact of acquisitions is greatest in the upper percentiles of the conditional growth distribution.
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