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  1. Cross-border mergers and domestic-firm wages: Integrating "spillover effects" and "bargaining effects"

    Clougherty, Joseph A.; Gugler, Klaus; Sørgard, Lars; Szücs, Florian
    Two literatures exist concerning cross-border merger activity's impact on domestic wages: one focusing on positive spillover-effects; the other focusing on negative bargaining-effects. Motivated by scarce theoretical scholarship spanning these literatures, we nest both mechanisms in a single conceptual framework. Considering the separate phenomena of inward and outward cross-border merger activity, our theoretical model generates three formal propositions: cross-border mergers can lead to wage increases via positive spillover-effects; and negative bargaining-effects are relatively more dominant when union market power is high, and when merging firms exhibit relatedness. Employing US firm-level panel data on wages combined with industry-level data on unionization and...
    (application/pdf) - 18-oct-2016

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