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dc.creatorArocena Garro, Pabloes_ES
dc.creatorSaal, David S.es_ES
dc.creatorUrakami, Takuyaes_ES
dc.creatorZschille, Michaeles_ES
dc.description.abstractManagers and policymakers often encourage mergers and acquisitions of companies with the aim of increasing the productivity of the involved firms. However, problems with the measurement of productivity change usually occur when analyzing companies that merged during the period under consideration: while only individual predecessor firms exist in the base period, in the following period only the integrated company is observable. We therefore propose a new adaptation of the Malmquist index that is appropriate in the presence of mergers, which also allows for a detailed analysis of their effects on productivity change. Moreover, we believe that our methodological approach provides a useful widely applicable tool to identify the contribution of past mergers to productivity growth. We illustrate our merger consistent productivity decomposition, by using a sample of Japanese water supply systems observed in 2003, and the resulting consolidated and non-consolidated systems observed in 2009. On average, we find that mergers contributed positively to productivity change and that our merger consistent decomposition contributes to a better understanding of the determinants of productivity performance in the Japanese water sector.en
dc.description.sponsorshipPablo Arocena acknowledges financial support from the Spanish Ministry of Economy and Competitiveness (project ECO2017-86054-C3-2-R). Takuya Urakami acknowledges financial support from JSPS Grant-in-Aid for Scientific Research(C) Grant Number 17K03738. Michael Zschille acknowledges support from DIW Berlin - German Institute for Economic Research, Germany where research on the paper was also conducted.en
dc.format.extent32 p.
dc.relation.ispartofEuropean Journal of Operational Research, 282 (2020), 319-333en
dc.rights© 2019 Elsevier B.V. This manuscript version is made available under the CC-BY-NC-ND 4.0.en
dc.subjectProductivity and competitivenessen
dc.subjectMergers and consolidationen
dc.subjectMalmquist indexen
dc.subjectJapanese water supplyen
dc.titleMeasuring and decomposing productivity change in the presence of mergersen
dc.typeArtículo / Artikuluaes
dc.contributor.departmentUniversidad Pública de Navarra. Departamento de Gestión de Empresases_ES
dc.contributor.departmentNafarroako Unibertsitate Publikoa. Enpresen Kudeaketa Sailaeu
dc.contributor.departmentUniversidad Pública de Navarra / Nafarroako Unibertsitate Publikoa. Inarbe - Institute for Advanced Research in Business and Economicses_ES
dc.rights.accessRightsAcceso embargado / Sarbidea bahitua dagoes
dc.type.versionVersión aceptada / Onetsi den bertsioaes

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© 2019 Elsevier B.V. This manuscript version is made available under the CC-BY-NC-ND 4.0.
Except where otherwise noted, this item's license is described as © 2019 Elsevier B.V. This manuscript version is made available under the CC-BY-NC-ND 4.0.