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HomeStudy on the impact of mergers reviewed by the European Commission on innovation and markups
An empirical investigation
Metadane publikacji
This report provides an ex post assessment of how mergers reviewed by the European Commission affect innovation and markups. Welink merging firmsandtheirrivals identified in DG Competition’s merger case database to patent data from PATSTAT and financial accounts from Orbis. Using a firm-by-year panel, we estimate staggered event-study and difference-in-differences models with matched control groups. Our results show that citation-weighted patenting declines by about 18% for both merging parties and their non-merging rivals, on average over the first five post-merger years. Over the same period, markups increase by about 4% for merging firms and 3% for rivals. Declines in innovation are concentrated among large firms and acquisition targets, appear across most broad technology fields, including several considered strategically important, and are not limited to the most concentrated markets. While efficiencies due to the combination of research activities could explain the decline among merging firms, the parallel decline among rivals is more consistent with weaker innovation competition. Likewise, simultaneous markup increases among merging firms and rivals are more consistent with greater market power than merger-specific efficiency gains. Overall, the evidence provides little support for the view that EU merger enforcement has, on average, been too stringent.
- Opublikowano:
- Autor zbiorowy: Dyrekcja Generalna ds. Konkurencji (Komisja Europejska)
- Tematy Polityka konkurencji , Przemysł – Przedsiębiorstwa – Usługi
- Temat: dobra i usługi , fuzja przedsiębiorstw , innowacja , konkurencja , kontrola fuzji , polityka przedsiębiorstwa
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| ISSN | ISBN 978-92-68-42635-7 | DOI 10.2763/3769333 | Numer katalogowy KD-01-26-016-EN-N |
- Released on EU publications website:
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