İktisat Bölüm Seminerleri -20
Değerli Öğrencilerimiz ve Akademisyenlerimiz,
9 Kasım 2021 Salı günü saat 14:30’da Bahçeşehir Üniversitesi Ekonomi Bölümünden Doç. Dr. Ozan BAKIŞ, İktisat Bölüm Seminerleri kapsamında " In Search of the Holy Grail: Impact of Foreign Direct Investment on Target Firms in Turkey" başlıklı sunumu yapacaktır. Seminerin özeti aşağıde verilmiştir.
Seminer, yüz yüze olup İşletme Fakültesi Derslik 8’de gerçekleştirilecektir. Katılımınızdan memnuniyet duyarız.
İktisat Bölüm Başkanlığı
This paper examines the causal effect of foreign acquisitions on various indicators of firm behavior using firm level data from Turkey. Firms with foreign ownership in Turkey have higher labor productivity, higher sales, higher employment and are more export oriented compared to domestic firms. The question is whether this is because foreign investors target firms that are high performers to begin with, or because acquisitions of control result in improved performance. To control for possible selection bias we combine propensity score reweighting along with panel data fixed effects estimation. We show that foreign investors indeed target more productive, larger and more export-oriented firms. Overall, evidence of foreign control on firm performance is very weak. We find that foreign acquisitions do not have an impact on labor productivity or exports. There is some evidence of impact on sales and employment, but this evidence is not robust to changes in the econometric specifications. Under some specifications, we find some evidence that would suggest that acquired firms were already engaged in activities that have a positive effect on post-acquisition sales and employment. We suggest that this evidence is consistent with a scenario of entrepreneurial exit whereby entrepreneurs prepare their firms for foreign takeovers