Replication data for: Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry

Principal Investigator(s): View help for Principal Investigator(s) Serguey Braguinsky; Atsushi Ohyama; Tetsuji Okazaki; Chad Syverson

Version: View help for Version V1

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Project Citation:

Braguinsky, Serguey, Ohyama, Atsushi, Okazaki, Tetsuji, and Syverson, Chad. Replication data for: Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry. Nashville, TN: American Economic Association [publisher], 2015. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E112974V1

Project Description

Summary: We explore how changes in ownership affect the productivity and profitability of producers. Using detailed data from the Japanese cotton spinning industry at the turn of the last century, we find that acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition. They were much less profitable, however, due to higher inventory levels and lower capacity utilization—differences that reflected problems in managing the uncertainties of demand. After acquisitions, less profitable acquired plants saw drops in inventories and gains in capacity utilization that raised both their productivity and profitability levels. (JEL D24, G32, G34, L11, L25, L66, N65)

Scope of Project

JEL Classification:
      D24 Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
      G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
      G34 Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
      L11 Production, Pricing, and Market Structure; Size Distribution of Firms
      L25 Firm Performance: Size, Diversification, and Scope
      L66 Food; Beverages; Cosmetics; Tobacco; Wine and Spirits
      N65 Economic History: Manufacturing and Construction: Asia including Middle East

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V1 [2019-10-12]

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