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Abstract:
In this paper, I present a new approach to investigate the effects of mergers. I focused on the impact of mergers on firms' social status and reputation. I argue why this is a good approach for judging the effects of mergers. I conduct an empirical analysis on the data of 1,831 Japanese firms for the years between 1949 and 2005. As a result, I find that mergers had a positive effect on a firm's preservation of social status, but this effect disappeared from late 1990s. The implication of these findings was discussed.
Mergers, Long-term Effect, Social Status, Reputation, Event History Analysis
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