16 May 2023
Please join us for a webinar on Tuesday the 23rd of May 2023 at 11:00 London time i.e. 12:00 Brussels time, 13:00 Athens time. The speaker is Angelos Theodorakopoulos, Aston Business School. The title of the talk is “Intangibles within Firm Boundaries".
This webinar is free and open to all. The moderator is Dr. Andreas Panagopoulos. Join Zoom
Meeting ID: 964 7954 1729
Abstract: This paper extends a production function estimator to test whether intangible transfers within firm boundaries lead to overall efficiency gains. Using a panel of European majority owned parent-affiliate relationships, we present novel evidence that parent firms strongly benefit from such transfers alongside productivity enhancements for affiliates. In relative terms, affiliates’ long-run efficiency improvements are twice those of the parent. Such gains appear to be induced by synergies for the affiliate but not for the parent, supporting theories on the existence of common ownership. A falsification exercise suggests that only 2/3 of these gains are actually internalised within firm boundaries.