Multinationals, cross-border acquisitions and wage dispersion

PublicationArticle (with peer review)
Foreign Direct Investment, Företagandets villkor, Fredrik Heyman, Kompetens, Lönebildning, Patrik Tingvall


We examine the impact of cross-border acquisitions on intra-firm wage dispersion using a detailed Swedish linked employer-employee data set including data on all firms and about 50% of the Swedish labour force with information on job-tasks and education. Foreign acquisitions of domestic multinationals and local firms increase wage dispersion but so do also other types of cross-border acquisitions. Hence, it is the acquisition itself rather than foreign ownership that increases wage dispersion. The positive wage effect is concentrated to CEOs and other managers, whereas other groups are either negatively affected or not affected at all.

Heyman, F., Sjöholm F. & Gustavsson Tingvall, P. (2011). Multinationals, cross-border acquisitions and wage dispersion. Canadian Journal of Economics, 44(2): 627-650.

Similar content

A Literature Review of the Nexus between Migration and Internationalization
Article (with peer review)Publication
Hatzigeorgiou, A. & Lodefalk, M.
Publication year



Protectionism and anti-globalization tides have been rising already before the COVID-19 pandemic, with Brexit and the China-U.S. trade war, as two examples. A continued disruption to global trade, investment and value chains could worsen global development. Economic recovery will require restoring firms’ ability to trade, offshore and invest globally. To achieve this, it will be useful to understand the role of migration for foreign trade, investment and other aspects of internationalization. In this paper we review and discuss over 100 papers published about migrants’ roles on international trade, foreign direct investment and offshoring. Although the evidence suggests that migration facilitates trade and internationalization, we also note substantial gaps and inconsistencies in the existing literature. The aim of this paper is to encourage further research and assist policymakers in their efforts to promote economic recovery including internationalization.

Lönebildning och den låga löneglidningen
Uddén Sonnegård, E.
Publication year


Published in



Löneglidningen har varit oväntat låg i Sverige och i det närmaste obefintlig under senare år. Vad beror detta på? Löneglidning (som kallas restpost i den officiella lönestatistiken) mäts som löneökningar utöver avtalade löneökningar. Att löneglidningen helt skulle ha försvunnit ifrågasätts i denna rapport. Resultaten visar att löneglidning finns men inte är synlig i aggregatet eftersom den trycks tillbaka av strukturella förändringar i arbetskraftens sammansättning beroende på bransch, utbildning och ålder. För att visa detta introducerar jag begreppet ”genuin” löneglidning inspirerad av Edmund Phelps grundläggande artikel ”Wage Drift” från 1962. Genuin löneglidning betecknar, enligt min definition, skillnaden mellan löneökningar rensade för strukturella förändringar och avtalade löneökningar. När löneökningarna 2015–2018 rensas med avseende på ålder visar beräkningarna för näringslivet att arbetarna fått negativ och tjänstemännen positiv genuin löneglidning om ålderssammansättningen i personalstyrkan är densamma som året innan (minus 0,3 respektive plus 1 procent 2018).

A revised perspective on innovation policy for renewal of mature economies – Historical evidence from finance and telecommunications in Sweden 1980–1990
Article (with peer review)Publication
Eriksson, K., Ernkvist, M., Laurell, C., Moodysson, J., Nykvist, R. & Sandström, C.
Publication year



What is the role of innovation policy for accomplishing renewal of mature industries in Western economies? Drawing upon an unusually rich dataset spanning 9752 digitized archival documents, we categorize and code decisions taken by policymakers on several levels while also mapping and quantifying the strategic activities of both entrant firms and incumbent monopolists over a decade. Our data concerns two empirical cases from Sweden during the time period 1980–1990: the financial sector and the telecommunications sector. In both industries, a combination of technological and institutional upheaval came into motion during this time period which in turn fueled the revitalization of the Swedish economy in the subsequent decades. Our findings show that Swedish policymakers in both cases consistently acted in order to promote the emergence of more competition and de novo entrant firms at the expense of established monopolies. The paper quantifies and documents this process while also highlighting several enabling conditions. In conclusion, the results indicate that successful innovation policy in mature economies is largely a matter of strategically dealing with resourceful vested interest groups, alignment of expectations, and removing resistance to industrial renewal.

Show more

Postgiro: 382621-1


Bankgiro: 512-6578