کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5086238 | 1375160 | 2011 | 7 صفحه PDF | دانلود رایگان |
In this paper, we examine the determinants of mergers and acquisitions (M&A) in Japan prior to the deregulation of domestic M&A transactions. We reveal that firm growth strategies and institutional differences in domestic and cross-border transactions are key determinants of the differences in M&A behavior. Our estimates show that domestic M&A activities are negatively related to research and development (R&D), suggesting that low technology-intensive firms have a tendency to engage in domestic M&A. For cross-border M&A, firm R&D activities have a significant positive effect, implying that a firm's own technology is important for absorbing foreign technology or competing in the host country.
Research highlights⺠R&D has a negative effect on domestic M&A, suggesting the making or buying strategy. ⺠R&D has a positive effect on cross-border M&A, implying absorptive capacity. ⺠The usual determinants of M&A and direct investment have explanatory power.
Journal: Japan and the World Economy - Volume 23, Issue 2, March 2011, Pages 112-118