کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
985305 934452 2010 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do high technology acquirers become more innovative?
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Do high technology acquirers become more innovative?
چکیده انگلیسی

Drawing on organizational, managerial and financial theories, we explore whether acquirers become more innovative and the factors that can enhance their absorptive and financial capacity to benefit from acquisition. Over a 3-year post-acquisition window, our sample of 2624 high technology US acquisitions records early reverses followed by positive R&D-intensity changes and insignificant R&D productivity changes. Controlling for acquisition endogeneity and deal-specific effects, significant acquirer characteristic effects emerge. In related acquisitions, a large knowledge base tends to increase R&D productivity, consistent with an enhanced capacity to select and absorb targets. In unrelated acquisitions, however, this relationship becomes increasingly negative as knowledge base concentration increases, consistent with arguments for an impaired peripheral vision and core rigidities. High leverage levels raise R&D productivity gains, consistent with enhanced monitoring induced efficiency. However, high leverage growth reduces R&D-intensity, consistent with increased financial constraints and short-termism.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research Policy - Volume 39, Issue 8, October 2010, Pages 1105–1121
نویسندگان
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