English, Article, Journal or magazine article edition: Impact of M&A on the R&D process. An empirical analysis of the role of technological and market relatedness, The Cassiman, Bruno; Colombo, Massimo; Garrone, Paola; ...

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Bookmark: http://trove.nla.gov.au/version/170587
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Impact of M&​A on the R&​D process. An empirical analysis of the role of technological and market relatedness, The
Author
  • Cassiman, Bruno
  • Colombo, Massimo
  • Garrone, Paola
  • Veugelers, Reinhilde
Physical Description
  • preprint
Notes
  • While the impact of M&​A on R&​D and innovation examined at the aggregate level left inconclusive evidence, we find that at the level of the R&​D process both the technological and the market relatedness between the target and the acquirer are helpful dimensions to identify effects. Using information on 31 in-depth cases of individual M&​A deals we show that technological relatedness between M&​A partners directly affects the inputs and organizational structure of the R&​D process. M&​A partners that operate in the same technological fields tend to reduce their R&​D effort and rationalize the R&​D process after the M&​A compared to firms active in complementary technological fields that merge. These firms will furthermore face less technological competition in the technology market, but risk creating a more bureaucratic R&​D process with a less motivated workforce. Market relatedness between partners, while having comparable aggregate effects on the R&​D process, operates on different dimensions of the R&​D process. Former rivals that engage in a M&​A are significantly less likely to expand into new R&​D fields or leverage their technological competences across the products and markets of the new entity. Non-rival firms that join forces, in contrast, significantly increase R&​D output and productivity through these activities.
  • RePEc:ebg:iesewp:d-0500
Language
  • English
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