Cross-border M&As and innovative activity of acquiring and target firms

• 成果类型: Article
• 署名作者: Stiebale, Joel
• 署名单位: Heinrich Heine University Dusseldorf
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2015.12.005
• 发表日期: 2016
• 页码: 1-15
• 关键词: Multinational enterprises; Mergers and Acquisitions; INNOVATION

摘要

This paper analyzes the effects of cross-border mergers and acquisitions (M&As) on the innovation of European firms. The results indicate a considerable increase in post-acquisition innovation in the merged entity. This is mainly driven by inventors based in the acquirer's country, while innovation in the target's country tends to decline. The asymmetry of effects between acquiring and target firms increases with pre-acquisition differences in knowledge stocks, indicating a relocation of innovative activities towards more efficient usage within multinational firms. Instrumental variable techniques as well as a propensity-score matching approach indicate that the effect of cross-border M&As on innovation is causal. (C) 2015 Elsevier B.V. All rights reserved.