Innovation Activities and Integration through Vertical Acquisitions

• 成果类型: Article
• 署名作者: Fresard, Laurent; Hoberg, Gerard; Phillips, Gordon M.
• 署名单位: Swiss Finance Institute (SFI); Universita della Svizzera Italiana; University of Southern California; Dartmouth College; National Bureau of Economic Research
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz106
• 发表日期: 2020
• 页码: 2937
• 关键词: research-and-development; technological-innovation; firm boundaries; mergers; MARKET; EFFICIENCY; OWNERSHIP; networks

摘要

We examine the determinants of vertical acquisitions using product text linked to product vocabulary from input-output tables. We find that the innovation stage is important in understanding vertical integration. R&D-intensive firms are less likely to become targets of vertical acquisitions. In contrast, firms with patented innovation are more likely to sell to vertically related buyers. Firms' R&D intensity is a more important deterrent to their vertical acquisitions when the provision of innovation incentives by potential acquirers is more difficult. The role of patents in fostering vertical acquisitions is more prevalent when potential buyers face a higher risk of holdup.