Corporate Innovations and Mergers and Acquisitions

• 成果类型: Article
• 署名作者: Bena, Jan; Li, Kai
• 署名单位: University of British Columbia
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12059
• 发表日期: 2014
• 页码: 1923-1960
• 关键词: research-and-development; MARKET; spillovers; COMPETITION; incentives; BOUNDARIES; FIRMS

摘要

Using a large and unique patent-merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.