Quotation Szücs, Florian. 2014. M&A and R&D: Asymmetric Effects on acquirers and targets? Research Policy (RP) 43 (7): S. 1264-1273.




We evaluate the impact of M&A activity on the growth of R&D spending and R&D intensity of 265 acquiring firms and 133 merger targets between 1990 and 2009. We use different matching techniques to construct separate control groups for acquirers and targets and use appropriate difference-in-difference estimation methods to single out the causal effect of mergers on R&D growth and intensity. We find that target firms substantially decrease their R&D efforts after a merger, while the R&D intensity of acquirers drops due to a sharp increase in sales.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Research Policy (RP)
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new FIN-A, MAN-A, STRAT-A, VW-B, WH-A
Language English
Title M&A and R&D: Asymmetric Effects on acquirers and targets?
Volume 43
Number 7
Year 2014
Page from 1264
Page to 1273
Reviewed? Y
URL http://www.sciencedirect.com/science/article/pii/S0048733314000468
DOI http://dx.doi.org/10.1016/j.respol.2014.03.007


Szücs, Florian (Details)
Department of Economics DP (Details)
Department of Economics (Gugler) (Details)
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