Szücs, Florian. 2014. M&A and R&D: Asymmetric Effects on acquirers and targets? Research Policy (RP) 43 (7): S. 1264-1273.
BibTeX
Abstract
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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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 |
Associations
- People
- Szücs, Florian (Details)
- Organization
- Department of Economics DP (Details)
- Department of Economics (Gugler) (Details)