Journal
JOURNAL OF MANAGEMENT STUDIES
Volume 43, Issue 7, Pages 1513-1535Publisher
WILEY
DOI: 10.1111/j.1467-6486.2006.00636.x
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R&D investments contribute to the development of firm technology resources, and the possession of such resources often increases a firm's attractiveness as a potential acquisition target. However, the value ascribed to a firm's technology resources by would-be acquirers may be moderated by its industry's environmental characteristics. Using data from 2886 firms, we find that investments in R&D predict acquisition likelihood and that R&D investments are most strongly associated with acquisition of firms under conditions of high environmental munificence and dynamism. Theoretical and managerial implications are discussed.
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