期刊
JOURNAL OF INTERNATIONAL ECONOMICS
卷 99, 期 -, 页码 1-15出版社
ELSEVIER
DOI: 10.1016/j.jinteco.2015.12.005
关键词
Multinational enterprises; Mergers and acquisitions; Innovation
类别
资金
- Fritz Thyssen Foundation
This paper analyzes the effects of cross-border mergers and acquisitions (M&As) on the innovation of European firms. The results indicate a considerable increase in post-acquisition innovation in the merged entity. This is mainly driven by inventors based in the acquirer's country, while innovation in the target's country tends to decline. The asymmetry of effects between acquiring and target firms increases with pre-acquisition differences in knowledge stocks, indicating a relocation of innovative activities towards more efficient usage within multinational firms. Instrumental variable techniques as well as a propensity-score matching approach indicate that the effect of cross-border M&As on innovation is causal. (C) 2015 Elsevier B.V. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据