M&A and R&D: Asymmetric Effects on acquirers and targets?

Florian Szuecs

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M&A and R&D: Asymmetric Effects on acquirers and targets?

机译：并购与研发：对收购方和目标的不对称影响？

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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.

机译：我们评估了1990年至2009年间并购活动对265家并购公司和133个并购目标的R＆D支出增长和R＆D强度的影响。我们使用不同的匹配技术为并购方和目标构建单独的控制组，并使用适当的差异差异估计方法，以找出兼并对研发增长和强度的因果关系。我们发现，目标公司在合并后大大减少了研发工作，而收购方的研发强度由于销售额的急剧增长而下降。

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来源
《Research policy》 |2014年第7期|1264-1273|共10页
作者
Florian Szuecs;
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作者单位

DIW Berlin, Mohrenstr. 58,10117 Berlin, Germany;

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收录信息美国《科学引文索引》(SCI);美国《工程索引》(EI);
原文格式 PDF
正文语种 eng
中图分类
关键词
Mergers; RD growth; RD intensity; Propensity-score matching; Difference in difference estimation;

机译：合并;研发增长;研发强度;倾向得分匹配;差异估算中的差异;

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3. Listing Effect in Acquirer Returns and Economic Growth Uncertainty in the Target Country: The Case of Cross-border M&A from Emerging Economies [J] . Kim Byoung-Jin, Jung Jin-Young, Cho Sung-Woo Emerging Markets Finance & Trade . 2021,第1a3期

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M&A and R&D: Asymmetric Effects on acquirers and targets?

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