Did Concentration on Core Competencies Drive Merger and Acquisition Activities in the 1990s? : Empirical Evidence for Germany

Hussinger, Katrin

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URL: http://ub-madoc.bib.uni-mannheim.de/1114
URN: urn:nbn:de:bsz:180-madoc-11140
Document Type: Working paper
Year of publication: 2005
The title of a journal, publication series: None
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: O32 O34 C25 G34 ,
Subject headings (SWD): Deutschland , Mergers and Acquisitions , Technologie
Abstract: In the context of increasing globalization of markets, merger and acquisition activities in the 1990s are said to be driven by reorganization processes with respect to concentration on firms' core competencies in order to increase or maintain market power in international markets. This paper empirically investigates a sample of German domestic mergers in the 1990s to detect the impact of technology and market relatedness on the choice of the merging partner. Results from a conditional logit model show that firms prefer a merging partner within the same industry and with a related technological profile. These findings approve the hypothesis that mergers in the 1990s were undertaken to concentrate on core competencies.
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