Mergers and Acquisitions , Fusion , Technologie , Änderung
Keywords (English):
domestic versus cross-border M&As , technological relatedness , market relatedness
Abstract:
Technological change is often hypothesized as one of the main drivers of merger activities. This paper analyzes the role of technology in mergers and acquisitions (M&As) at the firm level. Based on a newly created data set that combines financial information and patent data for public firms in Europe as well as country level variables, we apply a structural model to investigate technology-related motivations behind merger formation. Distinguishing between cross-border and domestic M&As, we find that technological relatedness of the M&A partners reduces uncertainty and the expected risk of failure associated with cross-border acquisitions significantly, whereas there is no evidence for technological complementarities driving domestic M&As. The relevance of technology for cross-border M&As further illustrates the international character of technology markets.
Additional information:
Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.
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