Market and Technology Access Through Firm Acquisitions : Beyond One Size Fits All


Grimpe, Christoph ; Hussinger, Katrin


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URL: http://ub-madoc.bib.uni-mannheim.de/2036
URN: urn:nbn:de:bsz:180-madoc-20366
Document Type: Working paper
Year of publication: 2008
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: O34 L20 G34 ,
Subject headings (SWD): Unternehmenskauf , Fusion , Wettbewerbsstrategie , Markteintrittsstrategie , Wissens- und Technologietransfer , Europäische Union
Keywords (English): Firm acquisitions , technological assets , market access , quantile regression
Abstract: Firm acquisitions have been shown to serve as a way to gain access to international markets, technological assets, products or other valuable resources of the target firm. Given this heterogeneity of takeover motivations and the skewness of the distribution of the deal value we show whether and how the importance of different takeover motivations changes along the deal value distribution. Based on a comprehensive dataset of 652 European mergers and acquisitions in the period from 1997 to 2003, we use quantile regressions to decompose the deal value at different points of its distribution. Our results indicate that the importance of technological assets is indeed higher for smaller target firms. The findings support the view on small acquisition targets to complement the acquirer’s technology portfolio while larger acquisition targets tend to be used to gain access to international markets.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Grimpe, Christoph ; Hussinger, Katrin (2008) Market and Technology Access Through Firm Acquisitions : Beyond One Size Fits All. Open Access [Working paper]
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