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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19674| Title: | The role of technology in M&As: a firm-level comparison of cross-border and domestic deals |
| Keywords: | O32 O34 G34 C25 ddc:330 domestic versus cross-border M&As technological relatedness market relatedness Übernahme Fusion Multinationales Unternehmen Technologie Patent Schätzung Welt |
| Issue Date: | 16-Oct-2013 |
| Description: | 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 limited companies 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 crossborder M&As further illustrates the international character of technology markets. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19674 |
| Other Identifiers: | http://hdl.handle.net/10419/19674 ppn:523082851 RePEc:zbw:bubdp1:5194 |
| Appears in Collections: | EconStor |
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