Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/24524
Autor:innen: 
Frey, Rainer
Hussinger, Katrin
Datum: 
2006
Schriftenreihe/Nr.: 
ZEW Discussion Papers No. 06-069
Verlag: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Zusammenfassung: 
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.
Schlagwörter: 
domestic versus cross-border M&As
technological relatedness
market relatedness
JEL: 
O34
O32
C25
G34
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
477.44 kB





Publikationen in EconStor sind urheberrechtlich geschützt.