Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/85051
Authors: 
Szücs, Florian
Year of Publication: 
2013
Series/Report no.: 
DIW Discussion Papers 1331
Abstract: 
We evaluate the impact of M&A activity on the growth of R&D spending and R&D intensity of 265 acquiring firms and 133 merger targets between 1990 and 2009. We use different matching techniques to construct separate control groups for acquirers and targets and use appropriate difference-in-difference estimation methods to single out the causal effect of mergers on R&D growth and intensity. We find that target firms substantially decrease their R&D efforts after a merger, while the R&D intensity of acquirers drops due to a sharp increase in sales.
Subjects: 
mergers
R&D growth
R&D intensity
propensity-score matching
difference in difference estimation
JEL: 
D22
G34
O3
Document Type: 
Working Paper

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