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Mergers and acquisitions: Their effect on the innovative performance of companies in high-tech industries |
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| Authors: | Myriam Cloodt John Hagedoorn Hans Van Kranenburg |
| Institution: | a ECIS and Organisation Science and Marketing (OSM), Department of Technology Management (TM), TU/e Technische Universiteit Eindhoven, P.O. Box 513, 5600 MB Eindhoven, The Netherlands b MERIT and Department of Organization and Strategy, Faculty of Economics and Business Administration, Maastricht University, P.O. Box 616, 6200 MD Maastricht, The Netherlands c Radboud University Nijmegen, Nijmegen School of Management, P.O. Box 9108, 6500 HK Nijmegen, The Netherlands |
| Abstract: | This study examines the post-M&A innovative performance of acquiring firms in four major high-tech sectors. Non-technological M&As appear to have a negative impact on the acquiring firm's post-M&A innovative performance. With respect to technological M&As, a large relative size of the acquired knowledge base reduces the innovative performance of the acquiring firm. The absolute size of the acquired knowledge base only has a positive effect during the first couple of years after which the effect turns around and we see a negative effect on the innovative performance of the acquiring firm. The relatedness between the acquired and acquiring firms’ knowledge bases has a curvilinear impact on the acquiring firm's innovative performance. This indicates that companies should target M&A ‘partners’ that are neither too unrelated nor too similar in terms of their knowledge base. |
| Keywords: | M& As Innovative performance High-tech industries |
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