Impact of International M&A on R&D Activities: Some Evidence at Industry and Firm Level
Abstract
This paper investigates the incidence of cross-border mergers and acquisitions (M&A) on the research and development (R&D) activities of companies. Using different indicators of R&D activity of target firms over the period 1994–2004, we get the following results. Cross-border acquisitions seem to bring positive long-run effects on the volume and nature of R&D projects. In addition, we see that foreign partners finance more the R&D activity of the target firm after its acquisition. R&D is also more contracted out to local public laboratories and universities. General findings tend to cast some doubt on the usual fears regarding foreign takeovers and their impact on local R&D activity.
Keywords:
mergers and acquisitions, industrial restructuring, R&D, technologies
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Articles of the Russian Management Journal are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.