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Entrepreneurial human capital, complementary assets, and takeover probability

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  • Erik Lehmann
  • Thorsten Braun
  • Sebastian Krispin

Abstract

Although acquisitions of high-tech entrepreneurial firms are of great popularity within the technology transfer process, the limited empirical evidence on this type of technology transfer shows that these acquisitions often lead to dismal results in that a large number of acquired key inventors leave their companies after an acquisition and those that remain exhibit poor performance. This study aims at explaining this phenomenon and adds additional empirical results and explanations to the matching theory of ownership changes. Using a hand collected dataset of all German IPOs from 1997 until 2006, this study shows that the probability of ownership in a young and high-tech firm’s assets being reallocated by means of a takeover significantly decreases with the amount of intangible and complementary assets that are owned by the owner-manager. Copyright Springer Science+Business Media, LLC 2012

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  • Erik Lehmann & Thorsten Braun & Sebastian Krispin, 2012. "Entrepreneurial human capital, complementary assets, and takeover probability," The Journal of Technology Transfer, Springer, vol. 37(5), pages 589-608, October.
    • Handle: RePEc:kap:jtecht:v:37:y:2012:i:5:p:589-608
    DOI: 10.1007/s10961-011-9225-8
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    Cited by:

    1. David B. Audretsch & Erik E. Lehmann, 2013. "Corporate governance in newly listed companies," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 9, pages 179-206, Edward Elgar Publishing.
    2. Signori, Andrea & Vismara, Silvio, 2018. "M&A synergies and trends in IPOs," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 141-153.
    3. Michele Meoli & Stefano Paleari & Silvio Vismara, 2019. "The governance of universities and the establishment of academic spin-offs," Small Business Economics, Springer, vol. 52(2), pages 485-504, February.
    4. Erik E. Lehmann & Manuel T. Schwerdtfeger, 2016. "Evaluation of IPO-firm takeovers: an event study," Small Business Economics, Springer, vol. 47(4), pages 921-938, December.
    5. Suman Lodh & Nitin Deshmukh & Alireza Rohani, 2024. "Stemming the tide: Does climate risk affect M&A performance?," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 858-881, February.
    6. Signori, Andrea & Vismara, Silvio, 2018. "Does success bring success? The post-offering lives of equity-crowdfunded firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 575-591.
    7. Andrea Signori & Silvio Vismara, 2017. "Stock-financed M&As of newly listed firms," Small Business Economics, Springer, vol. 48(1), pages 115-134, January.
    8. Lehmann, Erik, 2018. "Corporate governance," UO Working Papers 01-18, University of Augsburg, Chair of Management and Organization.
    9. Svenja Jarchow & Andrea Röhm, 2019. "Patent-based investment funds: from invention to innovation," The Journal of Technology Transfer, Springer, vol. 44(2), pages 404-433, April.
    10. Mattia Cattaneo & Michele Meoli & Silvio Vismara, 2015. "Cross-border M&As of biotech firms affiliated with internationalized universities," The Journal of Technology Transfer, Springer, vol. 40(3), pages 409-433, June.
    11. Niccolò Ghio & Massimiliano Guerini & Erik Lehmann & Cristina Rossi-Lamastra, 2015. "The emergence of the knowledge spillover theory of entrepreneurship," Small Business Economics, Springer, vol. 44(1), pages 1-18, January.

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    More about this item

    Keywords

    Technology transfer; Matching theory of ownership changes; High-tech firms; Property rights; Ownership structure; Mergers & acquisitions; D23; D82; D86; G32; G34; L2;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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