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Technological effects of M&As in Spanish manufacturing

Author

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  • Raquel Marin
  • Isabel Alvarez

Abstract

This article explores whether mergers and acquisitions (M&As) generate differentiated impacts on the acquiring firms' R&D expenditures, patents granted, and product innovations. Considering M&As as a way of foreign expansion, we examine whether the technological effects differ between domestic and foreign-owned acquirers, assuming that the effects on the technological efforts and performance may differ across industries. The availability of statistical information for a stable sample of manufacturing companies in Spain during the 1990s allows us to follow a dynamic approach to the issue. Our findings confirm the existence of differentiated effects on technological inputs and outputs across industries, as well as diversity between domestic and foreign-owned firms involved in M&As. Copyright 2009 The Author 2009. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Suggested Citation

  • Raquel Marin & Isabel Alvarez, 2009. "Technological effects of M&As in Spanish manufacturing," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 18(4), pages 761-784, August.
    • Handle: RePEc:oup:indcch:v:18:y:2009:i:4:p:761-784
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    File URL: http://hdl.handle.net/10.1093/icc/dtp022
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    Cited by:

    1. Mariana Spatareanu, 2023. "Acquiring Innovation - Do Chinese acquisitions in developed countries spur innovation at home?," Working Papers Rutgers University, Newark 2023-002, Department of Economics, Rutgers University, Newark.
    2. Wei, Yi-Ming & Qiao, Lu & Lv, Xin, 2020. "The impact of mergers and acquisitions on technology learning in the petroleum industry," Energy Economics, Elsevier, vol. 88(C).
    3. Maria Chiara Di Guardo & Kathryn Rudie Harrigan & Elona Marku, 2019. "M&A and diversification strategies: what effect on quality of inventive activity?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(3), pages 669-692, September.
    4. Stiebale, Joel, 2016. "Cross-border M&As and innovative activity of acquiring and target firms," Journal of International Economics, Elsevier, vol. 99(C), pages 1-15.
    5. Stiebale, Joel, 2013. "The impact of cross-border mergers and acquisitions on the acquirers' R&D — Firm-level evidence," International Journal of Industrial Organization, Elsevier, vol. 31(4), pages 307-321.
    6. Carles Méndez-Ortega & Mercedes Teruel, 2020. "To acquire or not to acquire: the effects of acquisitions in the software industry," Journal of Evolutionary Economics, Springer, vol. 30(3), pages 793-814, July.
    7. Francisco J. Santos-Arteaga & Celia Torrecillas & Madjid Tavana, 2019. "Dynamic effects of learning on the innovative outputs and productivity in Spanish multinational enterprises," The Journal of Technology Transfer, Springer, vol. 44(1), pages 97-131, February.
    8. María García-Vega & Patricia Hofmann & Richard Kneller, 2012. "The Internationalisation of R&D and the Knowledge Production Function," CESifo Working Paper Series 3751, CESifo.
    9. Stiebale, Joel & Reize, Frank, 2011. "The impact of FDI through mergers and acquisitions on innovation in target firms," International Journal of Industrial Organization, Elsevier, vol. 29(2), pages 155-167, March.
    10. Huyghebaert, Nancy & Luypaert, Mathieu, 2010. "Value Creation and Division of Gains in European Horizontal Acquisitions: The Role of Industry Conditions," Working Papers 2010/06, Hogeschool-Universiteit Brussel, Faculteit Economie en Management.

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