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Mergers and acquisitions : their effect on the innovative performance of companies in high-tech industries

[S.l.] : Elsevier Science
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doi:10.1016/j.respol.2006.02.007 Research Policy 35 (2006) 642–654 Mergers and acquisitions: Their effe performance of companies in hig Myriam Cloodt a,∗, John Hagedoorn b,1, Han a artment 600 MB b MER ics and The Ne . Box 9 ly 2005 2006 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 neg firms’ know should targe © 2006 Else Keywords: M 1. Introdu Contrib the firm ( combinatio tance of or and Prahal 1988; Non ∗ Correspon E-mail ad j.hagedoorn@ h.vankranenb 1 Tel.: +31 2 Tel.: +31 0048-7333/$ doi:10.1016/j ative effect on the innovative performance of the acquiring firm. The relatedness between the acquired and acquiring ledge bases has a curvilinear impact on the acquiring firm’s innovative performance. This indicates that companies t M&A ‘partners’ that are neither too unrelated nor too similar in terms of their knowledge base. vier B.V. All rights reserved. &As; Innovative performance; High-tech industries ction utions based on the resource-based view of Barney, 1986, 1991; Wernerfelt, 1984), in n with related work that stresses the impor- ganizational learning and innovation (Conner ad, 1996; Grant, 1996; Levitt and March, aka, 1991), provide some useful insights and ding author. Tel.: +31 40 2475242; fax: +31 40 2468054. dresses: [email protected] (M. Cloodt), (J. Hagedoorn), [email protected] (H. Van Kranenburg). 43 3883823; fax: +31 43 3884893. 24 3612028; fax: +31 24 3611933. a preliminary explanation why M&As continue to be a popular growth st

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