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CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology KTH/CESIS Working Paper Series in Economics and Institutions of Innovation

No 111:
MERGERS & ACQUISITIONS AND INNOVATION PERFORMANCE IN THE TELECOMMUNICATIONS EQUIPMENT INDUSTRY

Tseveen Gantumur () and Andreas Stephan ()

Abstract: The telecommunications in the 1990s witnessed an enormous worldwide round of Mergers & Acquisitions (M&A). This paper examines the innovation determinants of M&A activity and the consequences of M&A transactions on the technological potential and the innovation performance. We examine the telecommunications equipment industry over the period 1988-2002 using a newly constructed data set with firm-level data describing M&A and innovation activity as well as financial characteristics. Based on a matching propensity score procedure, the study provides evidence that M&A realize significantly positive changes to the firmís postmerger innovation performance.

Keywords: Mergers & Acquisitions; Innovation Performance; Telecommunications Equipment Industry; (follow links to similar papers)

JEL-Codes: L10; L63; O30; (follow links to similar papers)

38 pages, December 11, 2007

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