KTH/CESIS Working Paper Series in Economics and Institutions of Innovation
MERGERS & ACQUISITIONS AND INNOVATION PERFORMANCE IN THE TELECOMMUNICATIONS EQUIPMENT INDUSTRY
() 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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