THE INNOVATION PERSPECTIVE OF THE ACQUIRERS: EMPIRICAL EVIDENCE REGARDING PATENT-DRIVEN M&AS

George Marian Aevoae (), Roxana Dicu () and Daniela Mardiros ()
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George Marian Aevoae: “Alexandru Ioan Cuza†University of Iasi, Carol I Blvd, no. 11, Iasi, Romania
Roxana Dicu: “Alexandru Ioan Cuza†University of Iasi, Carol I Blvd, no. 11, Iasi, Romania
Daniela Mardiros: “Alexandru Ioan Cuza†University of Iasi, Carol I Blvd, no. 11, Iasi, Romania

Review of Economic and Business Studies, 2019, issue 24, 57-78

Abstract: Economic entities get involved in mergers and acquisitions (M&As) because they are interested in external growth strategies which can lead to an increase in the wealth of the shareholders of the participating entities. In M&As, from an acquirer or a target’s perspective, a company brings its resources, which can be material or immaterial (knowledge). In the post-M&A phase, through the integration process the shareholders expect synergy gains, or that the combined firms to report efficiency gains higher than if they would activate separately. In nowadays, in a boundaryless economy, one of the most appreciated resources is knowledge. In this respect, the intangible assets, in general, and patents, in particular, are the accounting representation of knowledge in a company. They are also considered to be predictors for the deal value paid to the target company. To those we add the size of the target company, its core activity and the value of the research and development expenses, the latter being a significant mediator variable for the proposed models.

Keywords: innovation; theories of the firm; M&As; innovation; performance (search for similar items in EconPapers)
JEL-codes: G34 M16 M20 (search for similar items in EconPapers)
Date: 2019
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