Impact of mergers and acquisitions on enterprise innovation efficiency: The mediating role of factor endowment

Shanshan Wang, Ying Wang and Qiuyue Li

Finance Research Letters, 2024, vol. 66, issue C

Abstract: Based on data of listed companies in China from 2015 to 2022, this paper examines the direct impact of mergers and acquisitions (M&As) on the innovation efficiency of enterprises, considering the mediating role of factor endowment. Results revealed that M&A events significantly contribute to the innovation efficiency of the subject companies; they also indirectly enhance the innovation efficiency through the optimization of the firms’ factor endowment. Moreover, non-state-owned enterprises significantly improve their innovation efficiency compared to state-owned enterprises after the occurrence of an M&A event.

Keywords: Mergers and acquisitions; Factor endowment; Innovation efficiency (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324006822

DOI: 10.1016/j.frl.2024.105652

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