Inorganic growth of technology sector firms in emerging markets

Arindam Das and Sheeba Kapil

International Journal of Emerging Markets, 2015, vol. 10, issue 1, 52-72

Abstract: Purpose - – Emerging economies and technology firms in these economies have witnessed significant increase in mergers and acquisitions (M&A) activities in recent years. The purpose of this paper is to conduct an empirical research on Indian technology firms and analyze the influence of firm-specific factors on firms’ M&A decisions. Design/methodology/approach - – A set of 372 Indian firms in the technology sector have been studied for the period 2001-2011, a decade when this sector has seen maximum number of M&A transactions. Findings - – The results show that financially strong, low-debt firms with high market capitalization are the typical acquirers in this segment and they tend to be serial acquirer too. Originality/value - – Contrary to established findings in developed economies, the authors find that Indian technology firms’ acquisition decisions are not associated with their R&D activities, opening up scope for investigations on role of technology assets in emerging market firms’ acquisition decisions.

Keywords: India; Emerging markets; Technology; Acquisitions and mergers (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijoemp:ijoem-06-2012-0057

DOI: 10.1108/IJOEM-06-2012-0057

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