Cross-border M&As of biotech firms affiliated with internationalized universities

Mattia Cattaneo (), Michele Meoli and Silvio Vismara

The Journal of Technology Transfer, 2015, vol. 40, issue 3, 409-433

Abstract: This paper provides a conceptual and empirical account of the role of the firms’ affiliation with universities in the international market for assets. We investigate whether the prestige and the internationalization of a university affect the propensity of affiliated spin-offs to be targeted in cross-border M&As. This is because the affiliation with a prestigious university is expected to increase the technological capabilities and network opportunities of affiliated firms and to provide a more dynamic and mobile human capital. Moreover, in high tech markets the reputation of the affiliated university helps overcoming information asymmetry on the quality of the firm and its market value. Using a sample of 220 biotech firms that went public in Europe over the period 1995–2006, we find that firms affiliated with more prestigious and internationalized universities are more prone to be targeted in cross-border M&As. Results are robust to different methodologies, definitions and endogeneity of prestige and internationalization. Copyright Springer Science+Business Media New York 2015

Keywords: Academic entrepreneurship; Spin-offs; IPOs; M&As; Internationalization; G34; M13; O32; I23 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)

Downloads: (external link)
http://hdl.handle.net/10.1007/s10961-014-9349-8 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:jtecht:v:40:y:2015:i:3:p:409-433

Ordering information: This journal article can be ordered from
http://www.springer. ... nt/journal/10961/PS2

DOI: 10.1007/s10961-014-9349-8

Access Statistics for this article

The Journal of Technology Transfer is currently edited by Albert N. Link, Donald S. Siegel, Barry Bozeman and Simon Mosey

More articles in The Journal of Technology Transfer from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().