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Technological effects of M&As in Spanish manufacturing

Raquel Marin and Isabel Alvarez ()

Industrial and Corporate Change, 2009, vol. 18, issue 4, 761-784

Abstract: This article explores whether mergers and acquisitions (M&As) generate differentiated impacts on the acquiring firms' R&D expenditures, patents granted, and product innovations. Considering M&As as a way of foreign expansion, we examine whether the technological effects differ between domestic and foreign-owned acquirers, assuming that the effects on the technological efforts and performance may differ across industries. The availability of statistical information for a stable sample of manufacturing companies in Spain during the 1990s allows us to follow a dynamic approach to the issue. Our findings confirm the existence of differentiated effects on technological inputs and outputs across industries, as well as diversity between domestic and foreign-owned firms involved in M&As. Copyright 2009 The Author 2009. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Date: 2009
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Handle: RePEc:oup:indcch:v:18:y:2009:i:4:p:761-784