Mergers and acquisitions, technological efforts and exports: a study of pharmaceutical sector in India

Vidhisha Vyas, Krishnan Narayanan () and A. Ramanathan

Innovation and Development, 2013, vol. 3, issue 2, 169-186

Abstract: The paper attempts to examine the role of mergers and acquisitions (M&A) and technological efforts in determining the export competitiveness of firms belonging to the pharmaceutical sector in India. M&A provides synergistic gains to firms. New competitive advantages arise from the complementarities of merging and acquiring firms' specific intangible assets like production skills, brand names and better management capabilities. These gains could affect positively the export behaviour of domestic firms and increase their degree of internationalization. Technological efforts and other factors like firm size, age, multinational enterprise affiliation (MNEA) and capital intensity are also considered in the study. Two different econometric models, namely Tobit and Double Specification models are used for estimation and the results have been compared. The results of econometric exercise confirm that M&A, technological efforts, size and firm-specific characteristics are important in explaining export behaviour of firms.

Date: 2013
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DOI: 10.1080/2157930X.2013.828882

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