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Determinants of the Acquisition of Smaller Firms by Larger Incumbents in High-Tech Industries: Are they related to Innovation and Technology Sourcing?

Marcus Wagner

SFB 649 Discussion Papers from Humboldt University, Collaborative Research Center 649

Abstract: Innovation activities in high tech industries provide considerable challenges for technology and innovation management. In particular, firms frequently face significant technological challenges since these industries has a long history of radical innovations which are taking place through distinct industry cycles of higher and lower demand. The paper investigates these issues for three high-tech industries, namely semiconductor manufacturing, biotechnology and electronic design automation which is a specific sub-segment of the semiconductor industry. It analyses the association of firm characteristics with different aspects of acquisition behaviour. Particular focus is put on innovation-related firm characteristics. The paper finds that the determinants for acquisitions are mostly related to firm size, financial conditions and geographical origin of the firm. Only for biotechnology, a substitutive relationship is identified between acquisitions and own research activities.

Keywords: acquisition; innovation; semiconductor; design; automation; biotechnology (search for similar items in EconPapers)
JEL-codes: L10 L86 M20 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2007-11
New Economics Papers: this item is included in nep-com, nep-cse, nep-ino, nep-ipr, nep-pr~ and nep-tid
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