文档介绍：Research Policy 35 (2006) 642–654
Mergers and acquisitions: Their effect on the innovative
performance panies in high-tech industries
Myriam Cloodt a,∗, John Hagedoorn b,1, Hans Van Kranenburg c,2
a ECIS anisation Science and Marketing (OSM), Department of Technology Management (TM),
TU/e Technische Universiteit Eindhoven, . Box 513, 5600 MB Eindhoven, herlands
b MERIT and Department anization and Strategy, Faculty of Economics and Business Administration, Maastricht University,
. Box 616, 6200 MD Maastricht, herlands
c Radboud University Nijmegen, Nijmegen School of Management, . Box 9108, 6500 HK Nijmegen, herlands
Received 6 October 2004; received in revised form 6 July 2005; accepted 22 February 2006
Available online 2 May 2006
Abstract
This study examines the post-M&A innovative performance of acquiring firms in four major high-tech sectors. Non-technological
M&As appear to have a negative impact on the acquiring firm’s post-M&A innovative performance. With respect to technological
M&As, a large relative size of the acquired knowledge base reduces the innovative performance of the acquiring firm. The absolute
size of the acquired knowledge base only has a positive effect during the first couple of years after which the effect turns around and
we see a negative effect on the innovative performance of the acquiring firm. The relatedness between the acquired and acquiring
firms’ knowledge bases has a curvilinear impact on the acquiring firm’s innovative performance. This indicates panies
should target M&A ‘partners’ that are neither too unrelated nor too similar in terms of their knowledge base.
© 2006 Elsevier . All rights reserved.
Keywords: M&As; Innovative performance; High-tech industries
1. Introduction a preliminary explanation why M&As continue to be
a popular growth strategy of panies (World
Contributions based on the resource-based view of Investment Report, 2000). In that context, it is stressed
the firm (Barney,