R&D Intensity and Acquisitions in High-Technology Industries : Evidence from the Us Electronic and Electrical Equipment Industries
Theory suggests R&D intensity and acquisition activity may be either directly or inversely related. However, we know relatively little about which firms are responsible for acquisition activity in high-technology industries, which are not only R&D-intensive, but also have substantial acquisition activity in the United States. Using a panel of 217 US electronic and electrical equipment firms from 1985-93 and limited dependent variable estimation techniques, we find a substantial negative correlation between R&D-intensity and a firm's propensity to acquire. This result is surprisingly robust to numerous sensitivity tests and is significant in both the 'within' and 'between' dimensions of our data
Year of publication: |
2000
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Authors: | Taylor, Christopher T. ; Blonigen, Bruce A. |
Publisher: |
[S.l.] : SSRN |
Subject: | Elektronikindustrie | Electronics industry | Hochtechnologie | High technology | Übernahme | Takeover | Elektroindustrie | Electrical industry | Industrieforschung | Industrial research |
Description of contents: | Abstract [papers.ssrn.com] |
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