instead that a company may use its international value chain (customers, suppliers and competitors) to utilize foreign sources … for innovation at home. We suggest a combination of three factors to identify and explain such innovation strategies … customers as a source for innovation that is more beneficial to standardized products and becomes more feasible if the lead …

instead that a company may use its international value chain (customers, suppliers and competitors) to utilize foreign sources … for innovation at home. We suggest a combination of three factors to identify and explain such innovation strategies … customers as a source for innovation that is more beneficial to standardized products and becomes more feasible if the lead …

' innovation strategies. Our empirical analyses, based on a sample of 85,591 M&A deals from 57 countries, show that innovative … firms in low innovation countries are more likely to undertake cross-border deals, and select innovative targets when doing … so, as compared with innovative firms in high innovation countries. We also find that these cross-border M&As earn higher …