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2006
- handle: 10670/1.5e211s
- hal: hal-02668667
- doi: 10.1016/j.ijindorg.2005.07.006
- PRODINRA: 19595
- WOS: 000236003700011
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.ijindorg.2005.07.006
Mots-clés
M&A R&D INDUSTRIAL RESTRUCTURING FOREIGN DIRECT INVESTMENT UNITED STATES ERROR COMPONENTS MARKET STRUCTURE FIRM SIZE INNOVATION TECHNOLOGY PANEL DATA HORIZONTAL ACQUISITIONS DYNAMIC MODELS TECHNOLOGYSujets proches
Organisation for Economic Co-operation and Development countries OECD member countries Applied science Arts, Useful Useful arts Science, Applied ProofCiter ce document
Olivier Bertrand et al., « R&D and M&A: are cross-border M&A different? An investigation on OECD countries », Archive Ouverte d'INRAE, ID : 10.1016/j.ijindorg.2005.07.006
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Résumé
This paper investigates the incidence of national and cross-border M&A on industrial R&D investment in OECD countries over the period 1990-1999. We use generalized method of moments (GMM) estimation techniques for dynamic panel data and control for market-related and technological determinants of R&D production. Our findings show that the last M&A wave contributed to expand domestic R&D activities, especially in high-technology intensive industries. However, further evidence suggests that cross-border M&A (particularly outward M&A), and not domestic ones, have stimulated more significantly R&D spending. This result gives evidence that anti-competition effects are more likely to affect negatively R&D activities with a domestic M&A. Reversely, efficiency gains might be higher in a cross-border operation, encouraging merging firms to raise their R&D investments