Technology Proximity, R&D Investment and Innovation Performance in Technology Mergers and Acquisitions——From a Perspective of Corporate Life Cycle

Abstract

Abstract: The paper focuses on the technology mergers and acquisitions events from A-share listed companies. Based on the concept of enterprise life cycle theory, this paper explores how the technical proximity between an acquirer and a target influences the innovation performance, when the buyer is in a different enterprise life cycle. The results show that technology proximity between the acquirer and the target works differently on innovation performance when the acquirer is in different corporate life cycle. For growing acquirers, technology proximity can promote innovation performance, while has a negative effect on the mature enterprise innovation performance and has no effect on recessionary enterprise. Besides, R&D investment increase can strengthen the relationship between technology proximity and M&A innovation performance. R&D personnel supply environment also affects the innovation outcome in different corporate life cycle.

Key words: corporate life cycle, technology proximity, R&D investment, technology M&A innovation performance

Wang Wanqiu, Ma Hongjun. Technology Proximity, R&D Investment and Innovation Performance in Technology Mergers and Acquisitions——From a Perspective of Corporate Life Cycle[J]. Management Review, 2020, 32(6): 104-113.

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