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 acquisi...
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| Veröffentlicht in: | The Journal of industrial economics 2000-03, Vol.48 (1), p.47-70 |
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| container_title | The Journal of industrial economics |
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| creator | Blonigen, Bruce A. Taylor, Christopher T. |
| description | 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. |
| doi_str_mv | 10.1111/1467-6451.00112 |
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| source | Wiley Journals; PAIS Index; Business Source Complete; Periodicals Index Online; JSTOR Archive Collection A-Z Listing |
| subjects | Acquisitions & mergers Binomials Corporate mergers Data acquisition Electrical equipment Electronics industry Estimating techniques Estimators High tech industries High technology industries Industrial economics Inverse relationships Publishing industry R&D Regression analysis Research & development Studies Target acquisitions Technological innovation |
| title | R&D Intensity and Acquisitions in High-Technology Industries: Evidence from the US Electronic and Electrical Equipment Industries |
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