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THE IMPACT OF MERGERS ON R&D: AN EMPIRICAL ANALYSIS

Massimo G. Colombo, Paola Garrone, Larissa Rabbiosi

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Abstract

In this paper we examine the effects of horizontal mergers on the R&D activity of merging firms. We claim that such effects are modulated by several factors relating to the characteristics of the merger and the role of merging firms (i.e. acquirer or target). In the empirical analysis we consider a sample composed of 31 mergers with 62 firms involved. In contrast to most previous work, we study changes triggered by individual mergers in the R&D inputs, outputs, performance and mission of merging firms. For this purpose, we use data on R&D provided by informed top managers of acquiring firms during face-to-face interviews. The results of the estimates of several OLS models support the view that the effects of mergers on R&D are contingent on modulating factors.

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What this paper is about

In this paper we examine the effects of horizontal mergers on the R&D activity of merging firms. We claim that such effects are modulated by several factors relating to the characteristics of the merger and the role of merging firms (i.e. acquirer or target). In the empirical analysis we consider a sample composed of 31 mergers with 62 firms involved. In contrast to most previous work, we study changes triggered by individual mergers in the R&D inputs, outputs, performance and mission of merging firms. For this purpose, we use data on R&D provided by informed top managers of acquiring firms during face-to-face interviews. The results of the estimates of several OLS models support the view that the effects of mergers on R&D are contingent on modulating factors.

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Available abstract

In this paper we examine the effects of horizontal mergers on the R&D activity of merging firms. We claim that such effects are modulated by several factors relating to the characteristics of the merger and the role of merging firms (i.e. acquirer or target). In the empirical analysis we consider a sample composed of 31 mergers with 62 firms involved. In contrast to most previous work, we study changes triggered by individual mergers in the R&D inputs, outputs, performance and mission of merging firms. For this purpose, we use data on R&D provided by informed top managers of acquiring firms during face-to-face interviews. The results of the estimates of several OLS models support the view that the effects of mergers on R&D are contingent on modulating factors.

Key concepts: Mergers and acquisitions, Contrast (vision), Business, Sample (material), Face (sociological concept), Industrial organization, Empirical research, Work (physics)

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