IP protection and ownership in cross-border acquisitions |
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| Institution: | 1. Fox School of Business, Temple University, USA;2. Penn State Great Valley School of Graduate Professional Studies,Pennsylvania State University Great Valley, USA;3. CIBUL, Leeds University Business School, United Kingdom;4. Birmingham Business School, University of Birmingham, United Kingdom;5. Department of Economics and Business Administration, University of Ariel, Ariel 40700, Israel;6. University of Agder, Norway;1. College of Law and Business, 26, Ben-Gurion St., Ram-Gan, Israel;2. Arison School of Business, Reichman University (IDC Herzliya), 8 HaUniversita st, Herzliya 4610101, Israel;3. Gies College of Business, University of Illinois at Urbana-Champaign, 330 Wohlers Hall, 1206 S. 6th Street, MC-706, Champaign, IL 61820, USA;4. Alliance Manchester Business School, The University of Manchester, Booth St W, Manchester M15 6PB, United Kingdom;1. Huazhong University of Science and Technology, School of Management, 1037 Luoyu Road, Wuhan 430074, PR China;2. Shanghai University, SILC Business School, 99 ShangDa Road, BaoShan Dirstrt, Shanghai 200444, PR China;3. University of Technology Sydney, UTS Business School, 15 Broadway Ultimo, 2007, NSW, Australia;1. Asper School of Business, University of Manitoba, 181 Freedman Crescent, Winnipeg MB R3T 5V4, Canada;2. Faculty of Business Administration, Lakehead University, 955 Oliver Road, Thunder Bay, ON P7B 5E1, Canada;1. University of Southern Denmark, Campusvej 55, 5230 Odense, Denmark;2. Otto von Guericke University Magdeburg, Universitätsplatz 2, 39106 Magdeburg, Germany;3. University of North Carolina at Greensboro, 516 Stirling Street, Greensboro, NC 27402, USA;4. University of Ariel, Ramat Hagolan St. 65, Ariel 40700, Israel;5. University of Agder, Gimlemoen 19, 9i 241, 4604 Kristiansand, Norway;6. Goa Institute of Management Poriem, Sattari, Goa 403505, India;1. School Business, Torrens University Australia, 196 Flinders Street, Melbourne, VIC, 3000, Australia;2. Department of Management, Deakin Business School, Deakin University, 221 Burwood Highway, VIC, 3125, Australia;1. Business School, Middlesex University, The Burroughs, Hendon, London, NW44BT, United Kingdom;2. Newcastle University Business School, Newcastle University London, 102 Middlesex Street, London, E17EZ, United Kingdom;3. Discipline of Management & Human Resources, Australian Institute of Business, 1 King William Street, Adelaide, 5000, South Australia, Australia;4. Brunel Business School, Brunel University London, Kingston Lane, Uxbridge, Middlesex, UB83PH, United Kingdom;5. Alba Graduate Business School, American College of Greece, Xenias 6-8, Athens, 11528, Greece;6. LUT School of Business and Management, LUT University, Lappeenranta Campus, Yliopistonkatu 34, 53850, Lappeenranta, Finland;7. McDonough School of Business, Georgetown University, Rafik B. Hariri Building, 37th and O Street, NW, Washington DC, United States |
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| Abstract: | We use the institutional theory to examine the impact of intellectual property protection on US multinational corporations (MNCs) ownership levels of their foreign acquisitions. Based on a sample of 7238 completed international M&A deals made by US MNCs from 1998 to 2017, we found that multinationals protect their intellectual property through more ownership when they are technologically intensive and invest more when IP protection is strong. However, IP protection negatively moderates the need for more ownership for technologically-intensive multinational corporations. Our results are robust to a battery of empirical tests, including a unique instrumental variable approach. This leads us to claim that our results are not merely correlated but are causal. |
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| Keywords: | IP protection Institutional theory M&A Technological intensity |
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