How Do Innovations Affect Mergers and Acquisitions—Evidence from Finland? |
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Authors: | Eero Lehto Olavi Lehtoranta |
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Institution: | 1. Labour Institute for Economic Research, Pitk?nsillanranta 3 A, 00530, Helsinki, Finland 2. Statistics Finland, Helsinki, Finland
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Abstract: | We have analysed whether innovations in a firm's possession increase a firm's propensity to buy other firms and, on the other
hand, whether this possession attracts other firms so that they buy the firm concerned. Our results suggest that in the heavily
investing processing industries high entry costs and the incumbency of all the firms make more efficient firms—the possessors
of innovations—acquire inefficient firms. On the other hand, in the non-processing industries innovators become, according
to our findings, easily purchased by the other firms whose strength obviously lies in other areas than in innovative activity.
JEL classification G34, O31, O32 |
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Keywords: | Innovations mergers acquisitions |
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