The Impact of M&A on Innovation: A European Perspective

Detta är en D-uppsats från Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

Sammanfattning: This thesis examines the influence of M&A on corporate innovation from a European perspective. Based on a sample of 1,419 European listed firms, we find a positive impact of M&A on innovation quality for the acquirer. More precisely, conducting M&A leads to an increase in the acquirer's patent quality of up to 3.1% in the post-transaction period. That increase is even more pronounced for a subsample of the most innovative countries. We measure innovation using both patent counts and patent citations, finding significant results only with the latter. Our results convey that M&A in Europe has a supportive role to innovation activities, rather than being a key innovation driver. On average, firms acquire smaller targets with seemingly complementary technologies, which allow them to produce innovation of higher quality without materially impacting annual patent flows.

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