Using a game theoretical model on firms' simultaneous investments in product and process innovation, we deduct and empirically test hypotheses on the optimal R&D portfolio, investment, performance, and dynamic efficiency of R&D for acquisitions and in independently competing firms. We use Community Innovation Survey data on Italian manufacturing firms. Theoretical and empirical results show that firms involved in acquisitions invest in different R&D portfolios and invest at least as much in aggregate R&D as independent firms. The empirical results do not support our hypothesis on dynamic efficiency since acquisitions lead to inferior R&D performance.

(2005). Effects of Acquisitions on Product and Process Innovation and R&D Performance . In CENTRE FOR ECONOMIC POLICY RESEARCH DISCUSSION PAPERS. Retrieved from http://hdl.handle.net/10446/19781

Effects of Acquisitions on Product and Process Innovation and R&D Performance

Cefis, Elena;
2005

Abstract

Using a game theoretical model on firms' simultaneous investments in product and process innovation, we deduct and empirically test hypotheses on the optimal R&D portfolio, investment, performance, and dynamic efficiency of R&D for acquisitions and in independently competing firms. We use Community Innovation Survey data on Italian manufacturing firms. Theoretical and empirical results show that firms involved in acquisitions invest in different R&D portfolios and invest at least as much in aggregate R&D as independent firms. The empirical results do not support our hypothesis on dynamic efficiency since acquisitions lead to inferior R&D performance.
Cefis, Elena; Rosenkranz, Stephanie; Weitzel, Utz
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/19781
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