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論文名稱(外文):Investigating the Relationship Between Count of Acquisition and R&D Expenditure
指導教授(外文):Chiung-Hui Tseng
外文關鍵詞:Research & developmentMergerAcquisitionsHigh technology industryResources allocationDecision making
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Acquisitions play an important role for firms to grow especially in technology industry, but there remain some issues needed to be solved in this area. Previous research considered acquisitions and internal R&D two approaches for a firm to develop new technologies or broaden markets. Nevertheless, extant studies have inconsistent arguments regarding whether acquisitions and internal R&D are substitute or complementary strategies. Additionally, prior studies emphasized the importance of innovation for acquisitions in high technology industry. This paper suggests that, by drawing on the idea of resources allocation, there is a negative relationship between acquisitions and R&D activities. Besides, this relationship is moderated by financial performance and 3 types of acquisitions (horizontal, vertical, and conglomerate).
Hypotheses were tested on a sample of 690 acquisitions in the U.S high technology industry. Empirical results show that financial performance will weaken the negative relationship between acquisitions and R&D expenditure. On the contrary, the increase of vertical and conglomerate integrations strengthen the negative relationship. Since the moderators were developed from the resources allocation concept, our findings confirm that resources allocation plays a critical role in the relationship between acquisitions and R&D activities.
Chapter 1 Introduction 1
Chapter 2 Literature Review 4
Chapter 3 Hypotheses Development 9
3.1 R&D Intensity and Count of M&A 9
3.2 Moderating Impact from Focal Firm’s Performance 11
3.3 Moderating Impact from 3 Types of Integration 12
Chapter 4 Research Methods 16
4.1 Sample and Data Sources 16
4.2 Variables and Measures 18
Chapter 5 Results 23
5.1 Data analysis 23
5.2 Findings 29
Chapter 6 Discussions and Conclusions 35
6.1 Research Ideas and Empirical Findings 35
6.2 Theoretical Implications 45
6.3 Limitations and Future Research Directions 48
6.4 Conclusions 50
References 51
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