R&D intensity and domestic and cross-border M&A of Japanese firms before domestic M&A deregulation
AbstractIn this paper, we examine the determinants of mergers and acquisitions (M&A) in Japan prior to the deregulation of domestic M&A transactions. We reveal that firm growth strategies and institutional differences in domestic and cross-border transactions are key determinants of the differences in M&A behavior. Our estimates show that domestic M&A activities are negatively related to research and development (R&D), suggesting that low technology-intensive firms have a tendency to engage in domestic M&A. For cross-border M&A, firm R&D activities have a significant positive effect, implying that a firm's own technology is important for absorbing foreign technology or competing in the host country.
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Bibliographic InfoArticle provided by Elsevier in its journal Japan and the World Economy.
Volume (Year): 23 (2011)
Issue (Month): 2 (March)
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Web page: http://www.elsevier.com/locate/inca/505557
Domestic M&A Cross-border M&A R&D;
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