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To explore or to exploit? An empirical investigation of acquisitions by large incumbents

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  • Wagner, Marcus

Abstract

Innovation in high technology industries poses considerable challenges, frequently forcing firms to consider using acquisitions as a means of sourcing technology. This paper investigates such behaviour in a major high technology sector, namely the semiconductor industry. The paper focuses on differential effects of technology-related versus nontechnological acquisitions on exploratory and exploitative research and innovation. Most importantly, it confirms the important role of technology-related acquisitions for exploratory innovation.

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Bibliographic Info

Article provided by Elsevier in its journal Research Policy.

Volume (Year): 40 (2011)
Issue (Month): 9 ()
Pages: 1217-1225

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Handle: RePEc:eee:respol:v:40:y:2011:i:9:p:1217-1225

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Web page: http://www.elsevier.com/locate/respol

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Keywords: Acquisition; Innovation; Exploratory; Exploitative; Technology; Nontechnological;

References

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Cited by:
  1. Florian Szücs, 2013. "M&A and R&D: Asymmetric Effects on Acquirers and Targets?," Discussion Papers of DIW Berlin 1331, DIW Berlin, German Institute for Economic Research.

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