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Impact of mergers and acquisitions on enterprise innovation efficiency: The mediating role of factor endowment

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  • Wang, Shanshan
  • Wang, Ying
  • Li, Qiuyue

Abstract

Based on data of listed companies in China from 2015 to 2022, this paper examines the direct impact of mergers and acquisitions (M&As) on the innovation efficiency of enterprises, considering the mediating role of factor endowment. Results revealed that M&A events significantly contribute to the innovation efficiency of the subject companies; they also indirectly enhance the innovation efficiency through the optimization of the firms’ factor endowment. Moreover, non-state-owned enterprises significantly improve their innovation efficiency compared to state-owned enterprises after the occurrence of an M&A event.

Suggested Citation

  • Wang, Shanshan & Wang, Ying & Li, Qiuyue, 2024. "Impact of mergers and acquisitions on enterprise innovation efficiency: The mediating role of factor endowment," Finance Research Letters, Elsevier, vol. 66(C).
    • Handle: RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324006822
    DOI: 10.1016/j.frl.2024.105652
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    References listed on IDEAS

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    3. Luo, Qi & Li, Hanqi, 2025. "Media sentiment and corporate R&D manipulation," Finance Research Letters, Elsevier, vol. 81(C).

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