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Acquisition through innovation tournaments in high-tech industries: a comparative perspective

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  • Robin Kleer
  • Marcus Wagner

Abstract

Acquisition of innovative firms is a widely observed phenomenon in high-tech industries. On the basis of distinct advantages of large and small firms, in this paper, we build a tournament model with possible acquisition activity of large firms to derive hypotheses on interdependencies between acquisition frequency and post-acquisition success rates. We find empirical support for our hypotheses that (1) acquisitions increase overall innovation output and (2) that the number of acquisitions is higher in industries with larger heterogeneity between established firms and young start-ups. However, our third hypothesis derived from the formal model that innovation success following from acquisitions varies across industries is only partially confirmed.

Suggested Citation

  • Robin Kleer & Marcus Wagner, 2013. "Acquisition through innovation tournaments in high-tech industries: a comparative perspective," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 22(1), pages 73-97, January.
  • Handle: RePEc:taf:ecinnt:v:22:y:2013:i:1:p:73-97
    DOI: 10.1080/10438599.2012.703487
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    References listed on IDEAS

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    1. Andreas Panagopoulos & In-Uck Park, 2008. "Patent Protection, Takeovers, and Startup Innovation: A Dynamic Approach," The Centre for Market and Public Organisation 08/201, Department of Economics, University of Bristol, UK.
    2. Zvi Griliches, 1998. "R&D and Productivity: The Econometric Evidence," NBER Books, National Bureau of Economic Research, Inc, number gril98-1, July.
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    Cited by:

    1. Henkel, Joachim & Rønde, Thomas & Wagner, Marcus, 2015. "And the winner is—Acquired. Entrepreneurship as a contest yielding radical innovations," Research Policy, Elsevier, vol. 44(2), pages 295-310.

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