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Did Concentration on Core Competencies Drive Merger and Acquisition Activities in the 1990s? Empirical Evidence for Germany

  • Hussinger, Katrin

In the context of increasing globalization of markets, merger and acquisition activities in the 1990s are said to be driven by reorganization processes with respect to concentration on firms? core competencies in order to increase or maintain market power in international markets. This paper empirically investigates a sample of German domestic mergers in the 1990s to detect the impact of technology and market relatedness on the choice of the merging partner. Results from a conditional logit model show that firms prefer a merging partner within the same industry and with a related technological profile. These findings approve the hypothesis that mergers in the 1990s were undertaken to concentrate on core competencies.

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File URL: http://econstor.eu/bitstream/10419/24132/1/dp0541.pdf
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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 05-41.

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Date of creation: 2005
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Handle: RePEc:zbw:zewdip:3284
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  1. Kraft, Kornelius & Czarnitzki, Dirk, 2004. "Are Credit Ratings Valuable Information?," ZEW Discussion Papers 04-07, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. Daniel McFadden, 1977. "Modelling the Choice of Residential Location," Cowles Foundation Discussion Papers 477, Cowles Foundation for Research in Economics, Yale University.
  3. Cassiman, Bruno & Colombo, Massimo G. & Garrone, Paola & Veugelers, Reinhilde, 2005. "The impact of M&A on the R&D process: An empirical analysis of the role of technological- and market-relatedness," Research Policy, Elsevier, vol. 34(2), pages 195-220, March.
  4. Adam B. Jaffe, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value," NBER Working Papers 1815, National Bureau of Economic Research, Inc.
  5. Czarnitzki, Dirk, 2003. "Extent and Evolution of the Productivity Gap in Eastern Germany," ZEW Discussion Papers 03-25, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  6. Bronwyn H. Hall, 1987. "The Effect of Takeover Activity on Corporate Research and Development," NBER Working Papers 2191, National Bureau of Economic Research, Inc.
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