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The world economic slowdown and the Asian and Latin America economies: a comparative analysis of economic structure, policy and performance
In: WIDER working papers 42
Hunting the Snark: Some reflections on the UK experience of support for the small business sector
In: Innovation: organization & management: IOM, Band 11, Heft 1, S. 114-126
ISSN: 2204-0226
Entrepreneurship and Innovation Policy: Retrospect and Prospect
In: The political quarterly, Band 79, Heft s1, S. 133-152
ISSN: 1467-923X
Social Justice and Inequality in the UK: Eradicating Child Poverty?
In: The political quarterly: PQ, Band 79, S. 41-57
ISSN: 0032-3179
Innovation and business performance: Small entrepreneurial firms in the UK and the EU
In: New economy, Band 8, Heft 3, S. 157-163
Technical change and economic theory
In: Futures, Band 22, Heft 10, S. 1104-1106
Political Review
In: Australian quarterly: AQ, Band 42, Heft 3, S. 99
ISSN: 1837-1892
Political Review
In: Australian quarterly: AQ, Band 42, Heft 2, S. 102
ISSN: 1837-1892
Political Review
In: Australian quarterly: AQ, Band 41, Heft 2, S. 98
ISSN: 1837-1892
Political Review
In: Australian quarterly: AQ, Band 41, Heft 4, S. 15
ISSN: 1837-1892
Political Review
In: Australian quarterly: AQ, Band 41, Heft 3, S. 87
ISSN: 1837-1892
Do high technology acquirers become more innovative?
In: Research Policy, Band 39, Heft 8, S. 1105-1121
The revealed preferences of high technology acquirers: An analysis of the innovation characteristics of their targets
In: Desyllas , P & Hughes , A 2009 , ' The revealed preferences of high technology acquirers: An analysis of the innovation characteristics of their targets ' Cambridge Journal of Economics , vol 33 , no. 6 , pp. 1089-1111 . DOI:10.1093/cje/bep004
This paper investigates whether acquisitions involving public high technology firms are best understood in terms of acquirers taking over firms with 'superior' innovation performance to access their assets, or acquiring firms with 'inferior' innovation performance to turn them around. Innovation performance is proxied by R&D-intensity (R&D expenditure over assets), patent-intensity (patents per US$million of assets), i.e. the R&D productivity of a firm's assets, and the patent stock, i.e. the accumulated R&D output. We find substantial overlaps between target and non-acquired firm characteristics. Nevertheless targets have a relatively high R&D-intensity and a large patent stock, which is consistent with acquirers targeting firms with a superior innovation performance. However, these targets have significantly lower pre-acquisition patent-intensity and hence a lower R&D productivity. The targets are also experiencing weak financial performance. Our results are consistent with a selection process in which acquirers seek out firms that have a superior past innovation performance, but that are failing in terms of recent R&D productivity and financial performance. A comparison of the performance of the targets with their acquirers reinforces this conclusion. © The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.
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