Sources of synergy realization in mergers and acquisitions: empirical evidence form non-serial acquirers in Europe
Huyghebaert, Nancy Luypaert, Mathieu
Huyghebaert, Nancy
Luypaert, Mathieu
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Publication Type
Journal article
Editor
Supervisor
Publication Year
2013
Journal
International Journal of Financial Research
Book
Publication Volume
4
Publication Issue
2
Publication Begin page
49
Publication End page
67
Publication Number of pages
19
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Abstract
Innovating firms often invest in a number of different technology projects, in different stages of development, using a wide range of distinct technology sourcing modes, such as strategic alliances, joint ventures, and mergers and acquisitions. Recently, firms have also gained an increasing awareness of the potential benefits of corporate venture capital investments. This paper investigates the particular role of corporate venture capital investments in the technology sourcing portfolio of firms. More specifically, we focus on the extent to which corporate venture capital investments are additive or complementary to other modes of technology sourcing when explaining the innovative performance of firms. The results indicate that corporate venture capital investments are particularly beneficial for the innovative performance of firms when they are used in combination with other technology sourcing modes.
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Accounting & Finance