Acquisitions by Business Group and Technology Transfer

• 영문명: Acquisitions by Business Group and Technology Transfer
• 발행기관: 서울대학교 경제연구소
• 저자명: Young Gak KIM Sadao NAGAOKA
• 간행물 정보: 『Seoul Journal of Economics』Volume 36 No.1, 137~163쪽, 전체 27쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2023.02.28

영문 초록

Two important opportunities for accelerating the growth of newly established firms are initial public offerings and acquisitions. This study focuses on the acquisition of a firm and its subsequent transformation into a subsidiary by business groups and investigates how such governance facilitates technology transactions (i.e., transfer of patent rights) and firm growth in Japan. The analysis reveals that such acquisitions can lead to increased technology transactions even when the transactions directly related to the acquisition are excluded and the transactions with firms outside the business group are included. However, the increase in technology transactions is limited mainly to wholly owned subsidiaries. The transfer of patent rights to a subsidiary is accompanied by an improvement in its sales, R&D, and productivity, controlling for the increase in its capital base. The sales and other performance of the business group also improve with the number of acquisitions.

목차

I. Introduction

II. Hypotheses

III. Data Overview

IV. Estimation Results

V. Extensions (Impact at Business Group Level)

VI. Conclusion

References

키워드

Acquisitions Patent transactions Innovation