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Diane Publishing Books
R&D Activity and Acquisitions in High Technology Industries
Bruce A. Blonigen (au); Christopher T. Taylor (au)
Economic analysis of high-tech industries often assumes that firmsí abilities to survive in such an industry depend on their own internal R&D efforts. High-tech firms may choose to specialize in either this internal growth (through R&D) strategy or an external growth strategy of acquiring other firms or firmsí operations. They studied 200 electronics firms over 10 years to test the relationship between R&D intensity and the probability of acquisition. Robust to a variety of dependent variable specifications, they find a strong and significant negative correlation, suggesting that electronics firms may be specializing in one activity or the other. Firms with greater intangible assets, higher profitability and lower debt to asset ratios are more likely to acquire. Tables.
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