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ICC Advance Access originally published online on May 25, 2009
Industrial and Corporate Change 2009 18(4):761-784; doi:10.1093/icc/dtp022
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© The Author 2009. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved.

Technological effects of M&As in Spanish manufacturing

Raquel Marin and Isabel Alvarez

Correspondence: Raquel Marin, Departamento de Economía de la Empresa, Facultad de Economía, Derecho y Empresariales, Universidad Europea de Madrid, Campus de Villaviciosa de Odón, Edif. A, zona FEDE, 28670-Villaviciosa de Odón, Madrid, Spain. e-mail: rmarinsa{at}icei.ucm.es or raquel.marin{at}uem.es

Correspondence: Isabel Alvarez, Departamento de Economía Aplicada II, Facultad de Económicas, Universidad Complutense de Madrid, Campus de Somosaguas, 28223-Madrid, Spain. e-mail: isabel.alvarez{at}ccee.ucm.es

This article explores whether mergers and acquisitions (M&As) generate differentiated impacts on the acquiring firms’ R&D expenditures, patents granted, and product innovations. Considering M&As as a way of foreign expansion, we examine whether the technological effects differ between domestic and foreign-owned acquirers, assuming that the effects on the technological efforts and performance may differ across industries. The availability of statistical information for a stable sample of manufacturing companies in Spain during the 1990s allows us to follow a dynamic approach to the issue. Our findings confirm the existence of differentiated effects on technological inputs and outputs across industries, as well as diversity between domestic and foreign-owned firms involved in M&As.


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