Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/147643
Title: IMPACT OF HORIZONTAL MERGERS AND ACQUISITIONS ON THE EXPLOITATION OF R&D: THE ELECTRONICS AND PHARMACEUTICAL EXPERIENCE
Authors: FIONA ELIZABETH LEE
Issue Date: 2012
Citation: FIONA ELIZABETH LEE (2012). IMPACT OF HORIZONTAL MERGERS AND ACQUISITIONS ON THE EXPLOITATION OF R&D: THE ELECTRONICS AND PHARMACEUTICAL EXPERIENCE. ScholarBank@NUS Repository.
Abstract: The study provides insight into the relationship between M&A, RDI and appropriability conditions to fill the gaps in the existing literature. This study postulates that horizontal M&A can enhance a firm’s ability to appropriate value from its R&D investment. Resulting from this, we wish to test the effects of the direct impact of M&A on RDI contribution to growth opportunities as well as the effects of the indirect impact of M&A on RDI contribution to growth opportunities through the effects of a series of appropriability conditions moderated by M&A. Analysis is conducted for R&D-intensive pharmaceutical and electronic firms from the period 1980 to 2009. Our findings demonstrate that the direct benefits of M&A on the exploitation of R&D, though present in certain periods, are quickly exhausted in subsequent periods. In addition, the study validates the presence of the indirect effects of M&A on RDI contribution to GO through the effects of the M&A-moderated appropriability conditions. It was observed that M&A in moderating a firm’s market power and complementary assets such as advertising intensity can increase the firm’s ability to appropriate value from its R&D investment. Finally, a robustness test conducted find that the results obtained in this study holds in face of firms with varying levels of M&As in the affected period.
URI: http://scholarbank.nus.edu.sg/handle/10635/147643
Appears in Collections:Bachelor's Theses (Restricted)

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