Séminaire GREDEG - Roberta Rabellotti (University of Pavia)
de 14:00 à 15:30
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(University of Pavia)
Jeudi 29 septembre 2016
"Chinese and Indian MNEs' Shopping Spree in Advanced Countries. How Good is it for their Innovation Output?"
Acquisition of firms in advanced countries by emerging market multinational enterprises (EMNEs) is booming. Extant research shows that strategic asset seeking is a major motivation EMNE investments, and technological knowledge is much sought-after. EMNEs aim at accessing knowledge either directly from the acquired firms or by tapping into the local knowledge available in the regions where the target firms are located. In this paper, we investigate the post-acquisition innovative output of Chinese and Indian medium to high tech cross-border acquisitions in Europe, Japan, and the U.S. over the period 2003–2011.
We implement a Poisson Quasi Maximum Likelihood (PQML) estimator to test our hypotheses concerning the impact of the innovativeness of the target company and of the region in which this is located on the innovative output of the acquiring company after the deal. Moreover, we test the moderating role played by the acquiring EMNE’s knowledge base.
We find that the more innovative the acquired firm, the lower is the EMNE's innovation output after the deal, explaining it the liability of emergingness (LOE), defined as the extra-burden EMNEs face when they invest in advanced countries due to their emerging economy origins. We also find that the level of the EMNEs’ knowledge base prior to the deal positively moderates this relationship, and that their post-deal innovative output benefits from investment in more innovative regions but only if the EMNE has a pre-existing strong knowledge bases.
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