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Resource Complementarity and Value Capture in Firm Acquisitions

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Authors:
  • Grimpe, Christoph ;
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    Orcid logo0000-0002-7644-2054
    Department of Innovation and Organizational Economics, Copenhagen Business School
  • Hussinger, Katrin
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    University of Luxembourg
Subtitle:
The Role of Intellectual Property Rights
DOI:
10.1002/smj.2181
Abstract:
Extant literature holds that firm acquisitions create value through innovation if the knowledge bases of the acquirer and the target complement each other. Little is known about the value that patents associated with a target's knowledge convey to the acquirer, i.e., their value in securing market exclusion and freedom to operate in R&D. We argue that such property rights hold preemptive power allowing firms to capture the value from combining complementary technologies and to realize gains from trade in strategic factor markets. Our results for a sample of 1,428 acquisitions indicate that—controlling for technological value—acquired preemptive power is an important determinant of the acquisition price, particularly when the acquirer is technology intensive and acquired patents are highly related to the acquirer's knowledge base.
Type:
Journal article
Language:
English
Published in:
Strategic Management Journal, 2014, Vol 35, Issue 12
Keywords:
Technology acquisitions; intellectual property rights; Value creation; Value capture; Resource complementarity
Main Research Area:
Social science
Publication Status:
Published
Review type:
Peer Review
Submission year:
2014
Scientific Level:
Scientific
ID:
254884099

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