Article (Scientific journals)
Resource Complementarity and Value Capture in Firm Acquisitions: The Role of Intellectual Property Rights
Grimpe, Christoph; HUSSINGER, Katrin
2014In Strategic Management Journal
Peer reviewed
 

Files


Full Text
Grimpe_Hussinger_SMJ_2013.pdf
Publisher postprint (312.1 kB)
Request a copy

All documents in ORBilu are protected by a user license.

Send to



Details



Keywords :
technology acquisitions; Intellectual Property Rights; value creation; value capture; resource complementarity
Abstract :
[en] 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.
Disciplines :
Strategy & innovation
Author, co-author :
Grimpe, Christoph
HUSSINGER, Katrin ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)
Language :
English
Title :
Resource Complementarity and Value Capture in Firm Acquisitions: The Role of Intellectual Property Rights
Publication date :
2014
Journal title :
Strategic Management Journal
ISSN :
0143-2095
Publisher :
John Wiley & Sons, Inc. - Business
Peer reviewed :
Peer reviewed
Available on ORBilu :
since 30 September 2013

Statistics


Number of views
263 (20 by Unilu)
Number of downloads
4 (3 by Unilu)

Scopus citations®
 
91
Scopus citations®
without self-citations
86
OpenCitations
 
69
WoS citations
 
81

Bibliography


Similar publications



Contact ORBilu