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The Impact of Cross-border M&As on New Product Perfor the Role of Knowledge Relatedness and Degree of Integration

이진화|신문식|이영우
한국상품학회 (Korean Academy Of Commodity Science & Technology)|2021.08|상품학연구 (Journal of Product Research)|제39권 제4호|pp. 129-138|DOI 10.36345/kacst.2021.39.4.016

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post-merger new product performancetechnolgical complementaritytechnological diversitydegree of integration
주제분류경영학

초록

Using cross-border M&A data, this study investigates the effects of knowledge relatedness between two merging firms, measured by technological complementarity and technological diversity, on the post-merger new product performance. In addition, it aims to find that whether the degree of integration(ownership) of M&A could either propels or restrains the knowledge transfer process in the post-merger process. Based on the resource-based view (RBV) and organization learning theory, a research model is developed utilizing key constructs of knowledge relatedness, the degree of integration, and new product performance. Subsequently, hypotheses are tested using the firms’ patent information and cross-border M&A data in high-technology industries which are collected from National Bureau of Economic Research (NBER) and Securities Data Corporation (SDC), respectively. The results indicate that technological complementarity between merging firms facilitates post-merger exploitive product development while technological diversity increases post-merger exploratory product development. Specifically, when a firm acquires a target firm with complementary resources, it induces the acquiring firm to fall into a familiarity trap, resulting in post-merger exploitative product development. The integration of diverse knowledge stock from the target firms, on the other hand, facilitates exploratory product developments. Our results also confirm that the high degree of integration is particularly beneficial for integrating complementary knowledge due to relatively high absorptive capacity, while it has no effect on knowledge exploration. In this paper, we seek to provide a holistic perspective on the determinants of post-merger new product development by allowing a deeper understanding of technological relatedness between merging firms as well as the interdependence of the pre- and post-merger phases.

Abstract

Using cross-border M&A data, this study investigates the effects of knowledge relatedness between two merging firms, measured by technological complementarity and technological diversity, on the post-merger new product performance. In addition, it aims to find that whether the degree of integration(ownership) of M&A could either propels or restrains the knowledge transfer process in the post-merger process. Based on the resource-based view (RBV) and organization learning theory, a research model is developed utilizing key constructs of knowledge relatedness, the degree of integration, and new product performance. Subsequently, hypotheses are tested using the firms’ patent information and cross-border M&A data in high-technology industries which are collected from National Bureau of Economic Research (NBER) and Securities Data Corporation (SDC), respectively. The results indicate that technological complementarity between merging firms facilitates post-merger exploitive product development while technological diversity increases post-merger exploratory product development. Specifically, when a firm acquires a target firm with complementary resources, it induces the acquiring firm to fall into a familiarity trap, resulting in post-merger exploitative product development. The integration of diverse knowledge stock from the target firms, on the other hand, facilitates exploratory product developments. Our results also confirm that the high degree of integration is particularly beneficial for integrating complementary knowledge due to relatively high absorptive capacity, while it has no effect on knowledge exploration. In this paper, we seek to provide a holistic perspective on the determinants of post-merger new product development by allowing a deeper understanding of technological relatedness between merging firms as well as the interdependence of the pre- and post-merger phases.

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