The Impact of Technological Relatedness on Firm Performance after Acquisitions

2017 Fiscal Year Final Research Report

• Project/Area Number: 16K13390
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Multi-year Fund
• Research Field: Management
• Research Institution: Waseda University
• Principal Investigator: YAMANOI JUNICHI 早稲田大学, 商学学術院, 准教授 (20386543)
• Co-Investigator(Renkei-kenkyūsha): SAYAMA Hiroki Binghamton University, Department of Systems Science and Industrial Engineering, Professor (30345425)
• Research Collaborator: ASADA Yuki 日本アイ・ビー・エム株式会社, プロジェクト, マネージャー
• Project Period (FY): 2016-04-01 – 2018-03-31
• Keywords: 合併買収 / 技術的距離 / イノベーション / 財務的パフォーマンス / 特許データ

Outline of Final Research Achievements

This study examines how technological relatedness between acquiring and acquired firms influences after-acquisition performance, measured based on financial and innovation outputs. Its sample is acquisitions implemented by Japanese listed firms from 1997 to 2006. Using patent data, reflecting longitudinal change in patent ownership, I measured inter-firm technological relatedness using network analysis. Preliminary results are that technological relatedness between acquiring and acquired firms has a curvilinear impact on the acquiring firm’s cumulative abnormal return and the number of registered patents after its acquisition.

Free Research Field

経営戦略