Forschung & Entwicklung und technologieorientierte Unternehmensakquisitionen

– Eine Bestandsaufnahme der empirischen Forschung –
Original Paper

Zusammenfassung

Unternehmensakquisitionen und Innovationen durch Forschung & Entwicklung (F&E) sind Wachstumsstrategien, zwischen denen vielfältige Wechselwirkungen bestehen können. Der vorliegende Aufsatz analysiert 44 empirische Arbeiten, die sich mit dem F&E-Engagement von Käufer- oder Zielunternehmen als Ursache für das Zustandekommen von technologieorientierten Unternehmensakquisitionen (TOUA) oder mit deren Wirkungen auf die F&E-Aufwandsintensität oder F&E-/unternehmensbezogene Innovationsleistungskriterien z. T. unter Berücksichtigung von Integrationsmaßnahmen des Managements beschäftigen. Die Bestandsaufnahme offenbart, dass gängige Behauptungen, wonach TOUAwesentlich durch F&E-Schwächen des Käufers bedingt werden sowie zu Verringerungen von F&E-Inputs oder -Outputs der Transaktionsparteien führen, als zu pauschal abzulehnen sind. Zur Verbesserung des Verständnisses F&E-bezogener Bestimmungsgrößen und Leistungswirkungen einer TOUAsollten Managementwissenschaftler und -praktiker vor allem (1) die F&E-/Technologieaufnahmekapazität des kaufenden Unternehmens, (2) die Kombinations- und Überlappungspotenziale der F&E-Themen der Transaktionsparteien sowie (3) Managementmaßnahmen zur Umsetzung von akquisitionsbedingten F&E-Wertsteigerungspotenzialen in tatsächliche -Wertsteigerungen nach dem formalen Zusammenschluss differenzierter reflektieren.

Schlüsselwörter

Forschung & Entwicklung (F&E) F&E-Inputs und -Outputs Innovationsleistung Mergers & Acquisitions (M&A) Technologieorientierte Unternehmensakquisition 

Summary

Acquisitions and innovation through research & development (R&D) are growth strategies, which are likely to be closely intertwined. The present paper reviews 44 empirical investigations which have looked at R&D behaviors of buyer and target companies as drivers of the likelihood of technology-related acquisitions (TRA). Further, it analyzes empirical studies which have explored the impacts of such transactions on R&D spending or R&D/corporate innovation performance criteria. The review suggests a rejection of popular claims that a TRA is significantly triggered by a weak R&D position of the buyer and leads to lower R&D inputs and outputs of the transaction partners. These allegations do not sufficiently acknowledge the subtleties of the interrelations between R&D and a TRA. Rather, the evidence implies that management scholars and practitioners should scrutinize (1) R&D/technology absorptive capacities of the acquiring firm, (2) combination opportunities and substantive overlaps of the transaction parties’ R&D themes and (3) management interventions to transform acquisition-based R&D value creation potentials into real value after the formal deal closure.

Keywords

Innovation performance Mergers & Acquisitions (M&A) Research & Development (R&D) R&D inputs and outputs technology-related acquisition (TRA) 

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Authors and Affiliations

  1. 1.Lehrstuhl Unternehmens- und Technologieplanung, Schwerpunkt Telekommunikationswirtschaft, Mercator School of ManagementUniversität Duisburg-EssenDuisburgDeutschland

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