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The Impact of Technological Relatedness on Innovation in Cross-border M&A : Moderating Effect of Cultural Distance

  • Moonsik Shin (신문식, 대학원 국제경영학과 국제경영론전공)

초록/요약

This thesis examines the impact of technology relatedness between acquiring and target firms on the post-M&A innovation performance in cross-border M&As. I designed a framework to test how technology relatedness contributes to acquiring a firm’s post-M&A innovation. I argue that acquiring complementary technology has a positive impact on acquiring a firm’s innovation performance. I find that acquiring too different a technology creates negative effects on a firm’s post-acquisitional innovation performance. Furthermore, as the theory suggests that organizational integration between M&A partners influences knowledge transfer, this thesis also suggests that factors affecting organizational integration between acquiring and target firms moderates the relationship between technology-relatedness and innovation performance. I specifically look into the national cultural distance between the combining firms to see how organizational characteristics influence outcome of M&As. Results show the national cultural distance weakens the positive relationship between technology complementarity and a firm’s innovation output. This research investigates 129 cross-border M&As from 1990 to 2000 conducted by companies around the world in the technology-intensive industries.

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목차

I. Introduction 1
II. Literature Review 5
Domestic versus cross-border M&A 5
Technological relatedness and innovation 7
Organizational integration, cultural distance, and innovation 12
III. Theories and Hypotheses 14
Technological complementarity and diversity and innovation 17
Cultural distance and innovation 21
IV. Methodology 26
Sample 26
Measurements 27
V. Results 36
VI. Discussions 40
Implications of the research 40
Managerial implications 43
Limitations and suggestions for future research 44
VII. Conclusion 45
References 47

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