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https://accedacris.ulpgc.es/handle/10553/76494
Título: | R&D investment as a signal in corporate takeovers | Autores/as: | Socorro Quevedo, María Del Pilar | Clasificación UNESCO: | 5311 Organización y dirección de empresas | Palabras clave: | Dirección de empresas Control |
Fecha de publicación: | 2009 | Publicación seriada: | Managerial and Decision Economics | Resumen: | The purpose of this paper is to analyze the effects that takeover threats have on firms' preacquisition R&D intensity. Critics of takeovers usually argue that takeover threats may reduce target firms' R&D investments. However, I find that target firms may increase R&D investment in order to signal their compatibility with the acquiring firm. The identity of the acquired firm depends on the market size and target firms' efficiency and compatibility. Through R&D investments, target firms may affect this result, signaling potential outsiders the kind of competition they may face, and forcing them to accept lower takeover offers. | URI: | https://accedacris.ulpgc.es/handle/10553/76494 | ISSN: | 0143-6570 | DOI: | 10.1002/mde.1456 | Fuente: | Managerial And Decision Economics[ISSN 0143-6570],v. 30 (5), p. 335-350, (Julio 2009) |
Colección: | Artículos |
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