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on Technology and Industrial Dynamics |
| By: | Wilfred Dolfsma; Gerben van der Panne |
| Abstract: | In this paper we investigate which elements in both an industry’s structure and in an industry’s dynamics affect innovativeness. We use the most appropriate measure for innovativeness –new product announcements- to find specifically that dominance of large firms consistently affect industry innovativeness negatively. Other industry structure characteristics are surprisingly consistent across different model specifications. Our findings for indicators of industry dynamics are noteworthy for instance as they contrast with the ILC predication that firm entry will boost innovativeness. |
| Keywords: | Innovation, small vs large firms, industry structure, industry dynamics, Industry Life Cycle |
| JEL: | L1 O1 O3 |
| Date: | 2007–12 |
| URL: | http://d.repec.org/n?u=RePEc:use:tkiwps:0730&r=tid |
| By: | Grimpe, Christoph; Hussinger, Katrin |
| Abstract: | Over the last few years, worldwide mergers and acquisitions (M&A) have increased sharply both in terms of value and volume. This development has not only been driven by corporate acquirers but also to an increasing extent by private equity investors. In this paper, we analyze differences in acquisition motives for corporate and private equity investors. We pay particular attention to the importance of technological assets in M&A transactions and distinguish between the technological value of patents and their potential to block competitors in technology markets. Our empirical results for European firm acquisitions in the period from 1999 to 2003 show that both corporate and private equity investors pay a higher price for target firms with valuable patents. However, patents with a potential to block technology competitors seem to be only of interest to corporate investors, especially if these are closely related to the patent portfolio of the acquirer. |
| Keywords: | M&A, technology, patents, corporate and private equity investors |
| JEL: | G34 L20 O34 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:6814&r=tid |
| By: | Hugo Erken (Ministry of Economic Affairs and Erasmus University); Frank van Es (CPB Netherlands Bureau for Economics Policy Analysis) |
| Abstract: | This paper investigates the causes of the shortfall in private R+D expenditure of the EU compared to the US. It shows that differences in the structure of the two economies play only a minor role in explaining the R+D gap. Instead, the European R+D shortfall is mainly caused by a negative intrinsic effect, meaning that companies within European industries spend less on R+D than their US peers in the same sectors. In addition, this negative intrinsic effect is mainly due to institutional differences between the US and the EU15. Government funding of R+D and the internationalization of R+D provide significant explanation as well. |
| Keywords: | private R+D intensity, internationalization of R+D, economic structure, sector-composition effect, intrinsic effect |
| JEL: | O32 O38 F23 R39 |
| Date: | 2007–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2007-107&r=tid |
| By: | Rajneesh Narula (Department of Economics, University of Reading Business School); Grazia D. Santangelo (Facoltà di Scienze Politiche, Università degli Studi di Catania) |
| Abstract: | This paper shows empirically that in an intra-industry oligopolistic scenario the location of a firm’s innovative activities plays an important role in determining its partner selection in R&D alliances. Such a role is mainly attributed to a strategic use of R&D alliances as a means to limit knowledge flows and protect competences, rather than to promote knowledge flows. By drawing on a novel dataset matching alliances and patent data for the European ICT industry, the econometric analysis shows that partners’ prior co-location (at both national and sub-national regional level), previous ties and technological overlap matter in the choice of partner, while common nationality has a negative impact on alliance formation. |
| Keywords: | Alliances, R&D location, strategy, co-location, knowledge flows |
| JEL: | D23 F23 O18 O32 R3 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:rdg:wpaper:em-dp2007-43&r=tid |