Stock market valuation of R&ampamp;D spending of firms acquiring targets from technologically abundant countries.pdf

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1、J.ofMulti.Fin.Manag.19(2009)111–126ContentslistsavailableatScienceDirectJournalofMultinationalFinancialManagementjournalhomepage:www.elsevier.com/locate/econbaseStockmarketvaluationofR&Dspendingoffirmsacquiringtargetsfromtechnologicallyabundantcountries

2、ElinaPyykkö∗UniversityofOulu,DepartmentofAccountingandFinance,P.O.Box4600,FIN-90014UniversityofOulu,FinlandarticleinfoabstractArticlehistory:Inthispaper,weaimtoextendtheinternalizationtheorybyBuckleyReceived12February2008andCasson[Buckley,P.J.,Casson,M

3、.,1976.TheFutureofMultina-Accepted6August2008tionalEnterprise.Holmes&Meier,NewYork]andCaves[Caves,Availableonline19August2008R.E.,1971.Internationalcorporations:theindustrialeconomicsofforeigninvestment.Economica38,1–27]intworespects.First,JELclassifica

4、tion:wehypothesizethatsynergiesarisingfromatechnology-orientedG15cross-borderM&Aincreasethestockmarketvalueofanacquirer’sG34R&Dspending.Second,wehypothesizethatanacquirer’saccesstoO19O32acountrywithmorefavorableR&Denvironmentthroughthetargetfirmisthemai

5、nsourceofsynergyarisingfromintangiblesintheseKeywords:M&As.Ourempiricalresultsofanalyzingdatafrom10mostR&DR&DactivecountriesinEuropeareconsistentwiththesehypothesesandStockmarketsupportourextensionoftheinternalizationtheory.Specifically,weValuationfindth

6、atmultinationalityofafirmwithintangibleassetsassuchMergersandacquisitionsMultinationalfirmdoesnotaddvaluetoR&D,butthecombinationofitsownR&DwiththatofafirmlocatedinacountrywithhighlyfavorableR&Denvironment.©2008ElsevierB.V.Allrightsreserved.1.IntroductionB

7、eingthemajordriveroftechnologicalchange,researchanddevelopment(hereafterR&D)playsacentralroleintheeconomicgrowthandwelfareimprovementofindividualfirmsandnations(e.g.Lev,1999).Consistentwiththisview,numerousstudiesfindthatthecurrentR&Dspendingofthefirmispo

8、sitivelyrelatedtoitsfuturecashflowsandearnings(LevandSougiannis,1996;Sougiannis,∗Tel.:+35885532901;fax:+35885532906.E-mailaddress:elina.pyykko@oulu.fi.1042-444X/$–seefrontmatter©2008ElsevierB.V.Allrightsreserved.doi:10.1016/j.mulfin.2008.0