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R&D capabilities, intellectual property strength and choice of equity ownership in cross-border acquisitions: evidence from BRICS acquirers in Europe
Univ Leeds, Leeds Univ Business Sch, Ctr Int Business CIBUL, Leeds LS2 9JT, W Yorkshire, England..
Univ Leeds, Leeds Univ Business Sch, Ctr Int Business CIBUL, Leeds LS2 9JT, W Yorkshire, England..
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies. Univ Liverpool, Sch Management, Int Business, Chatham Bldg,Chatham St, Liverpool, England.
Univ Bradford, Sch Management, Int Business, Bradford BD9 4JL, W Yorkshire, England..
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2018 (English)In: R &D Management, ISSN 0033-6807, E-ISSN 1467-9310, Vol. 48, no 2, p. 177-194Article in journal (Refereed) Published
Abstract [en]

The aim of the study is to investigate two relatively underexplored factors, namely, the R&D (research and development) capabilities of target firms and the strength of intellectual property (IP) institutions in target economies, that influences the choice of equity ownership in cross border acquisitions (CBAs) undertaken by multinational enterprises (MNEs) from BRICS (Brazil, Russia, India, China and South Africa) economies. They developed the key hypothesis on foreign market entry through CBAs by incorporating insights from transaction costs economics, the resource-based view and institutional theory to investigate the determinants of full versus partial equity ownership. Using logistic regression estimation methods to a sample of 111 CBA deals of BRICS MNEs in 22 European countries, it was found that BRICS MNEs were likely to pursue full rather than partial acquisition mode when target firms have high R&D capabilities. However, the greater the degree of strength of IP institutions in target economies and higher the target firms' R&D capabilities, the more likely it is for BRICS MNEs to undertake partial, rather than, full acquisition mode. They provided interesting theoretical insights and managerial implications that might underlie some of the key findings on CBAs by emerging market MNEs.

Place, publisher, year, edition, pages
WILEY , 2018. Vol. 48, no 2, p. 177-194
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-347549DOI: 10.1111/radm.12274ISI: 000425041300002OAI: oai:DiVA.org:uu-347549DiVA, id: diva2:1196655
Available from: 2018-04-10 Created: 2018-04-10 Last updated: 2018-04-10Bibliographically approved

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Papageorgiadis, Nikolaos

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