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Does acquisition lead to the growth of high-tech scale-ups? : evidence from Europe
ID
Burger, Anže
(
Author
),
ID
Hogan, Teresa
(
Author
),
ID
Kotnik, Patricia
(
Author
),
ID
Rao, Sandeep
(
Author
),
ID
Sakinç, Mustafa Erdem
(
Author
)
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https://www.sciencedirect.com/science/article/pii/S0275531922002069
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Abstract
The post-acquisition growth of high-tech scaleups has received relatively little research attention. This is surprising since buyers are known to target these firms for growth opportunities whilst sellers increasingly seek strategic partners to access resource to scale their ventures. We examine the post-acquisition revenue and employment growth of high-tech scaleups in a multi-country setting, comprising five European economies. Using a propensity-score matching approach and difference-in-differences regression, for a sample of 2187 high-tech scaleups, we demonstrate that acquisition has a positive effect on target firms equivalent to cumulative growth of revenue (employment) of 9–13 (6−10) percent after five (four) years, relative to control firms. We find that nationality matters such that the targets of foreign-owned acquirers exhibit significantly higher cumulative revenue and employment growth than their domestic counterparts. Taking a longer-term perspective, we show that growth dips in the first year, then stabilizes and accelerates in the years following acquisition, indicating a period of adjustment.
Language:
English
Keywords:
enterprises
,
company performance
,
acquisitions
,
cross-border acquisitions
,
domestic acquisitions
,
firm growth
,
high-tech scaleups
,
propensity-score matching
Work type:
Article
Typology:
1.01 - Original Scientific Article
Organization:
FDV - Faculty of Social Sciences
EF - School of Economics and Business
Publication status:
Published
Publication version:
Version of Record
Year:
2023
Number of pages:
20 str.
Numbering:
Vol. 64, art. 101820
PID:
20.500.12556/RUL-143839
UDC:
005.3
ISSN on article:
0275-5319
DOI:
10.1016/j.ribaf.2022.101820
COBISS.SI-ID:
131224067
Publication date in RUL:
13.01.2023
Views:
609
Downloads:
101
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Record is a part of a journal
Title:
Research in international business and finance
Shortened title:
Res. int. bus. financ.
Publisher:
Elsevier
ISSN:
0275-5319
COBISS.SI-ID:
512590361
Licences
License:
CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
Link:
http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:
The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Secondary language
Language:
Slovenian
Keywords:
podjetje
,
poslovanje podjetja
,
pripojitve podjetij
Projects
Funder:
EC - European Commission
Funding programme:
H2020
Project number:
649186
Name:
Innovation-fuelled, Sustainable, Inclusive Growth
Acronym:
ISIGrowth
Funder:
ARRS - Slovenian Research Agency
Project number:
P5-0117
Name:
Trajnostna konkurenčnost slovenskega gospodarstva v evropskem in globalnem okviru
Funder:
ARRS - Slovenian Research Agency
Project number:
P5-0177
Name:
Slovenija in njeni akterji v mednarodnih odnosih in evropskih integracijah
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