{"title":"The innovation effect of digital M&As: Evidence from China","authors":"","doi":"10.1016/j.irfa.2024.103595","DOIUrl":null,"url":null,"abstract":"<div><div>Digital mergers and acquisitions (M&As) have gained global momentum. However, whether digital M&As can effectively stimulate corporate innovation awaits further research. This paper evaluates the causal effect of digital M&As on corporate innovation using data from digital M&As and patents of Chinese A-share listed companies. Our findings indicate that digital M&As significantly promote the quantity and quality of acquirers' innovation, which still holds after various robustness tests and exhibits heterogeneity in different dimensions such as transactions, acquirers, and targets. Mechanism tests further reveal that knowledge synergy, financial synergy, and human capital structure upgrading are critical channels through which digital M&As promote the acquirers' innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5000,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924005271","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Digital mergers and acquisitions (M&As) have gained global momentum. However, whether digital M&As can effectively stimulate corporate innovation awaits further research. This paper evaluates the causal effect of digital M&As on corporate innovation using data from digital M&As and patents of Chinese A-share listed companies. Our findings indicate that digital M&As significantly promote the quantity and quality of acquirers' innovation, which still holds after various robustness tests and exhibits heterogeneity in different dimensions such as transactions, acquirers, and targets. Mechanism tests further reveal that knowledge synergy, financial synergy, and human capital structure upgrading are critical channels through which digital M&As promote the acquirers' innovation.
期刊介绍:
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.