IP protection and ownership in cross-border acquisitions

被引：4
作者：
Bazel-Shoham, Ofra [1 ]
Lee, Sang Mook [2 ]
Ahammad, Mohammad Faisal [3 ]
Tarba, Shlomo Y. [4 ]
Alon, Ilan [5 ,6 ]
机构：
[1] Temple Univ, Fox Sch Business, Philadelphia, PA USA
[2] Penn State Univ Great Valley, Penn State Great Valley Sch Grad Profess Studies, Malvern, PA USA
[3] Leeds Univ Business Sch, CIBUL, Leeds, England
[4] Univ Birmingham, Birmingham Business Sch, Birmingham, England
[5] Univ Ariel, Dept Econ & Business Adm, IL-40700 Ariel, Israel
[6] Univ Agder, Kristiansand, Norway
来源：
INTERNATIONAL BUSINESS REVIEW | 2023年 / 32卷 / 03期
关键词：
IP protection; Institutional theory; M & Technological intensity; INTELLECTUAL PROPERTY-RIGHTS; INSTITUTIONAL DISTANCE; ENTRY MODE; KNOWLEDGE ACQUISITION; PATENT PROTECTION; TRANSACTION COSTS; DIRECT-INVESTMENT; FOREIGN ENTRY; DETERMINANTS; CHOICE;
D O I：
10.1016/j.ibusrev.2023.102101
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We use the institutional theory to examine the impact of intellectual property protection on US multinational corporations (MNCs) ownership levels of their foreign acquisitions. Based on a sample of 7238 completed in-ternational M&A deals made by US MNCs from 1998 to 2017, we found that multinationals protect their in-tellectual property through more ownership when they are technologically intensive and invest more when IP protection is strong. However, IP protection negatively moderates the need for more ownership for technologically-intensive multinational corporations. Our results are robust to a battery of empirical tests, including a unique instrumental variable approach. This leads us to claim that our results are not merely correlated but are causal.
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页数：18
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