Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Acquisitions of start-ups by incumbent businesses A market selection process of "high-quality" entrants?
Blekinge Institute of Technology, Faculty of Engineering, Department of Industrial Economics.
2015 (English)In: Research Policy, ISSN 0048-7333, E-ISSN 1873-7625, Vol. 45, no 1, 272-290 p.Article in journal (Refereed) Published
Resource type
Text
Abstract [en]

We analyze the frequency and nature by which new firms are acquired by established businesses. Acquisitions are often considered to reflect a technology transfer process and to also constitute one way in which a "symbiosis" between new technology-based firms (NTBFs) and established businesses is realized. Using a micro-level dataset for Sweden in which we follow new entrants up to 18 years after entry, we show that acquisitions of recent start-ups are rare and restricted to a small group of entrants with defining characteristics. Estimates from competing risks models show that acquired start-ups, in particular by multinational enterprises (MNEs), stand out from entrants that either remain independent or exit by being much more likely to be spin-offs operating in high-tech sectors, having strong technological competence, and having weak internal financial resources. Our overall findings support the argument that acquisitions primarily concern NTBFs in market contexts where entry costs are large, access to finance is important and incumbents have valuable complementary capabilities and resources. (C) 2015 Elsevier B.V. All rights reserved.

Place, publisher, year, edition, pages
2015. Vol. 45, no 1, 272-290 p.
Keyword [en]
Acquisitions, Post-entry performance, Market selection, Start-ups, New technology-based firms (NTBFs), Innovation, Entrepreneurship systems, Access to finance
National Category
Business Administration
Identifiers
URN: urn:nbn:se:bth-11541DOI: 10.1016/j.respol.2015.10.002ISI: 000367484100021OAI: oai:DiVA.org:bth-11541DiVA: diva2:899774
Available from: 2016-02-02 Created: 2016-02-02 Last updated: 2017-03-16Bibliographically approved

Open Access in DiVA

No full text

Other links

Publisher's full text

Search in DiVA

By author/editor
Andersson, Martin
By organisation
Department of Industrial Economics
In the same journal
Research Policy
Business Administration

Search outside of DiVA

GoogleGoogle Scholar

Altmetric score

Total: 117 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf