Cross-border M&As as of biotech firms affiliated with internationalized universities

  • This paper provides a conceptual and empirical account of the role of the firms’ affiliation with universities in the international market for assets. We investigate whether the prestige and the internationalization of a university affect the propensity of affiliated spin-offs to be targeted in cross-border M&As. This is because the affiliation with a prestigious university is expected to increase the technological capabilities and network opportunities of affiliated firms and to provide a more dynamic and mobile human capital. Moreover, in high tech markets the reputation of the affiliated university helps overcoming information asymmetry on the quality of the firm and its market value. Using a sample of 220 biotech firms that went public in Europe over the period 1995–2006, we find that firms affiliated with more prestigious and internationalized universities are more prone to be targeted in cross-border M&As. Results are robust to different methodologies, definitions and endogeneityThis paper provides a conceptual and empirical account of the role of the firms’ affiliation with universities in the international market for assets. We investigate whether the prestige and the internationalization of a university affect the propensity of affiliated spin-offs to be targeted in cross-border M&As. This is because the affiliation with a prestigious university is expected to increase the technological capabilities and network opportunities of affiliated firms and to provide a more dynamic and mobile human capital. Moreover, in high tech markets the reputation of the affiliated university helps overcoming information asymmetry on the quality of the firm and its market value. Using a sample of 220 biotech firms that went public in Europe over the period 1995–2006, we find that firms affiliated with more prestigious and internationalized universities are more prone to be targeted in cross-border M&As. Results are robust to different methodologies, definitions and endogeneity of prestige and internationalization.show moreshow less

Export metadata

Statistics

Number of document requests

Additional Services

Share in Twitter Search Google Scholar
Metadaten
Author:Mattia Cattaneo, Michele MeoliORCiD, Silvio Vismara
Frontdoor URLhttps://opus.bibliothek.uni-augsburg.de/opus4/114764
ISSN:0892-9912OPAC
ISSN:1573-7047OPAC
Parent Title (English):The Journal of Technology Transfer
Publisher:Springer Science and Business Media LLC
Place of publication:Berlin
Type:Article
Language:English
Year of first Publication:2015
Release Date:2024/09/03
Volume:40
Issue:3
First Page:409
Last Page:433
DOI:https://doi.org/10.1007/s10961-014-9349-8
Institutes:Wirtschaftswissenschaftliche Fakultät
Wirtschaftswissenschaftliche Fakultät / Institut für Betriebswirtschaftslehre
Wirtschaftswissenschaftliche Fakultät / Institut für Betriebswirtschaftslehre / Lehrstuhl für Unternehmensführung und Organisation
Nachhaltigkeitsziele
Nachhaltigkeitsziele / Ziel 8 - Menschenwürdige Arbeit und Wirtschaftswachstum
Nachhaltigkeitsziele / Ziel 9 - Industrie, Innovation und Infrastruktur
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft