The crowding-out effects of innovation information disclosure on peers' innovation: Evidence from innovation-driven M&As in China

被引：0
|
作者：
Cao, Zhangfan [1 ]
Hua, Chen [2 ]
Tong, Yan [3 ]
Wang, Xi [3 ]
机构：
[1] Univ Nottingham Ningbo, Nottingham Univ, Business Sch China, Ningbo, Peoples R China
[2] Southwestern Univ Finance & Econ, Sch Accounting, Chengdu, Peoples R China
[3] Beijing Inst Technol, Sch Management & Econ, Beijing, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2023年 / 63卷 / 05期
基金：
中国国家自然科学基金;
关键词：
corporate innovation; crowding-out effect; innovation information disclosure; innovation-driven M & A; technological M & A; TECHNOLOGICAL-INNOVATION; FINANCIAL CONSTRAINTS; CORPORATE DISCLOSURE; CASH HOLDINGS; TRADE SECRETS; MERGERS; FIRMS; ACQUISITIONS; PERFORMANCE; COMPETITION;
D O I：
10.1111/acfi.13165
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of rivals' announcements of innovation-driven mergers and acquisitions (M & As) on focal firms' ex-post corporate innovation performance. Exploiting a hand-collected dataset of Chinese listed firms from 2011 to 2018, we find that focal firms file fewer patents after rivals' announcements of innovation-driven M & As. Further analyses show that focal firms become more conservative and hold more cash when rivals intend to obtain innovation resources through M & As. We find that such crowding-out effects are more pronounced for focal firms that are more financially constrained, those facing higher competition, those whose rivals are industry leaders, and those operating in traditional industries.
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页码：4883 / 4908
页数：26
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