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.

引用

页码：4883 / 4908

页数：26

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