Well-established companies are progressively relying on acquisitions as means to gain new technological skills and innovation capabilities, particularly in highly specialized domains such as the high-tech industry. The most significant source of their innovative potential resides in the knowledge of the acquired R&D workers (i.e. scientists and inventors). Despite of these potential values, preserving the acquired inventors’ productivity in post-acquisition period poses a challenge for the acquiring firms. During the acquisition implementation, indeed, acquiring firms tend to adopt changes to the structure, procedures and management systems of the acquired organizations. Nevertheless, implementing such changes may lead to a severe organizational disruption that generates sense of disorder, loss, general demotivation of employees, and, ultimately, a significant decrease in their productivity. This research intends to capture the extent to which post-acquisition patenting activity of the acquired inventors is affected by the following variables: (i) the decision to retain or replace the acquired CEO, (ii) the technological relatedness between the two organizations. The dissertation involves the analysis of a sample of 826 inventors operating in 104 high-tech firms that experienced an acquisition in the period between 2001 and 2006.
Un numero sempre crescente di aziende consolidate utilizza le acquisizioni come strumento principale per accedere a nuove competenze tecnologiche e capacità innovative, in particolare in settori altamente specializzati come l’industria high-tech. La sfida forse più impegnativa che queste si trovano ad affrontare in tali contesti è quella di conservare e rendere produttiva la conoscenza degli inventori, che rappresenta la fonte più significativa del potenziale innovativo nelle aziende target. Durante il processo di implementazione infatti le aziende sono spinte a modificare la struttura, le procedure e il sistema di gestione organizzativo per integrarsi al meglio con l'impresa acquirente. Questo genera però disorientamento, instabilità e demotivazione nell'inventore. Inoltre, questi cambiamenti comportano un significativo calo nella produttività degli inventori e di conseguenza nel valore che essi generano per l’impresa acquirente, mettendo in discussione le motivazioni alla base dell’acquisizione. Questa ricerca intende dunque cogliere la misura in cui l’attività di brevettazione degli inventori acquisiti è influenzata dalle seguenti variabili: (i) la decisione di mantenere o sostituire il CEO acquisito, (ii) il grado di sovrapposizione tecnologica fra le due organizzazioni. Lo studio prevede l’analisi di un campione di 826 inventori operanti in 104 imprese high-tech, acquisite nel periodo compreso fra 2001 e 2006.
The impact of M&A implementation on productivity of the acquired inventors
DE SALAZAR, FILIPPO MARIA;CARDARELLI, ANDREA
2018/2019
Abstract
Well-established companies are progressively relying on acquisitions as means to gain new technological skills and innovation capabilities, particularly in highly specialized domains such as the high-tech industry. The most significant source of their innovative potential resides in the knowledge of the acquired R&D workers (i.e. scientists and inventors). Despite of these potential values, preserving the acquired inventors’ productivity in post-acquisition period poses a challenge for the acquiring firms. During the acquisition implementation, indeed, acquiring firms tend to adopt changes to the structure, procedures and management systems of the acquired organizations. Nevertheless, implementing such changes may lead to a severe organizational disruption that generates sense of disorder, loss, general demotivation of employees, and, ultimately, a significant decrease in their productivity. This research intends to capture the extent to which post-acquisition patenting activity of the acquired inventors is affected by the following variables: (i) the decision to retain or replace the acquired CEO, (ii) the technological relatedness between the two organizations. The dissertation involves the analysis of a sample of 826 inventors operating in 104 high-tech firms that experienced an acquisition in the period between 2001 and 2006.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/151770