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Post-merger innovative performance in the renewable energy sector
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Resumo(s)
Due to global warming and shrinking fossil fuel resources, politics as well as society
urge for a reduction of green house gas (GHG) emissions. This leads to a re-orientation
towards a renewable energy sector. In this context, innovation and new technologies are
key success factors. Moreover, the renewable energy sector has entered a consolidation
stage, where corporate investors and mergers and acquisitions (M&A) gain in
importance. Although both M&A and innovation in the renewable energy sector are
important corporate strategies, the link between those two aspects has not been
examined before. The present thesis examines the research question how M&A
influence the acquirer’s post-merger innovative performance in the renewable energy
sector. Based on a framework of relevant literature, three hypotheses are defined. First,
the relation between non-technology oriented M&A and post-merger innovative
performance is discussed. Second, the impact of absolute acquired knowledge on postmerger
innovativeness is examined. Third, the target-acquirer relatedness is discussed.
A panel data set of 117 firms collected over a period of six years has been analyzed via
a random effects negative binomial regression model and a time lag of one year. The
results support a non-significant, negative impact of non-technology M&A on postmerger
innovative performance. The applied model did not support a positive and
significant impact of absolute acquired knowledge on post-merger innovative
performance. Lastly, the results suggest a reverse relation than postulated by Hypothesis
3. Targets from the same industry significantly and negatively influence the acquirers’
innovativeness.