Intellectual property rights, imitation, and development. The effect on cross-border mergers and acquisitions
Fecha
2019Autor
Campi, Mercedes
Dueñas, Marco
Barigozzi, Matteo
Fagiolo, Giorgio
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Resumen
In this paper, we analyze whether the recent global process of strengthening and
harmonization of intellectual property rights (IPRs) affects decisions of cross-border
mergers and acquisitions (M&As). We investigate if IPRs have a differential effect across
sectors of different technology content and for countries of different development level.
Also, we study how imitation abilities of target countries interact with the tightening of
IPRs. Using data for the post-TRIPS period (1995–2010), we estimate an extended gravity
model to study the bilateral number of M&As, including a measure of the strength
of IPRs systems on target countries and a set of control variables usually considered
as determinants of M&As. The estimation results verify the gravity structure for M&As
and show that IPRs –and enforcement– influence decisions of cross-border M&As in
all sectors regardless of their technological content. However, IPRs are more important
in countries with high imitation abilities and in sectors of high-technology content.
Furthermore, a strengthening of IPRs leads to a larger increase of M&As in developing
countries than in developed countries. These results call the attention on the possible
implications for least developed economies and challenge the adequacy of a globally
harmonized IPRs systems.
Palabras clave
Intellectual property rights; Mergers and acquisitions; Gravity model; Technological intensity; Imitation; International comparisonEnlace al recurso
https://doi.org/10.1080/09638199.2018.1518477Colecciones
- Año 2019 [125]
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