2016/28 | LEM Working Paper Series | ||||||||||||||||
Do Intellectual Property Rights Influence Cross-Border Mergers and Acquisitions ? |
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Mercedes Campi, Marco Duenas, Matteo Barigozzi, Giorgio Fagiolo |
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Keywords | |||||||||||||||||
Intellectual Property Rights; Mergers and Acquisitions; Technological Intensity; Gravity Model
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JEL Classifications | |||||||||||||||||
O34; G34; O13; O14
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Abstract | |||||||||||||||||
This paper analyses whether the strengthening of intellectual property
rights (IPRs) systems affects decisions of cross-border mergers and acquisitions
(M&As), and whether their influence is different for developed and developing
countries and across industrial sectors. We estimate an extended gravity
model to study bilateral flows of M&As using data for the post-TRIPS period
(1995-2010) and two different indexes that measure the strength of IPRs systems
at the country level. We find that IPRs influence decisions of cross-border
M&As and facilitate the creation of investment linkages. However, we detect a
heterogeneous impact of IPRs on M&As depending on specificities of countries
and sectors.
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