Start-up acquisitions, venture capital and innovation: A comparative study of Google, Apple, Facebook, Amazon and Microsoft

IF 1.7 3区经济学 Q2 ECONOMICS

International Journal of Industrial Organization Pub Date : 2025-03-01 DOI:10.1016/j.ijindorg.2025.103148

Klaus Gugler, Florian Szücs, Ulrich Wohak

引用次数: 0

Abstract

We evaluate the impact of big-tech acquisitions on the incentives for venture capital (VC) investment and innovation. Using data on several hundred acquisitions by Google, Apple, Facebook, Amazon and Microsoft (GAFAM), we study the evolution of VC investment and patenting in affected technology fields relative to control groups. The results show a clear negative impact on VC investment, while the effect on innovation depends on the acquirer and period. Over time, the treatment effects on both outcomes improve, as GAFAM firms' product and tech-portfolios become more similar. Yet, around 14% of acquisitions impact both metrics negatively.

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初创企业收购、风险投资与创新：b谷歌与苹果、Facebook、亚马逊、微软的比较研究

我们评估了大型科技公司收购对风险投资和创新激励的影响。我们利用谷歌、苹果、Facebook、亚马逊和微软（GAFAM）的数百起收购数据，研究了相对于对照组，风险投资和专利在受影响技术领域的演变。结果表明，并购对风险投资有明显的负向影响，而对创新的影响与收购方和时间有关。随着时间的推移，随着GAFAM公司的产品和技术组合变得更加相似，治疗对两种结果的影响都有所改善。然而，约14%的收购会对这两个指标产生负面影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Industrial Organization ECONOMICS-

CiteScore

2.50

自引率

6.70%

发文量

审稿时长

77 days

期刊介绍： The IJIO is an international venture that aims at full coverage of theoretical and empirical questions in industrial organization. This includes classic questions of strategic behavior and market structure. The journal also seeks to publish articles dealing with technological change, internal organization of firms, regulation, antitrust and productivity analysis. We recognize the need to allow for diversity of perspectives and research styles in industrial organization and we encourage submissions in theoretical work, empirical work, and case studies. The journal will also occasionally publish symposia on topical issues.