创新是否推动了金融部门的并购？

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2023-07-04 DOI:10.1111/eufm.12440

Tram H. Dang

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引用次数: 0

摘要

创新是否推动了金融业的并购？这个问题具有挑战性，因为在金融行业中没有经典的创新衡量标准。因此，我们引入了一种可用于金融企业的创新衡量标准。考虑到美国的金融交易，我们强调了金融公司的创新活动对成为收购方或目标的可能性的影响。我们发现了 "同类买同类 "效应，这意味着当企业的创新水平相似时，金融并购的可能性就更大。我们进一步表明，这种效应与更大的协同价值相关。

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Does innovation drive mergers and acquisitions in the financial sector?

Does innovation drive mergers and acquisitions in the financial sector? This issue is challenging because classical measures of innovation are unavailable in the financial sector. Thus, we introduce an innovation measure that can be used for financial firms. Considering US financial deals, we highlight the impact of a financial firm's innovative activities on the likelihood of becoming an acquirer or a target. We detect a ‘like buys like’ effect, implying that financial mergers and acquisitions are more likely when firms are at a similar level of innovation. We further show that this effect is associated with greater synergistic value.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.