Title
Firm Valuation Effects Of High-Tech M&Amp;A: A Comparison Of New Ventures And Established Firms
Keywords
Entrepreneurship; Mergers and acquisitions; New ventures; Performance
Abstract
I examine whether the unique attributes of new ventures cause these firms to experience different M&A outcomes vis-à-vis established firms. I also wish to test how the differences between these two classes of buyers play out in acquisitions of privately-held and newly-incorporated targets. Drawing from a sample of high-technology acquisitions, the results show that new ventures experience lower average performance in general, as well as when the target is itself a new venture. Yet, they outperform established firms when the target is a privately-held entity. The findings demonstrate that the challenges and opportunities of firms shift through the first few years of their existence, directly affecting the outcomes of their M&A activity. © 2006 Elsevier Inc. All rights reserved.
Publication Date
7-6-2006
Publication Title
Journal of High Technology Management Research
Volume
17
Issue
1
Number of Pages
85-96
Document Type
Article
Personal Identifier
scopus
DOI Link
https://doi.org/10.1016/j.hitech.2006.05.006
Copyright Status
Unknown
Socpus ID
33745652029 (Scopus)
Source API URL
https://api.elsevier.com/content/abstract/scopus_id/33745652029
STARS Citation
Ragozzino, Roberto, "Firm Valuation Effects Of High-Tech M&Amp;A: A Comparison Of New Ventures And Established Firms" (2006). Scopus Export 2000s. 8068.
https://stars.library.ucf.edu/scopus2000/8068