Bruno Cassiman and Massimo G. Colombo In this concluding chapter we intend to emphasize the added value of this book relative to the extant literature on mergers and acquisitions (M&A). For this purpose, we ﬁrst discuss in what respect the book conforms to and departs from previous studies on the relationship between M&A and innovation. We then synthesize the key results of the book and explain why and how they enrich our understanding of the eﬀects of M&A on the ﬁrms’ research and development (R&D) and innovation activity. Finally, we discuss the implications for managers, policy makers and researchers. 10.1 OBJECTIVE OF THE BOOK The main objective of this book is to analyse the eﬀects of industrial restructuring operations associated with M&A on the R&D activity and innovation strategy of the merging units. Actually, the surge in M&A activity that has been occurring since the beginning of the 1990s has stimulated a vigorous debate among policy makers, academics and the public about the consequences of these transactions for the health of the EU economy. We believe that, while drawing attention to the implications of M&A for dynamic eﬃciency in addition to allocative eﬃciency, this book provides an interesting contribution to this debate. In fact, empirical studies on the consequences of such operations on companies’ technological activities are rare and ﬁndings are quite inconclusive. This book aims to ﬁll this gap in the literature. For this purpose, we have...
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