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Determinants of acquisition value: the role of target and acquirer characteristics

Innovation activities in high technology industries frequently imply make-or-buy decisions because of the heterogeneity of firms’ ability to pursue specific types of innovation. This paper investigates the factors determining the value of acquisitions in three distinct high technology industries, namely semiconductors, biotechnology and electronic design automation. It analyses how target and acquirer characteristics relate to acquisition value. The paper finds an association of acquisition value with innovation activities and results of the acquirer and with knowledge residing in the target. This suggests that both, acquirer and target characteristics determine the value of acquisitions but with differing effects across industries.