A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Too Much of a Good Thing? The Impact of Serial M&A on Innovation Performance
Based on the sample of serial M&A of Chinese listed companies from 2010–2019, this paper intends to investigate the impact of serial M&A on innovation performance and the impact of financing constraints and digital inclusive finance (DIF). The empirical results show that an inverted U-shaped relationship exists between serial M&A and innovation performance that first goes up and then goes down. The results of mechanism analysis show that financing constraints play a mediating role in the inverted U-shaped relationship between serial M&A and innovation performance, while DIF plays a moderating role in the mediating effect of serial M&A on innovation performance through the financing constraint. The heterogeneity analysis finds that the inverted U-shaped relationship between serial M&A and innovation performance is more significant in firms with non-state ownership property, a higher business environment index, and medium and large-scale firm size. The research results not only help to promote the in-depth analysis of the impact of serial M&A on innovation performance, but also help to provide targeted theoretical reference and practical guidance for corporate management decision making.
Too Much of a Good Thing? The Impact of Serial M&A on Innovation Performance
Based on the sample of serial M&A of Chinese listed companies from 2010–2019, this paper intends to investigate the impact of serial M&A on innovation performance and the impact of financing constraints and digital inclusive finance (DIF). The empirical results show that an inverted U-shaped relationship exists between serial M&A and innovation performance that first goes up and then goes down. The results of mechanism analysis show that financing constraints play a mediating role in the inverted U-shaped relationship between serial M&A and innovation performance, while DIF plays a moderating role in the mediating effect of serial M&A on innovation performance through the financing constraint. The heterogeneity analysis finds that the inverted U-shaped relationship between serial M&A and innovation performance is more significant in firms with non-state ownership property, a higher business environment index, and medium and large-scale firm size. The research results not only help to promote the in-depth analysis of the impact of serial M&A on innovation performance, but also help to provide targeted theoretical reference and practical guidance for corporate management decision making.
Too Much of a Good Thing? The Impact of Serial M&A on Innovation Performance
Xiaoxu Zhang (author) / Yu Song (author) / Hongyu Liu (author)
2023
Article (Journal)
Electronic Resource
Unknown
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