Upgrading to lead firm position via international acquisition: learning from the global biomass power plant industry
研究一家中国公司通过收购丹麦技术前沿企业升级为全球生物质发电行业领先者，但面临创新能力不足的挑战，并分析了原因。
This article examines the case of a Chinese firm that has upgraded to lead firm position in the global biomass power plant industry mainly through acquisitions of technological frontier firms in Denmark. Sustaining the lead firm position was, however, challenged by difficulties in developing innovative capability. Drawing on the literature on (i) firm-level technological capability and (ii) knowledge transfer in international acquisitions, we explain the reasons for insufficient innovative capability building. Based on these empirical findings, we suggest maintaining the existing upgrading framework but applying it analytically in a more flexible manner that avoids linearity, hierarchy and segmentation while stressing the co-existence of and inter-relationships between the different types of upgrading.