Effects of Firm R&D Investment and Environment on Acquisition Likelihood*
研究了企业研发投资如何影响其被收购的可能性，发现研发投资在环境丰裕和动态性高的行业中更能提升被收购机会。
abstract R&D investments contribute to the development of firm technology resources, and the possession of such resources often increases a firm's attractiveness as a potential acquisition target. However, the value ascribed to a firm's technology resources by would‐be acquirers may be moderated by its industry's environmental characteristics. Using data from 2886 firms, we find that investments in R&D predict acquisition likelihood and that R&D investments are most strongly associated with acquisition of firms under conditions of high environmental munificence and dynamism. Theoretical and managerial implications are discussed.