Understanding the Link between Post‐Acquisition Resource Reconfiguration and Technology Out‐Licensing
研究技术收购后企业如何通过对外许可重构研发资源，发现收购与对外许可正相关，但研发价值不确定或短期财务资源充裕时该关系减弱。
Abstract We develop a novel framework to explain how the unique properties of out‐licensing enable R&D reconfiguration in the context of technology acquisitions. Out‐licensing is an attractive R&D strategy following acquisitions as it expands opportunities for resource reconfiguration to outside the organization by using external partners while at the same time allowing firms to continue to benefit from the technology, both financially and strategically. We also propose that the positive relationship between technology acquisitions and out‐licensing is weaker when firms cannot determine the full value potential of their R&D due to uncertainty or when they have high availability of short‐term financial slack resources. Using a sample of bio‐pharmaceutical firms, the result of a 2SLS fixed‐effect regression that accounts for the potential endogeneity of technology acquisitions provides support for our theoretical framework.