Fragmentation of Technology Ownership and Acquisition Strategy of Firms
研究了互补性知识产权所有权碎片化如何影响企业的收购行为，发现碎片化程度越高，企业越倾向于通过收购来扩大专利组合，尤其对专利价值较低的企业影响更强。
Abstract This paper examines how the fragmented ownership of complementary intellectual property (IP) rights affects firms’ acquisition behaviour. We theorize that as the ownership of complementary IP rights fragments, the rate at which a focal firm engages in technology acquisitions will increase. Our predictions suggest that firms will expand their IP portfolios through acquisitions as a strategy to continue innovating when the ownership over strategic IP becomes exceedingly spread among technology holders. Furthermore, we propose that this positive relationship between fragmentation and acquisitions will be stronger for firms whose patent portfolios hold relatively less value compared to their peers, owing primarily to their diminished control over strategic IP. Using a unique longitudinal dataset from the biopharmaceutical industry, we find empirical support for our hypotheses.