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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/61862


    Title: R&D Spillovers and Foreign Market Entry: Acquisition vs. Greenfield Investment
    Authors: 陳坤銘
    Yokota, Kazuhiko;Chen, Kung-Ming
    Contributors: 國貿系
    Keywords: oreign direct investment;R&D spillover;merger and acquisitions;greenfield investment
    Date: 2011.02
    Issue Date: 2013-11-26 15:41:31 (UTC+8)
    Abstract: This paper presents a three-stage game to model the entry behavior of amultinational
    firm in the presence of R&D spillovers. The multinational firm’s entry mode choice –
    that is, to invest to set up a new plant or merge with a local firm – is a function of the
    magnitude of spillovers, as well as the relative cost of greenfield investment, and mergers
    and acquisitions (M&A). Our model shows that if there exist relatively high R&D leakages
    and relatively small difference in cost between M&A and greenfield investment, an R&Dintensive
    foreign firm tends to choose greenfield investment rather than M&A, while if there
    exist relatively low R&D leakages, the foreign firm is more likely to choose M&A rather
    than greenfield investment. It is also shown that the size of social welfare of the host country
    depends on the degree of R&D spillovers. These results produce strong implications for
    antitrust policy for particularly developing countries.
    Relation: International Economic Journal, 26(2), 265-280
    Data Type: article
    DOI link: http://dx.doi.org/10.1080/10168737.2012.688519
    DOI: 10.1080/10168737.2012.688519
    Appears in Collections:[Department of International Business] Periodical Articles

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