Journal of Applied Sciences1812-56541812-5662Asian Network for Scientific Information10.3923/jas.2014.101.111HeRen WangTienan 22014142Prior research on technology acquisitions has not examined
the effect of acquiring complementary technology on long-term shareholder value
of acquiring firms and the mechanisms of value creation of complementary technology
acquired. And most empirical results in previous technology acquisitions are
based on data in the USA and UK from mid-1980s to mid-1990s. There is little
evidence from emerging market. This study develops a model of complementary
technology and long-term shareholder value of acquiring firms in technology
related acquisitions that considers the factors associated with value creation
of complementary technology. The model is tested using a sample of technology
acquisitions from high-tech industries in China. The study finds that complementary
technology acquired creates more value for shareholder of acquiring firm than
similar technology does in technology acquisitions in the long term. And the
percentage of target firm acquired and the ratio of technical employees of acquiring
firm have positive moderating effects on the relationship between complementary
technology and long-term shareholder value of acquiring firm. The results of
the study suggest that firms should increase their technology integration capability
to make complementary technology acquired creates value for acquiring firms.]]>Ahuja, G. and R. Katila,200122197220Al-Laham, A., L. Schweizer and T.L. Amburgey,2010262537Anand, J. and H. Singh,19971899118Arnold, M. and D. Parker,2007182743Badawy, A.M.,200926219224Bannert, V. and H. Tschirky,200434481494Barney, J.B.,198897178Bower, J.L.,20017993101Bruton, G.D., B.M. Oviatt and M.A. White,199437972989Cannella Jr., A.A. and D.C. Hambrick,199314137152Capron, L., P. Dussauge and W. Mitchell,199819631661Capron, L. and N. Pistre,200223781794Cartwright, S. and R. Schoenberg,200617S1S5Cefis, E.,2010192751Cefis, E. and O. Marsili,200635626641Chaney, P.K., T.M. Devinney and R.S. Winer,199164573610Chaudhuri, S. and B. Tabrizi,199977123130Chen, S.S. and K.W. Ho,1997268288Chen, S.S., K.W. Ho, K.H. Ik and C.F. Lee,2002316784Choi, D. and G.C. Philippatos,19836239256Cloodt, M., J. Hagedoorn and H. Van Kranenburg,200635642654Cohen, W.M. and D.A. Levinthal,199035128152Davis, P.S., R.B. Robinson Jr., J.A. Pearce II and S.H. Park,199213349361Elgers, P.T. and J.J. Clark,198096672Farjoun, M.,199819611630Fisher, L.M.,199827078Flanagan, D.J.,199622823835Gerpott, T.J.,199525161178Golbe, D.L. and L.J. White,199375493499Graebner, M.E., K.M. Eisenhardt and P.T. Roundy,2010247392Grant, R.M.,19967375387Gregory, A. and S. McCorriston,20051299125Gugler, K., D.C. Mueller and B.B. Yurtoglu,200814688705Gulati, R., P.R. Lawrence and P. Puranam,200526415440Hagedoorn, J. and G. Duysters,2002146785Harrison, J.S., M.A. Hitt, R.E. Hoskisson and D.R. Ireland,199117173190Harrison, J.S., M. Hiit, R. Hoskisson and R. Ireland,200127679690Haspeslagh, P.C. and D.B. Jemison,1991pp: 6-12pp: 6-12Hayward, M.L.A.,2002232139He, R. and T. Wang,20131219321940Hitt, M.A., J.S. Harrison and R.D. Ireland,2001pp: 55pp: 55Kaplan, S.N. and M.S. Weisbach,199247107138Kelm, K.M., V.K. Narayanan and G.E. Pinches,199538770786Kennedy, K.H., G.T. Payne and C.J. Whitehead,200214149162Kim, Y.J.,2009265772Kim, J. and S. Finkelstein,200930617646King, D.R., J.G. Covin and W.H. Hegarty,200329589606King, D.R., D.R. Dalton, C.M. Daily and J.G. Covin,200425187200King, D.R., R.J. Slotegraaf and I. Kesner,200819327340Kogut, B. and U. Zander,19923383397Kohers, N. and T. Kohers,2000564048Lane, P.J. and M. Lubatkin,199819461477Loughran, T. and A.M. Vijh,19975217651790Lubatkin, M.,198783953Marks, M.L., P.H. Mirvin and L.F. Brajkovich,2001158094Makri, M., M.A. Hitt and P.J. Lane,201031602628Matsusaka, J.G.,199324357379Mowery, D.C., J.E. Oxley and B.S. Silverman,199827507523Pablo, A.L.,199437803836Palich, L.E., L.B. Cardinal and C.C. Miller,200021155174Puranam, P., H. Singh and M. Zollo,200649263280Puranam, P. and K. Srikanth,200728805825Ragozzino, R.,2006178596Ranft, A.L. and M.D. Lord,200011295319Ranft, A.L. and M.D. Lord,200213420441Ravenscraft, D.J. and F.F.M. Scherer,1987Pages: 290Pages: 290Rigby, D. and C. Zook,2002808089Robins, J. and M.F. Wiersema,199516177299Rothaermel, F.T., M.A. Hitt and L.A. Jobe,20062710331056Schweizer, L.,20054810511074Seth, A.,19901199115Shinn, E.W.,1999237889Tetenbaum, T.J.,1999282236Tsai, K.H., M.H. Hsieh and E.J. Hultink,201128184200Vermeulen, F. and H. Barkema,200144457476Walker, M.M.,2000295366Wang, L. and E.J. Zajac,20072812911317Zollo, M. and H. Singh,20042512331256