ABSTRACT
This study breaks through the homogeneity of mergers and acquisitions (M&A) and the dyadic relationship between the acquirer and the target firm. We consider the network content of technological diversity that reflects both acquirers–target firms and target firms–target firms. The study empirically explores the impact and mechanism of technological diversity in M&A network on the high-quality development of enterprises (HQDE). Our study reveals that technological diversity in M&A network has an inverted U-shaped effect on HQDE. Mechanism analysis shows that the technological diversity in M&A network affects HQDE through both the quantity and quality of technological innovation. The findings provide novel insights to enable acquirers to select appropriate target firms and overcome technological innovation dilemmas, thus advancing toward high-quality development.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Notes
2. ST stocks (Special Treatment), i.e. “Specially Treated” stocks, are called ST stocks when there is an abnormal financial or other situation in which the company’s name is preceded by ST.
3. The International Patent Classification Number (IPC) is a system for classifying patents and documents according to technical fields and subject matter.