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This paper deals with two central questions in the theoretical and empirical literature on acquisitions, i.e. the reasons why acquisitions and divestitures occur, and the impact of acquisitions and divestitures on firms' innovation performance. The first question has been dealt with by investigating two issues. The first one is whether or not an innovating firm shows a higher probability to acquire and/or divest assets than non-innovating firms. The second issue deals with the impact of knowledge and financial barriers on acquisitions and/or divestitures. The second question is examined by investigating the impact of acquisitions and/or divestiture activities on the innovative performance of the firm.
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