Evolution of markets, technology and M&As

The late 1990s have witnessed a major merger and acquisition (M&A) wave in terms of both value of the deals and number of cross-border M&As. The magnitude of this phenomenon has raised questions related to why M&As occur, how M&As have affected the outcome of corporate research and development (R&D) in terms of technological performance and R&D productivity, and their impact on employment. Although M&As appear to occur to different extents across sectors, we argue that the boom in M&As is a general phenomenon generated by new global conditions. The factors generating such conditions are classified as trends linked to the transformation of markets (e.g. the flourishing of regulatory shifts) and technology (i.e. the emergence of new business and market opportunities, the rise of technological interrelatedness, and the establishment of new communications and cross-border restructuring).