Determinants and effects of mergers and acquisitions on innovation: Evidence from drug projects in the pharmaceutical industry KU Leuven
Innovation is essential for progress, long-term growth, and consumer welfare. As such, there is almost a universal consensus among economists that innovation must be not only protected but promoted. However, research remains unclear as regards the role competition plays in pursuing this goal. The relationship between competition and innovation is complex and ambiguous (Aghion et al., 2005; Shapiro, 2011). Discussions are thus still ongoing ...