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Technological differentiation and value revision: the role of knowledge resources
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DOI：10.1080/14778238.2026.2654509.png)
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Abstract
En 中文
This study investigates how technological differentiation between technology peer firms and target firms, as well as R&D information disclosure, affects the market value revision of technology peers. Using 1233 technology M&As in China from 2013 to 2021, we identify target firms’ technology peers based on technology overlap, and find that technology M&As trigger positive short-term value revisions for technology peers, suggesting that acquisition announcements disseminate new information about technology value through technology space. Furthermore, technological differentiation significantly reduces peers’ cumulative abnormal returns, indicating that differentiated technological trajectories weaken the market’s valuation of technological synergies. By contrast, R&D information disclosure enhances value revision and mitigates the negative effect of technological differentiation. These effects are more pronounced among firms with stronger knowledge management, less private information, lower firm maturity, and higher supply chain concentration. Our findings provide new evidence on capital market pricing mechanisms in the context of technology acquisitions.
Keywords:
Technological differentiation
R&D information disclosure
market value revision
knowledge management
technology M&As
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