Divestitures and their impact on the innovative capacity of firms

ACKNOWLEDGEMENTS After an educational period of nearly three years at the Erasmus University I can present my thesis. My thesis surrounds itself around a topic that has in economic research only infrequently been touched upon over recent years, but has proved to be of major relevance in both business practice and economic research. In thesis the impact of divestitures, as part of corporate restructuring, on a firm’s research and development activities was examined. This thesis could not have developed itself without my thesis supervisor Prof. Dr. Pennings. Throughout the process Prof. Dr. Pennings has been of great assistance by providing me with the necessary guidance and patience, and thereby assisting me in completing my thesis. Even though a master thesis at the Erasmus University forms the last hurdle in the chase for graduation, a master thesis is part of a much broader educational program and personal experience. Throughout my years at the Erasmus University the level of education, the different surroundings compared to the Rotterdam Business School, and the contact with fellow students and professors, were a tremendous and eventful experiences. Besides the experiences at the Erasmus University, family and friends have been incredibly important throughout my studies. Without their help and affection, all this could not have been achieved. NON-PLAGIARISM STATEMENT By submitting this thesis the author declares to have written this thesis completely by himself/herself, and not to have used sources or resources other than the ones mentioned. All sources used, quotes and citations that were literally taken from publications, or that were in close accordance with the meaning of those publications, are indicated as such. COPYRIGHT STATEMENT The author has copyright of this thesis, but also acknowledges the intellectual copyright of contributions made by the thesis supervisor, which may include important research ideas and data. Author and thesis supervisor will have made clear agreements about issues such as confidentiality. Electronic versions of the thesis are in principle available for inclusion in any EUR thesis database and repository, such as the Master Thesis Repository of the Erasmus University Rotterdam ii