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Strategic Management Journal Strat. Mgmt. J., 22: 197–220 (2001) TECHNOLOGICAL ACQUISITIONS AND THE INNOVATION PERFORMANCE OF ACQUIRING FIRMS: A LONGITUDINAL STUDY GAUTAM AHUJA1* and RIITTA KATILA2 1College of Business Administration, University of Texas at Austin, Austin, Texas, U.S.A. 2Robert H. Smith School of Business, University of Maryland, College Park, Mary- land, U.S.A. This paper examines the impact of acquisitions on the subsequent innovation performance of acquiring firms in the chemicals industry. We distinguish between technological acquisitions, acquisitions in which technology is a component of the acquired firm’s assets, and nontechnologi- cal acquisitions: acquisitions that do not involve a technological component. We develop a framework relating acquisitions to firm innovation performance and develop a set of measures for quantifying the technological inputs a firm obtains through acquisitions. We find that within technological acquisitions absolute size of the acquired knowledge base enhances innovation performance, while relative size of the acquired knowledge base reduces innovation output. The relatedness of acquired and acquiring knowledge bases has a nonlinear impact on innovation output. Nontechnological acquisitions do not have a significant effect on subsequent innovation output. Copyright ? 2001 John Wiley Sons, Ltd. how organizations absorb andIn this paper we examine the impact of acqui- sitions on the subsequent innovation performance of acquiring firms. Studying the impact of acqui- sitions on postacquisition innovation performance is important from at least three perspectives. First, this evaluation is important from the perspective of organizational learning and innovation, and helps us understand how organizations absorb and use external knowledge. Firm-level theories of technical change suggest that a firm’s inno- vativeness is an outcome of increases in its knowledge base (Griliches, 1984, 1990; Pakes and