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Economic entities get involved in mergers and acquisitions (M&As) because they are interested in external growth strategies which can lead to an increase in the wealth of the shareholders of the participating entities. In M&As, from an acquirer or a target’s perspective, a company brings its resources, which can be material or immaterial (knowledge). In the post-M&A phase, through the integration process the shareholders expect synergy gains, or that the combined firms to report efficiency gains higher than if they would activate separately. In nowadays, in a boundaryless economy, one of the most appreciated resources is knowledge. In this respect, the intangible assets, in general, and patents, in particular, are the accounting representation of knowledge in a company. They are also considered to be predictors for the deal value paid to the target company. To those we add the size of the target company, its core activity and the value of the research and development expenses, the latter being a significant mediator variable for the proposed models.

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Research question:The study aims to identify the microeconomic factors that influence the amount of stake purchased in Romanian acquisitions. Motivation: Romania is a market with potential and one of the fastest growing economies in the European Union, facts that make Romanian companies appealing for this type of restructuring transactions. Thus, Romanian companies participate in acquisitions, being either in the position of acquirers or target entities (in most cases). We want to identify if the purchased stake is significantly influenced by a series of factors, related to both involved companies. Idea: The decision of an acquirer to purchase a stake in a target company depends on both its characteristics and the ones of the target company which meets its needs. Considering this assumption, we use a series of financial and nominal factors, which are related to both companies involved (productivity and workforce ratios, the relatedness between the activities of the companies involved and the national/international dimension on the investment), to estimate how much they influence the purchased stake in Romanian acquisitions. Data:The study is based on a sample of 192 acquisitions, with one target and one acquirer, in which a Romanian company was involved, for 2010-2017 period of time. Out of these, 130 transactions are industry acquisitions and 62 transactions are services acquisitions. Tools: We use linear regression, crosstabulation and ANOVA. Findings: Using a mediation model, the results will show that the workforce ratio, the productivity ratio and the relatedness of the two companies have a significantly influence in the percentage purchased in the target company, but the national/international side of the M&As lead to an increase in the capacity of the

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