Ownership structure and corporate strategy: One question viewed from two different worlds

Strategic Management Journal

Volumn 20, Issue 11, 1999, Pages 1077-1086

  Lane, Peter J ^a   Cannella Jr , Albert A ^b   Lubatkin, Michael H ^c,d  

^a ARIZONA STATE UNIVERSITY   (United States)

^b TEXAS A AND M UNIVERSITY   (United States)

^c UNIVERSITY OF CONNECTICUT   (United States)

^d Department of Business Policy   (France)

Author keywords

Agency theory; Diversification; Management theory; Mergers; Scientific disciplines

Indexed keywords

EID: 0008782221     PISSN: 01432095     EISSN: None     Source Type: Journal    
DOI: 10.1002/(sici)1097-0266(199911)20:11<1077::aid-smj68>3.3.co;2-f     Document Type: Article

References (43)

1. Amihud, Y. and B. Lev (1981). 'Risk reduction as a managerial motive for conglomerate mergers', Bell Journal of Economics, 12, pp. 605-617.
2. Amihud, Y. and B. Lev (1999). 'Does the corporate ownership structure affect its strategy toward diversification?', Strategic Management Journal, 20(11), pp. 1063-1069.
3. Amihud, Y., J. Y. Kamin, and J. Ronen (1983). '"Managerialism", "ownerism", and risk', Journal of Banking and Finance, 7, pp. 189-196.
4. Barkema, H. G. and L. R. Gomez-Mejia (1998). 'Managerial compensation and firm performance: A general research framework', Academy of Management Journal, 41(2), pp. 135-145.
5. Baysinger, B. and H. Butler (1985). 'Corporate governance and the board of directors: Performance effects of changes in board composition', Journal of Law, Economics, and Organization, 1, pp. 101-124.
6. Bettis, R. A. (1991). 'Strategic management and the straightjacket', Organization Science, 2(3), pp. 315-319.
7. Bourgeois, L. J. III. (1984). 'Strategic management and determinism', Academy of Management Review, 9, pp. 586-596.
8. Brown, J. S. and P. Duguid (1991). 'Organizational learning and communities of practice: Toward a unified view of working, learning, and innovation', Organization Science, 2(1): 40-57.
9. Byrd, J. W. and K. H. Hickman (1992). 'Do outside directors monitor managers?', Journal of Financial Economics, 32, pp. 195-221.
10. Chatterjee, S., M. Lubatkin, and B. Schulze (1999). 'Towards a strategic theory of risk premium: Moving beyond CAPM', Academy of Management Review, 24(3), pp. 556-567.
11. Child, J. (1972). 'Organization structure, environment, and performance: The role of strategic choice', Sociology, 6, pp. 1-22.
12. Cohen, J. (1990). 'Things I have learned (so far)', American Psychologist, 45(12), pp. 1304-1312.
13. Coughlan, A. and R. Schmidt (1985). 'Executive compensation, management turnover, and firm performance: An empirical investigation', Journal of Accounting and Economics, 7, pp. 43-66.
14. Davis, J. H., F. D. Schoorman, and L. Donaldson (1997). Toward a stewardship theory of management', Academy of Management Review, 22(1), pp. 20-47.
15. Denis, D. J., D. K. Denis, and A. Sarin (1997). 'Agency problems, equity ownership, and corporate diversification', Journal of Finance, 52, pp. 135-160.
16. Denis, D. J., D. K. Denis, and A. Sarin (1999). 'Agency theory and the influence of equity ownership on corporate diversification strategies', Strategic Management Journal, 20(11), pp. 1071-1076.
17. Fama, E. F. and M. C. Jensen (1983). 'Separation of ownership and control', Journal of Law and Economics, 26, pp. 301-325.
18. Feyerabend, P. (1980). Against Method. London, Verso.
19. Finkelstein, S. and B. K. Boyd (1998). 'How much does the CEO matter? The role of managerial discretion in the setting of CEO compensation', Academy of Management Journal, 41(2), pp. 179-199.
20. Finkelstein, S. and R. A. D'Aveni (1994). 'CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command', Academy of Management Journal, 37(5), pp. 1079-1108.
21. Ghoshal, S. and P. Moran (1996). 'Bad for practice: A critique of the transaction cost theory', Academy of Management Review, 21(1), 13-47.
22. Hambrick, D. C., and S. Finkelstein (1987). 'Managerial discretion: A bridge between two polar views on organizations', In B. M. Staw and L. L. Cummings (eds.), Research in Organizational Behavior, Vol. 9. JAI Press, Greenwich, CT, pp. 369-406.
23. Jensen, M. C. 1983. 'Organization theory and methodology', The Accounting Review, 58, pp. 319-339.
24. Jensen, M. C. (1939). 'Eclipse of the public corporation', Harvard Business Review, 67(5), pp. 61-74.
25. Jensen, M. C. (1994). 'Self-interest, altruism, incentives, and agency', Journal of Applied Corporate Finance, 7(Summer), pp. 40-45.
26. Jensen, M. C. and W. F. Meckling (1976). 'Theory of the firm: Managerial behavior, agency costs, and ownership structure', Journal of Financial Economics, 3, pp. 305-360.
27. Johnson R., R. Hoskisson, and M. Hitt (1993). 'Board of director involvement in restructuring: The effects of board versus managerial controls and characteristics', Strategic Management Journal, Summer Special Issue 14, pp. 33-50.
28. Kuhn, T. S. (1970) The Structure of Scientific Revolutions (2nd ed.). University of Chicago Press, Chicago, IL.
29. Lane, P. J., A. Cannella, and M. Lubatkin (1998). 'Agency problems as antecedents to unrelated diversification: Amihud and Lev reconsidered', Strategic Management Journal, 19(6), pp. 555-578.
30. Lloyd, W. P., J. H. Hand, and N. K. Mondani (1987). 'The effect of the degree of ownership control on firm diversification, market value, and merger activity', Journal of Business Research, 15, pp. 30-312.
31. Lubatkin, M, H. Merchant, and N. Srinivasan (1993). 'Construct validity of some unweighted product-count diversification measures', Strategic Management Journal, 12(4), pp. 433-449.
32. Lubatkin, M. (1983). 'Mergers and the performance of the acquiring lirm', Academy of Management Review, 8, pp. 218-225.
33. Mitchell, W. (1998). 'Commentary on "Entry into new market segments in mature industries: Endogenous and exogenous segmentation in the U.S. brewing industry" by A. Swaminathan', Strategic Management Journal, 19(4), pp. 405-411.
34. Morck, R., A. Shleifer, and R. W. Vishny (1990). 'Do managerial objectives drive bad acquisitions?', Journal of Finance, 45, pp. 31-48.
35. Pfeffer, J. (1993). 'Barriers to the advancement of organizational science: Paradigm development as a dependent variable', Academy of Management Review, 18, pp. 599-620.
36. Planck, M. (1949). Scientific Autobiography and Other Papers. Greenwood Press, New York.
37. Porter, M. E. (1987). 'From competitive advantage to corporate strategy,' Harvard Business Review, 65(3), pp. 43-59.
38. Rumelt, R. P. (1974). Strategy, Structure, and Economic Performance, Harvard Business School, Division of Research, Boston, MA.
39. Schulze, B., M. Lubatkin, and R. Dino (1999). 'Towards an agency theoretic model of family firms', University of Connecticut working paper.
40. Thaler, R. H. and H. M. Shefrin, (1981). 'An economic theory of self-control', Journal of Political Economy, 89(2), pp. 392-406.
41. Walsh, J. P. and R. D. Kosnik (1993). 'Corporate raiders and their disciplinary role in the market for corporate control', Academy of Management Journal, 35, pp. 671-700.
42. Wood, A. (1971). 'Diversification, merger, and research expenditures: A review of empirical studies', In R. Morris and A. Wood (eds.), The Corporate Economy: Growth, Competition, and Innovation Potential. Harvard University Press, Cambridge, MA, pp. 428-453.
43. Zolo, D. (1989). Reflexive Epistemology: The Philosophical Legacy of Otto Neurath. Kulwer Academic Publishers, Boston, MA.