Redeployment of corporate resources: A study of acquisition strategies in the US defense industries, 1978-1996

Managerial and Decision Economics

Volumn 25, Issue 6-7, 2004, Pages 383-400

  Anand, Jaideep ^a  

^a OHIO STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 13244255483     PISSN: 01436570     EISSN: None     Source Type: Journal    
DOI: 10.1002/mde.1197     Document Type: Review

References (80)

1. Anand J, Singh H. 1997. Asset redeployment, acquisitions and corporate strategy in declining industries. Strategic Management Journal 14(1): 33-46.
2. Barney JB. 1991. Firm resources and sustained competitive advantage. Journal of Management 17: 99-120.
3. Baum JAC, Singh JV. 1994. Organizational niches and the dynamics of organizational mortality. Organization Science.
4. Berle AA, Means GC. 1932. The Modern Corporation and Private Property. Macmillan: New York.
5. Bethel JE, Liebeskind J. 1993. The effects of ownership structure on corporate restructuring. Strategic Management Journal 14: 15-32.
6. Bowman EH, Singh H. 1993. Corporate restructuring: reconfiguring the firm. Strategic Management Journal 14: 5-14.
7. Brauer J, Marlin JT. 1992. Converting resources from military to non-military uses. Journal of Economic Perspectives 6(4): 145
8. Burgelman RA. 1994. Fading memories: a process theory of strategic business exit in dynamic environments. Administrative Science Quarterly 39: 24-56.
9. Capron L, Dussauge P, Mitchell W. 1998. Resource deployment following horizontal mergers and acquisitions in Europe and United States, 1988-1992. Strategic Management Journal 19: 631-661.
10. Capron L, Swaminathan A, Mitchell W. 1998. Post-acquisition resource redeployment and divestitures: an evolutionary view. Working Paper. University of Michigan Business School.
11. Chang SJ. 1992. A knowledge based perspective on corporate growth: entry, exit, and economic performance during 1981-1989. Unpublished Dissertation, Wharton School, University of Pennsylvania.
12. Chatterjee S, Lubatkin MH, Schweiger DM, Weber Y. 1992. Cultural differences and shareholder value in related mergers: linking equity and human capital. Strategic Management Journal 319-334.
13. Cohen WM, Levinthal DA. 1990. Absorptive capacity: a new perspective on learning and innovation. Administrative Science Quarterly 35: 128-152.
14. Conner KR. 1991. A historical comparison of resource-based theory and five schools of thought within industrial organization economics: do i have a new theory of the firm? Journal of Management 17: 121-154.
15. Cyert RM, March JG. 1963. A Behavioral Theory of the Firm. Prentice Hall: Englewood Cliffs, NJ.
16. Defense Conversion Commission, 1993. Adjusting to the Drawdown (and annexes). Washington, DC: US Department of Defense.
17. Dial J, Murphy K.J. 1995. Incentives, downsizing and value creation at general dynamics. Journal of Financial Economics 37: 261-314.
18. Dierickx I, Cool K. 1989. Asset stock accumulation and sustainability of competitive advantage. Management Science 35(12): 1504-1513.
19. DiMaggio P. 1988. Interest and Agency in Institutional Theory. In Institutional Patterns and Organizations (3-22, edn.). Ballinger: Lynne Zucker, Cambridge, MA.
20. Dosi G. 1982. Technological paradigms and technological trajectories. Research Policy 11: 147-162.
21. Dutz MA. 1989. Horizontal mergers in declining industries: theory and evidence. International Journal of Industrial Organization 7: 11-33.
22. Fama E, Michael Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 301-325.
23. Farjoun M. 1998. The independent and joint effects of the skill and physical bases of relatedness in diversification. Strategic Management Journal 19(7): 611-630.
24. Galunic CD, Rodan S. 1998. Resource recombinations in the firm: knowledge structures and the potential for schumpeterian recombination. Strategic Management Journal 19(12): 1193-1201.
25. Gatignon H, Anderson E. 1988. The multinational corporation's degree of control over foreign subsidiaries: an empirical test of transactions cost explanation. Journal of Law, Economics and Organization 4.
26. Gorecki, Paul K. 1975. The determinants of entry by new and diversifying enterprises in the manufacturing sector, 1958-1963. Applied Economics 7: 165-174.
27. Gupta AK, Singh H. 1998. The quest for synergy: inter-SBU coordination vs. external alliances. Working Paper, University of Maryland.
28. Hall BH. 1993. The stock market's valuation of R&D investment during the 1980s. American Economic Review 83: 259-265.
29. Hannan MT, Freeman J. 1989. Organizational Ecology. Harvard University Press: Cambridge, MA.
30. Hannan MT, Ranger-Moore J, Benaszak-Holl J. 1990. Competition and the Evolution of Organizational Size Distributions. In J.V. Singh (ed.), Organizational Evolution: New Directions. Newbury Park, CA: Sage Publications.
31. Harrison JS, Hitt MA, Hoskisson RE, Ireland RE. 1991. Synergies and post acquisition performance: differences vs. similarities in resource allocation. Journal of Management 17: 173-190.
32. Haveman H. 1992. Between a Rock and A Hard Place. Organizational change and performance under conditions of fundamental environmental transformation. Administrative Science Quarterly 37: 48-75.
33. Hayward MLA, Hambrick DC. 1997. Explaining the premium paid for large acquisitions: Evidence of CEO hubris. Administrative Science Quarterly 42(1): 103-127.
34. Helfat CE, Eisenhardt KM. 2003. Inter-temporal economies of scope, organizational modularity and the dynamics of diversification, Working paper, Tuck School of Business, Dartmouth College.
35. Hoskisson R, Hitt M. 1990. Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives. Journal of Management 16(2): 461-509.
36. Hoskisson RE, Johnson RA, Moesel DD. 1994. Corporate divestiture intensity in restructuring firms: effects of governance, strategy, and performance. Academy of Management Journal 37(5): 1207-1252.
37. Itami H. 1987. Mobilizing Invisible Assets. Harvard University Press: Cambridge, MA.
38. Jensen MC. 1986. Agency costs of free cash flow, corporate finance and takeovers. Journal of Economic Perspectives 2: 21-48.
39. Jensen M, Meckling W. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 305-360.
40. Kogut B, Zander U. 1996. What firms do? Coordination, Identity and Learning, Organization Science 7: 502-518.
41. Lane PJ, Cannella Jr. AA, Lubatkin MH. 1998. Agency problems as antecedents to unrelated mergers and acquisitions: amihud and lev reconsidered. Strategic Management Journal 19: 555-578.
42. Leonard-Barton D. 1992. Core capabilities and core rigidities: a paradox in managing new product development. Strategic Management Journal 13: 111-125.
43. Lemelin A. 1982. Relatedness in the pattern of interindustry diversification. Review of Economics and Statistics 64: 646-657.
44. Levinthal DA. 1991. Organizational adaptation and environmental selection-interrelated processes of change. Organization Science 2.
45. Lundquist JT. 1992. Shrinking fast and smart in the defense industry. Harvard Business Review, Boston 70(6): 74-85.
46. MacDonald JM. 1985. R&D and the directions of diversification. Review of Economics and Statistics 67: 583-590.
47. Manski CF, McFadden D. 1981. Alternative estimators and sample designs for discrete choice analysis. In Structural Analysis of Discrete Data with Econometric Applications, Manski CF, McFadden D (eds). MIT Press: Cambridge, MA.
48. Markusen A, Yudken J. 1992. Dismantling the Cold War. New York, NY: Basic Books.
49. Megna P, Mueller D. 1991. Profit rates and intangible capital. Review of Economics and Statistics 632-642.
50. Miles RH. 1982. Coffin Nails and Corporate Strategies. Prentice-Hall: Englewood Cliffs, NJ.
51. Mitchell W. 1994. The dynamics of evolving markets: the effects of business sales and age on dissolutions and divestitures. Administrative Science Quarterly 39: 575-602.
52. Montgomery CA, Hariharan S. 1991. Diversified expansion by large established firms. Journal of Economic Behavior and Organization 15: 71-89.
53. Morck R, Shleifer A, Vishny R. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 293-315.
54. Murphy KJ, Dial J. 1993. General Dynamics: Compensation and Strategy, (A) and (B). HBS case nos. 9-494-048, 9-494-049. Harvard Business School: Boston, MA.
55. Nelson RR, Winter SG. 1982. An Evolutionary Theory of Economic Change. The Belknap Press of Harvard University Press: Cambridge, MA.
56. Office of Technology Assessment (OTA), U.S. Congress, 1991. Redesigning Defense: Planning the Transition to the Future U.S. Defense Industrial Base. OTA-ISC500. US Government Printing Office: Washington, DC.
57. Office of Technology Assessment (OTA), U.S. Congress, 1992. After the Cold War: Living With Lower Defense Spending. OTA-ITE-524. US Government Printing Office: Washington, DC.
58. Oliver C. 1997. Sustainable competitive advantage: combining institutional and resource-based views. Strategic Management Journal 18: 697-713.
59. Penrose E. 1959. The Theory of the Growth of the Firm. M.E. Sharpe Inc: White Plains, NY.
60. Peteraf MA. 1993. The cornerstones of competitive advantage: a resource-based view. Strategic Management Journal 14: 171-191.
61. Peters T. 1992. Rethinking scale. California Management Review Fall: 7-29.
62. Peterson, Donna JS, Nicholas R. Chacht, Paul R. McLenon. 1987. Identifying Industrial Base Deficiencies. Logistics Management Institute: Bethseda, MD.
63. Ramaswamy V, Andersons, E, DeSarbo W. 1994. A disaggregate negative binomial regression procedure for count data analysis. Review of Economics and Statistics pp. 405-417.
64. Ravenscraft DA, Scherer FM. 1987. Mergers, Selloffs and Economic Efficiency. Brookings Institute: Washington, DC.
65. Rosen S. 1982. Authority, control and the distribution of earnings. Bell Journal of Economics 13: 2.
66. Rubin PH. 1973. The expansion of firms. Journal of Political Economy 81: 936-949.
67. Scherer FM, Ross D. 1990. Industrial Market Structure and Economic Performance (3rd edn). Houghton Mifflin Co.: Boston.
68. Schumpeter J. 1934. The Theory of Economic Development. Harvard University Press: Cambridge, MA.
69. Selznick P. 1957. Leadership in Administration: A Sociological Interpretation. Harper&Row: New York.
70. Singh H, Montgomery CA. 1987. Corporate acquisition strategies and economic performance. Strategic Management Journal 8: 377-386.
71. Smith R, Smith D. 1992. Corporate strategy, corporate culture and conversion; adjustment in the defence industry. Business Strategy Review Summer: 45-57.
72. Szulanski G. 1996. Exploring internal stickness: impediments to the transfer of best practice within the firm. Strategic Management Journal 17: 27-43.
73. Teece DJ. 1982. Towards an economic theory of the multi-product firm. Journal of Economic Behavior and Organization 3: 39-63.
74. Teece DJ. 1987. Technological Change and the Nature of the Firm. In The Competitive Challenge, Teece, DJ. (ed.). Harper and Row Publishers: New York.
75. Teece DJ, Pisano G, Shuen A. 1997. Dynamic capabilities and strategic management. Industrial and Corporate Change.
76. Tolbert PS, Zucker LG. 1983. Institutional sources of change in the formal structure of organizations: the diffusion of civil service reform, 1880-1935. Administrative Science Quarterly 28: 22-39.
77. Weidenbaum ML. 1992. Small Wars, Big Defense: Paying for the Military After the Cold War. Oxford University Press: New York.
78. Wernerfeit B. 1984. A resource-based view of the firm. Strategic Management Journal 5: 171-180.
79. Wernerfelt B, Montgomery CA. 1988. Tobin's q and the importance of focus in firm performance. American Economic Review 78: 246-251.
80. Williamson OE. 1975. Markets and Hierarchies: Analysis and Antitrust Implications. Free Press: New York.