메뉴 건너뛰기




Volumn 51, Issue 1, 2008, Pages 113-130

The performance implications of participating in an acquisition wave: Early mover advantages, bandwagon effects, and the moderating influence of industry characteristics and acquirer tactics

Author keywords

[No Author keywords available]

Indexed keywords


EID: 42149121444     PISSN: 00014273     EISSN: None     Source Type: Journal    
DOI: 10.5465/AMJ.2008.30755057     Document Type: Article
Times cited : (237)

References (68)
  • 1
    • 0005826671 scopus 로고
    • Institutional and competitive bandwagons: Using mathematical modeling as a tool to explore innovation diffusion
    • Abrahamson, E., & Rosenkopf, L. 1993. Institutional and competitive bandwagons: Using mathematical modeling as a tool to explore innovation diffusion. Academy of Management Review, 18: 487-517.
    • (1993) Academy of Management Review , vol.18 , pp. 487-517
    • Abrahamson, E.1    Rosenkopf, L.2
  • 2
    • 48749149426 scopus 로고
    • Merger bids, uncertainty, and stockholder returns
    • Asquith, P. 1983. Merger bids, uncertainty, and stockholder returns, Journal of Financial Economics, 11: 51-83.
    • (1983) Journal of Financial Economics , vol.11 , pp. 51-83
    • Asquith, P.1
  • 3
    • 84896930624 scopus 로고
    • Firm resources and sustained competitive advantage
    • Barney, J. 1991. Firm resources and sustained competitive advantage. Journal of Management, 17: 99-120
    • (1991) Journal of Management , vol.17 , pp. 99-120
    • Barney, J.1
  • 4
    • 0002737253 scopus 로고
    • The validity of profits-structure studies with particular reference to the FTC's line of business data
    • Bentson, J. G. 1985. The validity of profits-structure studies with particular reference to the FTC's line of business data. American Economic Review, 75: 37-67.
    • (1985) American Economic Review , vol.75 , pp. 37-67
    • Bentson, J.G.1
  • 7
    • 0002058423 scopus 로고
    • On the measurement of organizational slack
    • Bourgeois, L. J. 1981. On the measurement of organizational slack. Academy of Management Review, 6: 29-39.
    • (1981) Academy of Management Review , vol.6 , pp. 29-39
    • Bourgeois, L.J.1
  • 11
    • 0009375355 scopus 로고
    • Are hostile takeovers different?
    • L. E. Browne & E. S. Rosengren Eds, Boston: Federal Reserve Bank
    • Browne, L. E., & Rosengren, E. S. 1987. Are hostile takeovers different? In L. E. Browne & E. S. Rosengren (Eds.), The merger boom: 199-229. Boston: Federal Reserve Bank.
    • (1987) The merger boom , pp. 199-229
    • Browne, L.E.1    Rosengren, E.S.2
  • 12
    • 0036724577 scopus 로고    scopus 로고
    • When do acquirers earn abnormal returns?
    • Capron, L., & Pistre, N. 2002. When do acquirers earn abnormal returns? Strategic Management Journal, 23: 781-794.
    • (2002) Strategic Management Journal , vol.23 , pp. 781-794
    • Capron, L.1    Pistre, N.2
  • 13
    • 2442529819 scopus 로고    scopus 로고
    • Do early birds get the returns? An empirical investigation of early mover advantages in acquisitions
    • Carow, K., Heron, R., & Saxton, T. 2004. Do early birds get the returns? An empirical investigation of early mover advantages in acquisitions. Strategic Management Journal, 25: 563-585.
    • (2004) Strategic Management Journal , vol.25 , pp. 563-585
    • Carow, K.1    Heron, R.2    Saxton, T.3
  • 14
    • 0032355290 scopus 로고    scopus 로고
    • Latecomer strategies: Evidence from the semiconductor industry in Japan and Korea
    • Cho, D., Kim, D., & Rhee, D. 1998. Latecomer strategies: Evidence from the semiconductor industry in Japan and Korea. Organization Science, 9: 489-505.
    • (1998) Organization Science , vol.9 , pp. 489-505
    • Cho, D.1    Kim, D.2    Rhee, D.3
  • 15
    • 0141763412 scopus 로고
    • Organizational routines are stored as procedural memory: Evidence from a laboratory study
    • Cohen, M. D., & Bacdayan, P. 1994. Organizational routines are stored as procedural memory: Evidence from a laboratory study. Organization Science, 5: 554-568.
    • (1994) Organization Science , vol.5 , pp. 554-568
    • Cohen, M.D.1    Bacdayan, P.2
  • 16
    • 0000846021 scopus 로고
    • Common stock returns in corporate takeover bids: Evidence from interstate bank mergers
    • Cornett, M. M., & De, S. 1991. Common stock returns in corporate takeover bids: Evidence from interstate bank mergers. Journal of Banking and Finance, 15: 273-296.
    • (1991) Journal of Banking and Finance , vol.15 , pp. 273-296
    • Cornett, M.M.1    De, S.2
  • 18
    • 84936628478 scopus 로고
    • Dimensions of organizational task environments
    • Dess, G., & Beard, D. 1984. Dimensions of organizational task environments. Administrative Science Quarterly, 29: 52-73.
    • (1984) Administrative Science Quarterly , vol.29 , pp. 52-73
    • Dess, G.1    Beard, D.2
  • 19
    • 0039334116 scopus 로고
    • Does the market react differently to domestic and foreign takeover announcements? Evidence from the U.S. chemical and retail industries
    • Dewenter, K. 1995. Does the market react differently to domestic and foreign takeover announcements? Evidence from the U.S. chemical and retail industries. Journal of Financial Economics, 37: 421-441.
    • (1995) Journal of Financial Economics , vol.37 , pp. 421-441
    • Dewenter, K.1
  • 20
    • 0000953669 scopus 로고
    • The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields
    • DiMaggio, P., & Powell, W. 1983 The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48: 147-160.
    • (1983) American Sociological Review , vol.48 , pp. 147-160
    • DiMaggio, P.1    Powell, W.2
  • 21
    • 0000447605 scopus 로고
    • Asymmetric information and the medium of exchange in takeovers: Theory and tests
    • Eckbo, R., Giammarino, R., & Heinkel, R. 1990. Asymmetric information and the medium of exchange in takeovers: Theory and tests. Review of Financial Studies, 4: 651-675.
    • (1990) Review of Financial Studies , vol.4 , pp. 651-675
    • Eckbo, R.1    Giammarino, R.2    Heinkel, R.3
  • 22
    • 0002155441 scopus 로고    scopus 로고
    • Interindustry merger patterns and resource dependence: A replication and extension of Pfeffer 1972
    • Finkelstein, S. 1997. Interindustry merger patterns and resource dependence: A replication and extension of Pfeffer 1972. Strategic Management Journal, 18: 787-810.
    • (1997) Strategic Management Journal , vol.18 , pp. 787-810
    • Finkelstein, S.1
  • 23
    • 0037257248 scopus 로고    scopus 로고
    • Waking up! Mindfulness in the face of bandwagons
    • Fiol, C. M., & O'Connor, E. J. 2003. Waking up! Mindfulness in the face of bandwagons. Academy of Management Review, 28: 54-70.
    • (2003) Academy of Management Review , vol.28 , pp. 54-70
    • Fiol, C.M.1    O'Connor, E.J.2
  • 25
    • 33645397408 scopus 로고    scopus 로고
    • First mover advantages in international business and firm-specific political resources
    • Frynas, J. G., Mellahi, K., & Pigman, G. A. 2006. First mover advantages in international business and firm-specific political resources. Strategic Management Journal, 27: 321-345.
    • (2006) Strategic Management Journal , vol.27 , pp. 321-345
    • Frynas, J.G.1    Mellahi, K.2    Pigman, G.A.3
  • 26
    • 0002092345 scopus 로고
    • Evolutionary processes and patterns of core business change
    • J. A. C. Baum & J. V. Singh Eds, Oxford, U.K, Oxford University Press
    • Ginsberg, A., & Baum, J. A. C. 1994. Evolutionary processes and patterns of core business change. In J. A. C. Baum & J. V. Singh (Eds.), Evolutionary dynamics of organizations: 127-151. Oxford, U.K.: Oxford University Press.
    • (1994) Evolutionary dynamics of organizations , pp. 127-151
    • Ginsberg, A.1    Baum, J.A.C.2
  • 27
    • 0033247481 scopus 로고    scopus 로고
    • The influence of organization acquisition experience on acquisition performance: A behavioral learning perspective
    • Haleblian, J., & Finkelstein, S. 1999. The influence of organization acquisition experience on acquisition performance: A behavioral learning perspective. Administrative Science Quarterly, 44: 29-56.
    • (1999) Administrative Science Quarterly , vol.44 , pp. 29-56
    • Haleblian, J.1    Finkelstein, S.2
  • 28
    • 33646558909 scopus 로고    scopus 로고
    • The influence of acquisition experience and performance on acquisition behavior: Evidence from the U.S. commercial banking industry
    • Haleblian, J., Kim, J., & Rajagopalan, N. 2006. The influence of acquisition experience and performance on acquisition behavior: Evidence from the U.S. commercial banking industry. Academy of Management Journal, 49: 357-370.
    • (2006) Academy of Management Journal , vol.49 , pp. 357-370
    • Haleblian, J.1    Kim, J.2    Rajagopalan, N.3
  • 30
    • 85046754669 scopus 로고
    • Interorganizational imitation: The impact of interlocks on corporate acquisition activity
    • Haunschild, P. R. 1993. Interorganizational imitation: The impact of interlocks on corporate acquisition activity, Administrative Science Quarterly, 38: 564-592.
    • (1993) Administrative Science Quarterly , vol.38 , pp. 564-592
    • Haunschild, P.R.1
  • 31
    • 0036216897 scopus 로고    scopus 로고
    • When do firms learn from their acquisition experience? Evidence from 1990-1995
    • Hayward, M. L. A. 2002. When do firms learn from their acquisition experience? Evidence from 1990-1995. Strategic Management Journal, 23: 21-39.
    • (2002) Strategic Management Journal , vol.23 , pp. 21-39
    • Hayward, M.L.A.1
  • 34
    • 84977712240 scopus 로고
    • The success of acquisitions: Evidence from divestitures
    • Kaplan, S. N., & Weisbach, M. S. 1992. The success of acquisitions: Evidence from divestitures. Journal of Finance, 47: 107-138.
    • (1992) Journal of Finance , vol.47 , pp. 107-138
    • Kaplan, S.N.1    Weisbach, M.S.2
  • 35
    • 0037758317 scopus 로고
    • First-mover advantage: A synthesis, conceptual framework, and research propositions
    • Kerin, R. A., Varadarajan, P. R., Peterson, R. A. 1992. First-mover advantage: A synthesis, conceptual framework, and research propositions. Journal of Marketing, 56: 33-52.
    • (1992) Journal of Marketing , vol.56 , pp. 33-52
    • Kerin, R.A.1    Varadarajan, P.R.2    Peterson, R.A.3
  • 36
    • 0742285882 scopus 로고    scopus 로고
    • Metaanalyses of post-acquisition performance: Indications of unidentified moderators
    • King, D., Dalton, D., Daily, C., & Covin, J. 2004. Metaanalyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25: 187-200.
    • (2004) Strategic Management Journal , vol.25 , pp. 187-200
    • King, D.1    Dalton, D.2    Daily, C.3    Covin, J.4
  • 39
    • 0000287182 scopus 로고    scopus 로고
    • First-mover disadvantages: Retrospective and link with resource-based view
    • Lieberman, M. B., & Montgomery, D. B. 1998. First-mover disadvantages: Retrospective and link with resource-based view. Strategic Management Journal, 19: 1111-1125.
    • (1998) Strategic Management Journal , vol.19 , pp. 1111-1125
    • Lieberman, M.B.1    Montgomery, D.B.2
  • 40
    • 0001424333 scopus 로고
    • Mergers and the performance of the acquiring firm
    • Lubatkin, M. H. 1983. Mergers and the performance of the acquiring firm. Academy of Management Review, 8: 218-225.
    • (1983) Academy of Management Review , vol.8 , pp. 218-225
    • Lubatkin, M.H.1
  • 41
    • 84989133355 scopus 로고
    • An empirical investigation of the effect of corporate charter antitakeover amendments on stockholder wealth
    • Mahoney, J. M., & Mahoney, J. T. 1993. An empirical investigation of the effect of corporate charter antitakeover amendments on stockholder wealth. Strategic Management Journal, 14: 17-32.
    • (1993) Strategic Management Journal , vol.14 , pp. 17-32
    • Mahoney, J.M.1    Mahoney, J.T.2
  • 42
    • 0000665945 scopus 로고    scopus 로고
    • Can first mover and early advantages be sustained in an industry with low barriers to entry/imitation?
    • Makadok, R. 1998. Can first mover and early advantages be sustained in an industry with low barriers to entry/imitation? Strategic Management Journal, 19: 683-696.
    • (1998) Strategic Management Journal , vol.19 , pp. 683-696
    • Makadok, R.1
  • 43
    • 21144459267 scopus 로고
    • Effects of board composition and stock ownership on the adoption of poison pills
    • Mallette, P., & Fowler, K. 1992. Effects of board composition and stock ownership on the adoption of poison pills. Academy of Management Journal, 35: 1010-1035.
    • (1992) Academy of Management Journal , vol.35 , pp. 1010-1035
    • Mallette, P.1    Fowler, K.2
  • 44
    • 84989071095 scopus 로고
    • First-mover effects in multiple dynamic markets
    • Mascarenhas, B. 1992. First-mover effects in multiple dynamic markets, Strategic Management Journal, 13: 237-243.
    • (1992) Strategic Management Journal , vol.13 , pp. 237-243
    • Mascarenhas, B.1
  • 45
    • 0031287507 scopus 로고    scopus 로고
    • Decision making in organizational setting: Cognitive and organizational influences on risk assessment in commercial lending
    • McNamara, G., & Bromiley, P. 1997. Decision making in organizational setting: Cognitive and organizational influences on risk assessment in commercial lending. Academy of Management Journal, 40: 1063-1089.
    • (1997) Academy of Management Journal , vol.40 , pp. 1063-1089
    • McNamara, G.1    Bromiley, P.2
  • 46
    • 0031510754 scopus 로고    scopus 로고
    • Event studies in management research: Theoretical and empirical issues
    • McWilliams, A., & Siegel, D. 1997. Event studies in management research: Theoretical and empirical issues. Academy of Management Journal, 40: 626-657.
    • (1997) Academy of Management Journal , vol.40 , pp. 626-657
    • McWilliams, A.1    Siegel, D.2
  • 48
    • 0030160301 scopus 로고    scopus 로고
    • The impact of industry shocks on takeover and restructuring activity
    • Mitchell, M. L., & Mulherin, J. H. 1996. The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics, 41: 193-229.
    • (1996) Journal of Financial Economics , vol.41 , pp. 193-229
    • Mitchell, M.L.1    Mulherin, J.H.2
  • 49
    • 84977702683 scopus 로고
    • Do managerial acquisitions drive bad acquisitions?
    • Morck, R., Shleifer, A., & Vishny, R. 1990. Do managerial acquisitions drive bad acquisitions? Journal of Finance, 45: 31-48.
    • (1990) Journal of Finance , vol.45 , pp. 31-48
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 50
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S., & Majluf, N. 1984. Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13: 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 54
    • 84989113324 scopus 로고
    • The cornerstones of competitive advantage: A resource-based view
    • Peteraf, M. A. 1993. The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14: 179-191.
    • (1993) Strategic Management Journal , vol.14 , pp. 179-191
    • Peteraf, M.A.1
  • 55
    • 0031510163 scopus 로고    scopus 로고
    • The performance impact of strategic similarity in horizontal mergers: Evidence from the U.S. banking industry
    • Ramaswamy, K. 1997. The performance impact of strategic similarity in horizontal mergers: Evidence from the U.S. banking industry. Academy of Management Journal, 40: 697-715.
    • (1997) Academy of Management Journal , vol.40 , pp. 697-715
    • Ramaswamy, K.1
  • 56
    • 33646560665 scopus 로고
    • A summary of merger performance studies in banking, 1980-1993, and an assessment of the "operation performance" and "event study" methodologies
    • Rhoades, S. 1994. A summary of merger performance studies in banking, 1980-1993, and an assessment of the "operation performance" and "event study" methodologies. Federal Reserve Bulletin: 1-37.
    • (1994) Federal Reserve Bulletin , pp. 1-37
    • Rhoades, S.1
  • 57
    • 0033425082 scopus 로고    scopus 로고
    • International expansion of telecommunication carriers: The influence of market structure, network characteristics, and entry imperfections
    • Sarkar, M. B., Cavusgil, S., & Aulakh, P. 1999. International expansion of telecommunication carriers: The influence of market structure, network characteristics, and entry imperfections. Journal of International Business Studies. 30: 361-382.
    • (1999) Journal of International Business Studies , vol.30 , pp. 361-382
    • Sarkar, M.B.1    Cavusgil, S.2    Aulakh, P.3
  • 58
    • 0742306711 scopus 로고    scopus 로고
    • Target reputation and appropriability: Picking and deploying resources in acquisitions
    • Saxton, T., & Dollinger, M. 2004. Target reputation and appropriability: Picking and deploying resources in acquisitions. Journal of Management, 30: 123-147.
    • (2004) Journal of Management , vol.30 , pp. 123-147
    • Saxton, T.1    Dollinger, M.2
  • 59
    • 0001457978 scopus 로고    scopus 로고
    • Antitrust issues in schumpeterian industries
    • Schmalensee, R. 2000. Antitrust issues in schumpeterian industries. American Economic Review, 99: 192-196.
    • (2000) American Economic Review , vol.99 , pp. 192-196
    • Schmalensee, R.1
  • 60
    • 0013246703 scopus 로고    scopus 로고
    • Abnormal returns to rivals of acquisition targets: A test of the acquisition probability hypothesis
    • Song, M. H., & Walkling, R. A. 2000. Abnormal returns to rivals of acquisition targets: A test of the "acquisition probability hypothesis." Journal of Financial Economics, 55: 143-171.
    • (2000) Journal of Financial Economics , vol.55 , pp. 143-171
    • Song, M.H.1    Walkling, R.A.2
  • 61
    • 0344594026 scopus 로고    scopus 로고
    • Making knowledge the basis of a dynamic theory of the firm
    • Spender, J. 1996. Making knowledge the basis of a dynamic theory of the firm. Strategic Management Journal, 17: 45-62.
    • (1996) Strategic Management Journal , vol.17 , pp. 45-62
    • Spender, J.1
  • 62
    • 0030439567 scopus 로고    scopus 로고
    • Economic behavior in institutional environments: The corporate merger wave of the 1980's
    • Stearns, L. B., & Allan, K. D. 1996. Economic behavior in institutional environments: The corporate merger wave of the 1980's. American Sociological Review, 61: 699-718.
    • (1996) American Sociological Review , vol.61 , pp. 699-718
    • Stearns, L.B.1    Allan, K.D.2
  • 63
    • 21844482486 scopus 로고
    • What executives notice: Accurate perceptions in top management teams
    • Sutcliffe, K. 1994. What executives notice: Accurate perceptions in top management teams. Academy of Management Journal, 37: 1360-1378.
    • (1994) Academy of Management Journal , vol.37 , pp. 1360-1378
    • Sutcliffe, K.1
  • 64
    • 84977717653 scopus 로고
    • Corporate takeover bids, methods of payment, and bidding firms' stock returns
    • Travlos, N. 1987. Corporate takeover bids, methods of payment, and bidding firms' stock returns, Journal of Finance, 42: 943-962.
    • (1987) Journal of Finance , vol.42 , pp. 943-962
    • Travlos, N.1
  • 65
    • 11144265682 scopus 로고    scopus 로고
    • Crisis and competition in expert organizational decision making: Credit-rating agencies and their response to turbulence in emerging markets
    • Vaaler, P. M., & McNamara, G. 2004. Crisis and competition in expert organizational decision making: Credit-rating agencies and their response to turbulence in emerging markets. Organization Science, 15: 687-703.
    • (2004) Organization Science , vol.15 , pp. 687-703
    • Vaaler, P.M.1    McNamara, G.2
  • 66
    • 0031271920 scopus 로고    scopus 로고
    • Meta-analysis of the impact of research methods on findings of first-mover advantage
    • VanderWerf, P., &.Mahon, J. 1997. Meta-analysis of the impact of research methods on findings of first-mover advantage. Management Science, 43: 1510-1519.
    • (1997) Management Science , vol.43 , pp. 1510-1519
    • VanderWerf, P.1    Mahon, J.2
  • 67
    • 27844595824 scopus 로고    scopus 로고
    • The choice among acquisitions, alliances, and divestitures
    • Villalonga, B., & McGahan, A. M. 2005. The choice among acquisitions, alliances, and divestitures. Strategic Management Journal, 13: 1183-1208.
    • (2005) Strategic Management Journal , vol.13 , pp. 1183-1208
    • Villalonga, B.1    McGahan, A.M.2
  • 68
    • 4043175926 scopus 로고    scopus 로고
    • Deliberate learning in corporate acquisitions: Post-acquisition strategies and integration capability in U.S. bank mergers
    • Zollo, M., & Singh, H. 2004. Deliberate learning in corporate acquisitions: Post-acquisition strategies and integration capability in U.S. bank mergers. Strategic Management Journal, 25: 1233-1256.
    • (2004) Strategic Management Journal , vol.25 , pp. 1233-1256
    • Zollo, M.1    Singh, H.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.