메뉴 건너뛰기




Volumn 56, Issue 1, 2011, Pages 26-60

When firms are desperate to grow via acquisition: The effect of growth patterns and acquisition experience on acquisition premiums

Author keywords

[No Author keywords available]

Indexed keywords


EID: 79960506546     PISSN: 00018392     EISSN: 19303815     Source Type: Journal    
DOI: 10.2189/asqu.2011.56.1.026     Document Type: Article
Times cited : (151)

References (108)
  • 1
    • 0035351895 scopus 로고    scopus 로고
    • Demand heterogeneity and technology evolution: Implications for product and process innovation
    • Adner, R., and D. Levinthal 2001 "Demand heterogeneity and technology evolution: Implications for product and process innovation." Management Science, 47: 611-628.
    • (2001) Management Science , vol.47 , pp. 611-628
    • Adner, R.1    Levinthal, D.2
  • 3
    • 0016355478 scopus 로고
    • A new look at the statistical model identification
    • Akaike, H. 1974 "A new look at the statistical model identification." IEEE Transactions on Automatic Control, 19: 716-723.
    • (1974) IEEE Transactions On Automatic Control , vol.19 , pp. 716-723
    • Akaike, H.1
  • 5
    • 84989064199 scopus 로고
    • Strategic momentum: The effects of repetitive, positional, and contextual momentum on merger activity
    • Amburgey, T. L., and A. S. Miner 1992 "Strategic momentum: The effects of repetitive, positional, and contextual momentum on merger activity." Strategic Management Journal, 13: 335-348.
    • (1992) Strategic Management Journal , vol.13 , pp. 335-348
    • Amburgey, T.L.1    Miner, A.S.2
  • 6
    • 0002134679 scopus 로고    scopus 로고
    • Asset redeployment, acquisitions and corporate strategy in declining industries
    • Anand, J., and H. Singh 1997 "Asset redeployment, acquisitions and corporate strategy in declining industries." Strategic Management Journal, 18: 99-118.
    • (1997) Strategic Management Journal , vol.18 , pp. 99-118
    • Anand, J.1    Singh, H.2
  • 8
    • 33644503183 scopus 로고    scopus 로고
    • Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry
    • Audia, P. G., and H. R. Greve 2006 "Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry." Management Science, 52: 83-94.
    • (2006) Management Science , vol.52 , pp. 83-94
    • Audia, P.G.1    Greve, H.R.2
  • 9
    • 43049110629 scopus 로고    scopus 로고
    • How do firms learn to make acquisitions? A review of past research and an agenda for the future
    • Barkema, H. G., and M. Schijven 2008a "How do firms learn to make acquisitions? A review of past research and an agenda for the future." Journal of Management, 34: 594-634.
    • (2008) Journal of Management , vol.34 , pp. 594-634
    • Barkema, H.G.1    Schijven, M.2
  • 10
    • 43049108439 scopus 로고    scopus 로고
    • Toward unlocking the full potential of acquisitions: The role of organizational restructuring
    • Barkema, H. G., and M. Schijven 2008b "Toward unlocking the full potential of acquisitions: The role of organizational restructuring." Academy of Management Journal, 51: 696-722.
    • (2008) Academy of Management Journal , vol.51 , pp. 696-722
    • Barkema, H.G.1    Schijven, M.2
  • 11
    • 0034337135 scopus 로고    scopus 로고
    • Making the next move: How experiential and vicarious learning shape the locations of chains' acquisitions
    • Baum, J. A. C., S. X. Li, and J. M. Usher 2000 "Making the next move: How experiential and vicarious learning shape the locations of chains' acquisitions." Administrative Science Quarterly, 45: 766-801.
    • (2000) Administrative Science Quarterly , vol.45 , pp. 766-801
    • Baum, J.A.C.1    Li, S.X.2    Usher, J.M.3
  • 12
    • 0036341429 scopus 로고    scopus 로고
    • Network learning: The effects of partners' heterogeneity of experience on corporate acquisitions
    • Beckman, C. M., and P. R. Haunschild 2002 "Network learning: The effects of partners' heterogeneity of experience on corporate acquisitions." Administrative Science Quarterly, 47: 92-124.
    • (2002) Administrative Science Quarterly , vol.47 , pp. 92-124
    • Beckman, C.M.1    Haunschild, P.R.2
  • 13
    • 25644451968 scopus 로고    scopus 로고
    • Are two heads better than one? Monetary policy by committee
    • Blinder, A. S., and J. Morgan 2005 "Are two heads better than one? Monetary policy by committee." Journal of Money, Credit and Banking, 37: 789-811.
    • (2005) Journal of Money, Credit and Banking , vol.37 , pp. 789-811
    • Blinder, A.S.1    Morgan, J.2
  • 14
    • 0002639627 scopus 로고
    • Choice of investment bankers and shareholders' wealth of firms involved in acquisitions
    • Bowers, H. M., and R. E. Miller 1990 "Choice of investment bankers and shareholders' wealth of firms involved in acquisitions." Financial Management, 19 (4): 34-44.
    • (1990) Financial Management , vol.19 , Issue.4 , pp. 34-44
    • Bowers, H.M.1    Miller, R.E.2
  • 15
    • 0001925832 scopus 로고
    • Testing a causal model of risk-taking and performance
    • Bromiley, P. 1991 "Testing a causal model of risk-taking and performance." Academy of Management Journal, 34: 37-59.
    • (1991) Academy of Management Journal , vol.34 , pp. 37-59
    • Bromiley, P.1
  • 17
    • 6344265551 scopus 로고    scopus 로고
    • Structural holes and good ideas
    • Burt, R. S. 2004 "Structural holes and good ideas." American Journal of Sociology, 110: 349-399.
    • (2004) American Journal of Sociology , vol.110 , pp. 349-399
    • Burt, R.S.1
  • 18
    • 33847328139 scopus 로고    scopus 로고
    • Secondhand brokerage: Evidence on the importance of local structure for managers, bankers, and analysts
    • Burt, R. S. 2007 "Secondhand brokerage: Evidence on the importance of local structure for managers, bankers, and analysts." Academy of Management Journal, 50: 119-148.
    • (2007) Academy of Management Journal , vol.50 , pp. 119-148
    • Burt, R.S.1
  • 19
    • 84989060384 scopus 로고
    • Effects of executive departures on the performance of acquired firms
    • Cannella, A. A., Jr., and D. C. Hambrick 1993 "Effects of executive departures on the performance of acquired firms." Strategic Management Journal, 14: 137-152.
    • (1993) Strategic Management Journal , vol.14 , pp. 137-152
    • Cannella Jr., A.A.1    Hambrick, D.C.2
  • 20
    • 0000111782 scopus 로고    scopus 로고
    • Resource redeployment following horizontal acquisitions in Europe and North America, 1988-1992
    • Capron, L., P. Dussauge, and W. Mitchell 1998 "Resource redeployment following horizontal acquisitions in Europe and North America, 1988-1992." Strategic Management Journal, 19: 631-661.
    • (1998) Strategic Management Journal , vol.19 , pp. 631-661
    • Capron, L.1    Dussauge, P.2    Mitchell, W.3
  • 23
    • 77649308389 scopus 로고    scopus 로고
    • Not just a mortgage crisis: How finance maimed society
    • Davis, G. F. 2010 "Not just a mortgage crisis: How finance maimed society." Strategic Organization, 8: 75-82.
    • (2010) Strategic Organization , vol.8 , pp. 75-82
    • Davis, G.F.1
  • 24
    • 0033147919 scopus 로고    scopus 로고
    • The money center cannot hold: Commercial banks in the U.S. system of corporate governance
    • Davis, G. F., and M. S. Mizruchi 1999 "The money center cannot hold: Commercial banks in the U.S. system of corporate governance." Administrative Science Quarterly, 44: 215-239.
    • (1999) Administrative Science Quarterly , vol.44 , pp. 215-239
    • Davis, G.F.1    Mizruchi, M.S.2
  • 25
    • 0037833460 scopus 로고    scopus 로고
    • Vicarious learning, undersampling of failure, and the myths of management
    • Denrell, J. 2003 "Vicarious learning, undersampling of failure, and the myths of management." Organization Science, 14: 227-243.
    • (2003) Organization Science , vol.14 , pp. 227-243
    • Denrell, J.1
  • 26
    • 0030305441 scopus 로고    scopus 로고
    • Members' responses to organizational identity threats: Encountering and countering the Business Week rankings
    • Elsbach, K. D., and R. M. Kramer 1996 "Members' responses to organizational identity threats: Encountering and countering the Business Week rankings." Administrative Science Quarterly, 41: 442-476.
    • (1996) Administrative Science Quarterly , vol.41 , pp. 442-476
    • Elsbach, K.D.1    Kramer, R.M.2
  • 27
    • 4644234910 scopus 로고
    • A theory of social comparison processes
    • Festinger, L. 1954 "A theory of social comparison processes." Human Relations, 7: 117-140.
    • (1954) Human Relations , vol.7 , pp. 117-140
    • Festinger, L.1
  • 29
    • 0036002667 scopus 로고    scopus 로고
    • Understanding acquisition performance: The role of transfer effects
    • Finkelstein, S., and J. Haleblian 2002 "Understanding acquisition performance: The role of transfer effects." Organization Science, 13: 36-47.
    • (2002) Organization Science , vol.13 , pp. 36-47
    • Finkelstein, S.1    Haleblian, J.2
  • 30
    • 84989040346 scopus 로고
    • Determinants of tender offer post-acquisition financial performance
    • Fowler, K. L., and D. R. Schmidt 1989 "Determinants of tender offer post-acquisition financial performance." Strategic Management Journal, 10: 339-350.
    • (1989) Strategic Management Journal , vol.10 , pp. 339-350
    • Fowler, K.L.1    Schmidt, D.R.2
  • 31
    • 14944357479 scopus 로고    scopus 로고
    • The seller's side of the story: Acquisition as courtship and governance as syndicate in entrepreneurial firms
    • Graebner, M. E., and K. M. Eisenhardt 2004 "The seller's side of the story: Acquisition as courtship and governance as syndicate in entrepreneurial firms." Administrative Science Quarterly, 49: 366-403.
    • (2004) Administrative Science Quarterly , vol.49 , pp. 366-403
    • Graebner, M.E.1    Eisenhardt, K.M.2
  • 32
    • 0040601146 scopus 로고    scopus 로고
    • A predictive approach to model selection and multicollinearity
    • Greenberg, E., and R. Parks 1997 "A predictive approach to model selection and multicollinearity." Journal of Applied Econometrics, 12: 67-75.
    • (1997) Journal of Applied Econometrics , vol.12 , pp. 67-75
    • Greenberg, E.1    Parks, R.2
  • 34
    • 0032220357 scopus 로고    scopus 로고
    • Performance, aspirations, and risky organizational change
    • Greve, H. R. 1998 "Performance, aspirations, and risky organizational change." Administrative Science Quarterly, 43: 58-86.
    • (1998) Administrative Science Quarterly , vol.43 , pp. 58-86
    • Greve, H.R.1
  • 36
    • 40549103622 scopus 로고    scopus 로고
    • A behavioral theory of firm growth: Sequential attention to size and performance goals
    • Greve, H. R. 2008 "A behavioral theory of firm growth: Sequential attention to size and performance goals." Academy of Management Journal, 51: 476-494.
    • (2008) Academy of Management Journal , vol.51 , pp. 476-494
    • Greve, H.R.1
  • 37
    • 21344443040 scopus 로고
    • Social structure and alliance formation patterns: A longitudinal analysis
    • Gulati, R. 1995 "Social structure and alliance formation patterns: A longitudinal analysis." Administrative Science Quarterly, 40: 619-652.
    • (1995) Administrative Science Quarterly , vol.40 , pp. 619-652
    • Gulati, R.1
  • 38
    • 70349604932 scopus 로고    scopus 로고
    • The nature of partnering experience and the gains from alliances
    • Gulati, R., D. Lavie, and H. Singh 2009 "The nature of partnering experience and the gains from alliances." Strategic Management Journal, 30: 1213-1233.
    • (2009) Strategic Management Journal , vol.30 , pp. 1213-1233
    • Gulati, R.1    Lavie, D.2    Singh, H.3
  • 39
    • 0033247481 scopus 로고    scopus 로고
    • The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective
    • Haleblian, J., and S. Finkelstein 1999 "The influence of organizational 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
  • 40
    • 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. J., J.-Y. J. Kim, and N. Rajagopalan 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.J.1    Kim J.-Y., J.2    Rajagopalan, N.3
  • 41
    • 0001121466 scopus 로고
    • Managerial discretion: A bridge between polar views of organizational outcomes
    • In L. L. Cummings and B. M. Staw (eds.), Greenwich, CT: JAI Press
    • Hambrick, D. C., and S. Finkelstein 1987 "Managerial discretion: A bridge between polar views of organizational outcomes." In L. L. Cummings and B. M. Staw (eds.), Research in Organizational Behavior, 9: 369-406. Greenwich, CT: JAI Press.
    • (1987) Research In Organizational Behavior , vol.9 , pp. 369-406
    • Hambrick, D.C.1    Finkelstein, S.2
  • 42
    • 22544461028 scopus 로고    scopus 로고
    • Executive job demands: New insights for explaining strategic decisions and leader behaviors
    • Hambrick, D. C., S. Finkelstein, and A. C. Mooney 2005 "Executive job demands: New insights for explaining strategic decisions and leader behaviors." Academy of Management Review, 30: 472-491.
    • (2005) Academy of Management Review , vol.30 , pp. 472-491
    • Hambrick, D.C.1    Finkelstein, S.2    Mooney, A.C.3
  • 43
    • 19344375210 scopus 로고    scopus 로고
    • Building deals on bedrock
    • Harding, D., and S. Rovit 2004 "Building deals on bedrock." Harvard Business Review, 82 (9): 121-128.
    • (2004) Harvard Business Review , vol.82 , Issue.9 , pp. 121-128
    • Harding, D.1    Rovit, S.2
  • 45
    • 84937312499 scopus 로고
    • How much is that company worth?: Interorganizational relationships, uncertainty, and acquisition premiums
    • Haunschild, P. R. 1994 "How much is that company worth?: Interorganizational relationships, uncertainty, and acquisition premiums." Administrative Science Quarterly, 39: 391-411.
    • (1994) Administrative Science Quarterly , vol.39 , pp. 391-411
    • Haunschild, P.R.1
  • 46
    • 0032218716 scopus 로고    scopus 로고
    • When do interlocks matter?: Alternate sources of information and interlock influence
    • Haunschild, P. R., and C. M. Beckman 1998 "When do interlocks matter?: Alternate sources of information and interlock influence." Administrative Science Quarterly, 43: 815-844.
    • (1998) Administrative Science Quarterly , vol.43 , pp. 815-844
    • Haunschild, P.R.1    Beckman, C.M.2
  • 47
    • 0031232357 scopus 로고    scopus 로고
    • Modes of interorganizational imitation: The effects of outcome salience and uncertainty
    • Haunschild, P. R., and A. S. Miner 1997 "Modes of interorganizational imitation: The effects of outcome salience and uncertainty." Administrative Science Quarterly, 42: 472-500.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 472-500
    • Haunschild, P.R.1    Miner, A.S.2
  • 48
    • 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
  • 49
    • 0031094431 scopus 로고    scopus 로고
    • Explaining the premiums paid for large acquisitions: Evidence of CEO hubris
    • Hayward, M. L. A., and D. C. Hambrick 1997 "Explaining the premiums paid for large acquisitions: Evidence of CEO hubris." Administrative Science Quarterly, 42: 103-127.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 103-127
    • Hayward, M.L.A.1    Hambrick, D.C.2
  • 50
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman, J. J. 1979 "Sample selection bias as a specification error." Econometrica, 47: 153-161.
    • (1979) Econometrica , vol.47 , pp. 153-161
    • Heckman, J.J.1
  • 51
    • 33645996683 scopus 로고    scopus 로고
    • The outsourcing of R&D through acquisitions in the pharmaceutical industry
    • Higgins, M. J., and D. Rodriguez 2006 "The outsourcing of R&D through acquisitions in the pharmaceutical industry." Journal of Financial Economics, 80: 351-383.
    • (2006) Journal of Financial Economics , vol.80 , pp. 351-383
    • Higgins, M.J.1    Rodriguez, D.2
  • 53
    • 0006062916 scopus 로고
    • Order effects in belief updating: The belief adjustment model
    • Hogarth, R. M., and H. J. Einhorn 1992 "Order effects in belief updating: The belief adjustment model." Cognitive Psychology, 24: 1-55.
    • (1992) Cognitive Psychology , vol.24 , pp. 1-55
    • Hogarth, R.M.1    Einhorn, H.J.2
  • 54
    • 0037230630 scopus 로고    scopus 로고
    • An analysis of advisor choice, fees, and effort in mergers and acquisitions
    • Hunter, W. C., and J. Jagtiani 2003 "An analysis of advisor choice, fees, and effort in mergers and acquisitions." Review of Financial Economics, 12: 65-81.
    • (2003) Review of Financial Economics , vol.12 , pp. 65-81
    • Hunter, W.C.1    Jagtiani, J.2
  • 55
    • 0031100386 scopus 로고    scopus 로고
    • Chain affiliation and the failure of Manhattan hotels, 1898-1980
    • Ingram, P., and J. A. C. Baum 1997 "Chain affiliation and the failure of Manhattan hotels, 1898-1980." Administrative Science Quarterly, 42: 68-102.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 68-102
    • Ingram, P.1    Baum, J.A.C.2
  • 56
    • 78649415236 scopus 로고
    • Entropy measure of diversification and corporategrowth
    • Jacquemin, A. P., and C. H. Berry 1979 "Entropy measure of diversification and corporategrowth." Journal of Industrial Economics, 27: 359-369.
    • (1979) Journal of Industrial Economics , vol.27 , pp. 359-369
    • Jacquemin, A.P.1    Berry, C.H.2
  • 57
    • 0001130746 scopus 로고
    • Corporate acquisitions: A process perspective
    • Jemison, D. B., and S. B. Sitkin 1986 "Corporate acquisitions: A process perspective." Academy of Management Review, 11: 145-163.
    • (1986) Academy of Management Review , vol.11 , pp. 145-163
    • Jemison, D.B.1    Sitkin, S.B.2
  • 58
    • 0000125532 scopus 로고
    • Prospect theory: Analysis of decision under risk
    • Kahneman, D., and A. Tversky 1979 "Prospect theory: Analysis of decision under risk." Econometrica, 47: 263-291.
    • (1979) Econometrica , vol.47 , pp. 263-291
    • Kahneman, D.1    Tversky, A.2
  • 60
    • 21344477324 scopus 로고
    • Brokering mergers: An agency theory perspective on the role of representatives
    • Kesner, I. F., D. L. Shapiro, and A. Sharma 1994 "Brokering mergers: An agency theory perspective on the role of representatives." Academy of Management Journal, 37: 703-721.
    • (1994) Academy of Management Journal , vol.37 , pp. 703-721
    • Kesner, I.F.1    Shapiro, D.L.2    Sharma, A.3
  • 61
    • 67649958594 scopus 로고    scopus 로고
    • The effects of strategic and market complementarity on acquisition performance: Evidence from the U.S. commercial banking industry, 1989-2001
    • Kim, J.-Y., and S. Finkelstein 2009 "The effects of strategic and market complementarity on acquisition performance: Evidence from the U.S. commercial banking industry, 1989-2001." Strategic Management Journal, 30: 617-646.
    • (2009) Strategic Management Journal , vol.30 , pp. 617-646
    • Kim, J.-Y.1    Finkelstein, S.2
  • 62
    • 77049094487 scopus 로고    scopus 로고
    • Organizational learning from extreme performance experience: The impact of success and recovery experience
    • Kim, J.-Y., J.-Y. J. Kim, and A. S. Miner 2009 "Organizational learning from extreme performance experience: The impact of success and recovery experience." Organization Science, 20: 958-978.
    • (2009) Organization Science , vol.20 , pp. 958-978
    • Kim, J.-Y.1    Kim J.-Y., J.2    Miner, A.S.3
  • 63
    • 0742285882 scopus 로고    scopus 로고
    • Meta-analyses of postacquisition performance: Indications of unidentified moderators
    • King, D. R., D. R. Dalton, C. M. Daily, and J. G. Covin 2004 "Meta-analyses of postacquisition performance: Indications of unidentified moderators." Strategic Management Journal, 25: 187-200.
    • (2004) Strategic Management Journal , vol.25 , pp. 187-200
    • King, D.R.1    Dalton, D.R.2    Daily, C.M.3    Covin, J.G.4
  • 64
    • 62149120596 scopus 로고    scopus 로고
    • Investment banking and analyst objectivity: Evidence from analysts affiliated with mergers and acquisitions advisors
    • Kolasinski, A. C., and S. P. Kothari 2008 "Investment banking and analyst objectivity: Evidence from analysts affiliated with mergers and acquisitions advisors." Journal of Financial and Quantitative Analysis, 43: 817-842.
    • (2008) Journal of Financial and Quantitative Analysis , vol.43 , pp. 817-842
    • Kolasinski, A.C.1    Kothari, S.P.2
  • 65
    • 34250357924 scopus 로고    scopus 로고
    • Acquisition premiums, subsequent workforce reductions and post-acquisition performance
    • Krishnan, H. A., M. A. Hitt, and D. Park 2007 "Acquisition premiums, subsequent workforce reductions and post-acquisition performance." Journal of Management Studies, 44: 709-732.
    • (2007) Journal of Management Studies , vol.44 , pp. 709-732
    • Krishnan, H.A.1    Hitt, M.A.2    Park, D.3
  • 66
    • 41149113483 scopus 로고    scopus 로고
    • Board vigilance, director experience, and corporate outcomes
    • Kroll, M., B. A. Walters, and P. Wright 2008 "Board vigilance, director experience, and corporate outcomes." Strategic Management Journal, 29: 363-382.
    • (2008) Strategic Management Journal , vol.29 , pp. 363-382
    • Kroll, M.1    Walters, B.A.2    Wright, P.3
  • 67
    • 36249011929 scopus 로고    scopus 로고
    • On the role of acquisition premium in acquisition research
    • Laamanen, T. 2007 "On the role of acquisition premium in acquisition research." Strategic Management Journal, 28: 1359-1369.
    • (2007) Strategic Management Journal , vol.28 , pp. 1359-1369
    • Laamanen, T.1
  • 68
    • 0001931785 scopus 로고
    • Cognitive sources of socially constructed competitive groups: Examples from the Mahattan hotel industry
    • In W. R. Scott and S. Christensen (eds.), Thousand Oaks, CA: Sage
    • Lant, T. K., and J. A. C. Baum 1995 "Cognitive sources of socially constructed competitive groups: Examples from the Mahattan hotel industry." In W. R. Scott and S. Christensen (eds.), The Institutional Construction of Organizations: International and Longitudinal Studies: 15-38. Thousand Oaks, CA: Sage.
    • (1995) The Institutional Construction of Organizations: International and Longitudinal Studies , pp. 15-38
    • Lant, T.K.1    Baum, J.A.C.2
  • 69
    • 0033446821 scopus 로고    scopus 로고
    • Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization
    • Larsson, R., and S. Finkelstein 1999 "Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization." Organization Science, 10: 1-26.
    • (1999) Organization Science , vol.10 , pp. 1-26
    • Larsson, R.1    Finkelstein, S.2
  • 73
    • 0023456474 scopus 로고
    • Managerial perspectives on risk and risk-taking
    • March, J. G., and Z. Shapira 1987 "Managerial perspectives on risk and risk-taking." Management Science, 33: 1404-1418.
    • (1987) Management Science , vol.33 , pp. 1404-1418
    • March, J.G.1    Shapira, Z.2
  • 74
    • 55349138098 scopus 로고    scopus 로고
    • What do they know? The effects of outside director acquisition experience on firm acquisition performance
    • McDonald, M. L., J. D. Westphal, and M. E. Graebner 2008 "What do they know? The effects of outside director acquisition experience on firm acquisition performance." Strategic Management Journal, 29: 1155-1177.
    • (2008) Strategic Management Journal , vol.29 , pp. 1155-1177
    • McDonald, M.L.1    Westphal, J.D.2    Graebner, M.E.3
  • 75
    • 0041702218 scopus 로고    scopus 로고
    • Valuing internal vs. external knowledge: Explaining the preference for outsiders
    • Menon, T., and J. Pfeffer 2003 "Valuing internal vs. external knowledge: Explaining the preference for outsiders." Management Science, 49: 497-513.
    • (2003) Management Science , vol.49 , pp. 497-513
    • Menon, T.1    Pfeffer, J.2
  • 76
    • 34548607775 scopus 로고    scopus 로고
    • Rules to acquire by
    • Nalop, B. 2007 "Rules to acquire by." Harvard Business Review, 85 (9): 129-139.
    • (2007) Harvard Business Review , vol.85 , Issue.9 , pp. 129-139
    • Nalop, B.1
  • 77
    • 49749126288 scopus 로고    scopus 로고
    • Industry consolidation and network evolution in US global banking, 1986-2004
    • In J. A. C. Baum and T. J. Rowley (eds.), Bingley, UK: Emerald Group
    • Neuman, E. J., G. F. Davis, and M. S. Mizruchi 2008 "Industry consolidation and network evolution in US global banking, 1986-2004." In J. A. C. Baum and T. J. Rowley (eds.), Advances in Strategic Management, 25: 211-245. Bingley, UK: Emerald Group.
    • (2008) Advances In Strategic Management , vol.25 , pp. 211-245
    • Neuman, E.J.1    Davis, G.F.2    Mizruchi, M.S.3
  • 78
    • 0000323166 scopus 로고
    • The enactment of economic adversity: A reconciliation of theories of failure-induced change and threat-rigidity
    • In L. L. Cummings and B. M. Staw (eds.), Greenwich, CT: JAI Press
    • Ocasio, W. 1995 "The enactment of economic adversity: A reconciliation of theories of failure-induced change and threat-rigidity." In L. L. Cummings and B. M. Staw (eds.), Research in Organizational Behavior, 17: 287-331. Greenwich, CT: JAI Press.
    • (1995) Research In Organizational Behavior , vol.17 , pp. 287-331
    • Ocasio, W.1
  • 79
    • 0038343725 scopus 로고    scopus 로고
    • Towards an attention-based view of the firm
    • Ocasio, W. 1997 "Towards an attention-based view of the firm." Strategic Management Journal, 18: 187-206.
    • (1997) Strategic Management Journal , vol.18 , pp. 187-206
    • Ocasio, W.1
  • 80
    • 0030509407 scopus 로고    scopus 로고
    • Acquisition decision-making processes: The central role of risk
    • Pablo, A. L., S. B. Sitkin, and D. B. Jemison 1996 "Acquisition decision-making processes: The central role of risk." Journal of Management, 22: 723-746.
    • (1996) Journal of Management , vol.22 , pp. 723-746
    • Pablo, A.L.1    Sitkin, S.B.2    Jemison, D.B.3
  • 81
    • 77649316115 scopus 로고    scopus 로고
    • The mortgage meltdown as normal accidental wrongdoing
    • Palmer, D., and M. W. Maher 2010 "The mortgage meltdown as normal accidental wrongdoing." Strategic Organization, 8: 83-91.
    • (2010) Strategic Organization , vol.8 , pp. 83-91
    • Palmer, D.1    Maher, M.W.2
  • 83
    • 0033247483 scopus 로고    scopus 로고
    • Industry categories and the politics of the comparable firm in CEO compensation
    • Porac, J. F., J. B. Wade, and T. G. Pollock 1999 "Industry categories and the politics of the comparable firm in CEO compensation." Administrative Science Quarterly, 44: 112-144.
    • (1999) Administrative Science Quarterly , vol.44 , pp. 112-144
    • Porac, J.F.1    Wade, J.B.2    Pollock, T.G.3
  • 84
    • 27844509802 scopus 로고    scopus 로고
    • Interorganizational collaboration and the locus of innovation: Networks of learning in biotechnology
    • Powell, W. W., K. W. Koput, and L. Smith-Doerr 1996 "Interorganizational collaboration and the locus of innovation: Networks of learning in biotechnology." Administrative Science Quarterly, 35: 128-152.
    • (1996) Administrative Science Quarterly , vol.35 , pp. 128-152
    • Powell, W.W.1    Koput, K.W.2    Smith-Doerr, L.3
  • 85
    • 0001201909 scopus 로고
    • Bayesian model selection in social research
    • Raftery, A. E. 1995 "Bayesian model selection in social research." Sociological Methodology, 25: 111-163.
    • (1995) Sociological Methodology , vol.25 , pp. 111-163
    • Raftery, A.E.1
  • 87
    • 84973839363 scopus 로고
    • What you know is what you get from experience: Team experience related to teamwork schemas
    • Rentsch, J. R., T. S. Heffner, and L. T. Duffy 1994 "What you know is what you get from experience: Team experience related to teamwork schemas." Group and Organization Management, 19: 450-474.
    • (1994) Group and Organization Management , vol.19 , pp. 450-474
    • Rentsch, J.R.1    Heffner, T.S.2    Duffy, L.T.3
  • 88
    • 0002537125 scopus 로고
    • The hubris hypothesis of corporate takeovers
    • Roll, R. 1986 "The hubris hypothesis of corporate takeovers." Journal of Business, 59: 197-216.
    • (1986) Journal of Business , vol.59 , pp. 197-216
    • Roll, R.1
  • 89
    • 79960481407 scopus 로고    scopus 로고
    • Big pharmaceutical companies hunger for biotech drugs
    • Saul, S., and A. Pollack 2008 "Big pharmaceutical companies hunger for biotech drugs." New York Times, August 1: C5.
    • (2008) New York Times, August , vol.1
    • Saul, S.1    Pollack, A.2
  • 90
    • 0000120766 scopus 로고
    • Estimating the dimension of a model
    • Schwarz, G. E. 1978 "Estimating the dimension of a model." Annals of Statistics, 6: 461-464.
    • (1978) Annals of Statistics , vol.6 , pp. 461-464
    • Schwarz, G.E.1
  • 91
    • 32644487962 scopus 로고    scopus 로고
    • Organizational integration of acquired biotechnology companies into pharmaceutical companies: The need for a hybrid approach
    • Schweizer, L. 2005 "Organizational integration of acquired biotechnology companies into pharmaceutical companies: The need for a hybrid approach." Academy of Management Journal, 48: 1051-1074.
    • (2005) Academy of Management Journal , vol.48 , pp. 1051-1074
    • Schweizer, L.1
  • 93
    • 0002180672 scopus 로고
    • Reconceptualizating the determinants of risk behavior
    • Sitkin, S. B., and A. L. Pablo 1992 "Reconceptualizating the determinants of risk behavior." Academy of Management Review, 17: 9-38.
    • (1992) Academy of Management Review , vol.17 , pp. 9-38
    • Sitkin, S.B.1    Pablo, A.L.2
  • 94
    • 84933483630 scopus 로고
    • Synergy, agency, and the determinants of premia paid in mergers
    • Slusky, A., and R. E. Caves 1991 "Synergy, agency, and the determinants of premia paid in mergers." Journal of Industrial Economics, 39: 277-296.
    • (1991) Journal of Industrial Economics , vol.39 , pp. 277-296
    • Slusky, A.1    Caves, R.E.2
  • 95
    • 0001312143 scopus 로고
    • Threat-rigidity effects in organizational behavior: A multilevel analysis
    • Staw, B. M., L. E. Sandelands, and J. E. Dutton 1981 "Threat-rigidity effects in organizational behavior: A multilevel analysis." Administrative Science Quarterly, 26: 501-524.
    • (1981) Administrative Science Quarterly , vol.26 , pp. 501-524
    • Staw, B.M.1    Sandelands, L.E.2    Dutton, J.E.3
  • 96
    • 0011594078 scopus 로고
    • Immediate and delayed primacy and recency effects in performance
    • Steiner, D. D., and J. S. Rain 1989 "Immediate and delayed primacy and recency effects in performance." Journal of Applied Psychology, 74: 136-142.
    • (1989) Journal of Applied Psychology , vol.74 , pp. 136-142
    • Steiner, D.D.1    Rain, J.S.2
  • 97
    • 0041751098 scopus 로고    scopus 로고
    • Exploring internal stickiness: Impediments to the transfer of best practice within the firm
    • Szulanski, G. 1996 "Exploring internal stickiness: Impediments to the transfer of best practice within the firm." Strategic Management Journal, 17: 27-43.
    • (1996) Strategic Management Journal , vol.17 , pp. 27-43
    • Szulanski, G.1
  • 98
    • 0001355948 scopus 로고    scopus 로고
    • How much does performance matter? A meta-analysis of CEO pay studies
    • Tosi, H. L., S. Werner, J. P. Katz, and L. R. Gomez-Mejia 2000 "How much does performance matter? A meta-analysis of CEO pay studies." Journal of Management, 26: 301-339.
    • (2000) Journal of Management , vol.26 , pp. 301-339
    • Tosi, H.L.1    Werner, S.2    Katz, J.P.3    Gomez-Mejia, L.R.4
  • 99
    • 84989132954 scopus 로고
    • The relationship between growth, profitability, and firm value
    • Varaiya, N., R. A. Kerin, and D. Weeks 1987 "The relationship between growth, profitability, and firm value." Strategic Management Journal, 8: 487-497.
    • (1987) Strategic Management Journal , vol.8 , pp. 487-497
    • Varaiya, N.1    Kerin, R.A.2    Weeks, D.3
  • 100
    • 0011490625 scopus 로고
    • Overpaying in corporate takeovers: The winner's curse
    • Varaiya, N. P., and K. R. Ferris 1987 "Overpaying in corporate takeovers: The winner's curse." Financial Analysts Journal, 43: 64-70.
    • (1987) Financial Analysts Journal , vol.43 , pp. 64-70
    • Varaiya, N.P.1    Ferris, K.R.2
  • 102
    • 0000097622 scopus 로고
    • Sticky information and the locus of problem-solving: Implication for innovation
    • von Hippel, E. 1994 "Sticky information and the locus of problem-solving: Implication for innovation." Management Science, 40: 429-439.
    • (1994) Management Science , vol.40 , pp. 429-439
    • von Hippel, E.1
  • 104
    • 84989133012 scopus 로고
    • A resource-based view of the firm
    • Wernerfelt, B. 1984 "A resource-based view of the firm." Strategic Management Journal, 5: 171-180.
    • (1984) Strategic Management Journal , vol.5 , pp. 171-180
    • Wernerfelt, B.1
  • 105
  • 106
    • 0030493246 scopus 로고    scopus 로고
    • Toward a model of risk in declining organizations: An empirical examination of risk, performance and decline
    • Wiseman, R. M., and P. Bromiley 1996 "Toward a model of risk in declining organizations: An empirical examination of risk, performance and decline." Organization Science, 7: 524-543.
    • (1996) Organization Science , vol.7 , pp. 524-543
    • Wiseman, R.M.1    Bromiley, P.2
  • 107
    • 33846076675 scopus 로고    scopus 로고
    • Influences of top management team incentives on firm risk taking
    • Wright, P., M. Kroll, J. A. Krug, and M. Pettus 2007 "Influences of top management team incentives on firm risk taking." Strategic Management Journal, 28: 81-89.
    • (2007) Strategic Management Journal , vol.28 , pp. 81-89
    • Wright, P.1    Kroll, M.2    Krug, J.A.3    Pettus, M.4
  • 108
    • 4043175926 scopus 로고    scopus 로고
    • Deliberate learning in corporate acquisitions: Post-acquisition strategies and integration capability in U.S. bank mergers
    • Zollo, M., and H. Singh 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.