메뉴 건너뛰기




Volumn 38, Issue 3, 2017, Pages 609-625

When the target may know better: Effects of experience and information asymmetries on value from mergers and acquisitions

Author keywords

acquisition target; bargaining; experience advantage; M A performance; product market scope

Indexed keywords

COMMERCE; MANAGERS;

EID: 84960921500     PISSN: 01432095     EISSN: 10970266     Source Type: Journal    
DOI: 10.1002/smj.2502     Document Type: Article
Times cited : (137)

References (82)
  • 2
    • 0001736287 scopus 로고    scopus 로고
    • Do firms learn to create value? The case of alliances
    • Anand BN, Khanna T. 2000. Do firms learn to create value? The case of alliances. Strategic Management Journal 21(3): 295–315.
    • (2000) Strategic Management Journal , vol.21 , Issue.3 , pp. 295-315
    • Anand, B.N.1    Khanna, T.2
  • 5
    • 0002362270 scopus 로고
    • Information asymmetry, adverse selection and joint-ventures: theory and evidence
    • Balakrishnan S, Koza MP. 1993. Information asymmetry, adverse selection and joint-ventures: theory and evidence. Journal of Economic Behavior and Organization 20(1): 99–117.
    • (1993) Journal of Economic Behavior and Organization , vol.20 , Issue.1 , pp. 99-117
    • Balakrishnan, S.1    Koza, M.P.2
  • 6
    • 43049110629 scopus 로고    scopus 로고
    • How do firms learn to make acquisitions? A review of past research and an agenda for the future
    • Barkema HG, Schijven M. 2008a. How do firms learn to make acquisitions? A review of past research and an agenda for the future. Journal of Management 34(3): 594–634.
    • (2008) Journal of Management , vol.34 , Issue.3 , pp. 594-634
    • Barkema, H.G.1    Schijven, M.2
  • 7
    • 43049108439 scopus 로고    scopus 로고
    • Toward unlocking the full potential of acquisitions: the role of organizational restructuring
    • Barkema HG, Schijven M. 2008b. Toward unlocking the full potential of acquisitions: the role of organizational restructuring. Academy of Management Journal 51(4): 696–722.
    • (2008) Academy of Management Journal , vol.51 , Issue.4 , pp. 696-722
    • Barkema, H.G.1    Schijven, M.2
  • 9
    • 0002479105 scopus 로고
    • Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
    • Bradley M, Desai A, Kim EH. 1988. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics 21(1): 3–40.
    • (1988) Journal of Financial Economics , vol.21 , Issue.1 , pp. 3-40
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 11
    • 18644365144 scopus 로고    scopus 로고
    • Experienced-weighted attraction learning in normal form games
    • Camerer C, Ho TH. 1999. Experienced-weighted attraction learning in normal form games. Econometrica 67(4): 827–874.
    • (1999) Econometrica , vol.67 , Issue.4 , pp. 827-874
    • Camerer, C.1    Ho, T.H.2
  • 14
    • 34547849644 scopus 로고    scopus 로고
    • Acquisitions of private vs. public firms: private information, target selection, and acquirer returns
    • Capron L, Shen JC. 2007. Acquisitions of private vs. public firms: private information, target selection, and acquirer returns. Strategic Management Journal 28(9): 891–911.
    • (2007) Strategic Management Journal , vol.28 , Issue.9 , pp. 891-911
    • Capron, L.1    Shen, J.C.2
  • 15
    • 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(6): 563–585.
    • (2004) Strategic Management Journal , vol.25 , Issue.6 , pp. 563-585
    • Carow, K.1    Heron, R.2    Saxton, T.3
  • 16
    • 0033414887 scopus 로고    scopus 로고
    • When competitive advantage doesn't lead to performance: the resource-based view and stakeholder bargaining power
    • Coff RW. 1999. When competitive advantage doesn't lead to performance: the resource-based view and stakeholder bargaining power. Organization Science 10(2): 119–133.
    • (1999) Organization Science , vol.10 , Issue.2 , pp. 119-133
    • Coff, R.W.1
  • 17
    • 0031319725 scopus 로고    scopus 로고
    • Signalling and adaptive learning in an entry limit pricing game
    • Cooper DJ, Garvin S, Kagel JH. 1997. Signalling and adaptive learning in an entry limit pricing game. RAND Journal of Economics 28(4): 662–683.
    • (1997) RAND Journal of Economics , vol.28 , Issue.4 , pp. 662-683
    • Cooper, D.J.1    Garvin, S.2    Kagel, J.H.3
  • 18
    • 84928579815 scopus 로고    scopus 로고
    • The effects of linguistic distance and lingua franca proficiency on the stake taken by acquirers in cross-border acquisitions
    • Cuypers IRP, Ertug G, Hennart JF. 2015. The effects of linguistic distance and lingua franca proficiency on the stake taken by acquirers in cross-border acquisitions. Journal of International Business Studies 46(4): 429–442.
    • (2015) Journal of International Business Studies , vol.46 , Issue.4 , pp. 429-442
    • Cuypers, I.R.P.1    Ertug, G.2    Hennart, J.F.3
  • 19
    • 72449210166 scopus 로고    scopus 로고
    • What makes and what does not make a real option? A study of equity shares in international joint ventures
    • Cuypers IRP, Martin X. 2010. What makes and what does not make a real option? A study of equity shares in international joint ventures. Journal of International Business Studies 41(1): 47–69.
    • (2010) Journal of International Business Studies , vol.41 , Issue.1 , pp. 47-69
    • Cuypers, I.R.P.1    Martin, X.2
  • 20
    • 84989036202 scopus 로고
    • Factors influencing wealth creation from mergers and acquisitions: a meta-analysis
    • Datta DK, Pinches GE, Narayanan VK. 1992. Factors influencing wealth creation from mergers and acquisitions: a meta-analysis. Strategic Management Journal 13(1): 67–84.
    • (1992) Strategic Management Journal , vol.13 , Issue.1 , pp. 67-84
    • Datta, D.K.1    Pinches, G.E.2    Narayanan, V.K.3
  • 21
    • 0041886203 scopus 로고
    • Information asymmetries how not to “'buy a lemon” in negotiating mergers and acquisitions
    • Dierickx I, Koza M. 1991. Information asymmetries how not to “'buy a lemon” in negotiating mergers and acquisitions. European Management Journal 9(3): 229–234.
    • (1991) European Management Journal , vol.9 , Issue.3 , pp. 229-234
    • Dierickx, I.1    Koza, M.2
  • 22
    • 84960883706 scopus 로고    scopus 로고
    • The effects of within-country linguistic and religious diversity on foreign acquisitions
    • Dow D, Cuypers IRP, Ertug G. 2016. The effects of within-country linguistic and religious diversity on foreign acquisitions. Journal of International Business Studies 47(3): 319–346.
    • (2016) Journal of International Business Studies , vol.47 , Issue.3 , pp. 319-346
    • Dow, D.1    Cuypers, I.R.P.2    Ertug, G.3
  • 23
    • 0000029776 scopus 로고
    • Efficient capital markets: II
    • Fama EF. 1991. Efficient capital markets: II. Journal of Finance 46(5): 1575–1617.
    • (1991) Journal of Finance , vol.46 , Issue.5 , pp. 1575-1617
    • Fama, E.F.1
  • 25
    • 0036002667 scopus 로고    scopus 로고
    • Understanding acquisition performance: the role of transfer effects
    • Finkelstein S, Haleblian J. 2002. Understanding acquisition performance: the role of transfer effects. Organization Science 13(1): 36–47.
    • (2002) Organization Science , vol.13 , Issue.1 , pp. 36-47
    • Finkelstein, S.1    Haleblian, J.2
  • 27
    • 79955108958 scopus 로고    scopus 로고
    • The adverse selection effect of corporate cash reserve: evidence from acquisitions solely financed by stock
    • Gao N. 2011. The adverse selection effect of corporate cash reserve: evidence from acquisitions solely financed by stock. Journal of Corporate Finance 17(4): 789–808.
    • (2011) Journal of Corporate Finance , vol.17 , Issue.4 , pp. 789-808
    • Gao, N.1
  • 28
    • 84897901708 scopus 로고    scopus 로고
    • Ambition is nothing without focus: compensating for negative transfer of experience in R&D
    • Ghosh A, Martin X, Pennings JM, Wezel FC. 2014. Ambition is nothing without focus: compensating for negative transfer of experience in R&D. Organization Science 25(2): 572–590.
    • (2014) Organization Science , vol.25 , Issue.2 , pp. 572-590
    • Ghosh, A.1    Martin, X.2    Pennings, J.M.3    Wezel, F.C.4
  • 29
    • 77956945616 scopus 로고    scopus 로고
    • Owners on both sides of the deal: mergers and acquisitions and overlapping institutional ownership
    • Goranova M, Dharwadkar R, Brandes P. 2010. Owners on both sides of the deal: mergers and acquisitions and overlapping institutional ownership. Strategic Management Journal 31(10): 1114–1135.
    • (2010) Strategic Management Journal , vol.31 , Issue.10 , pp. 1114-1135
    • Goranova, M.1    Dharwadkar, R.2    Brandes, P.3
  • 30
    • 67650348664 scopus 로고    scopus 로고
    • Caveat venditor: trust asymmetries in acquisitions of entrepreneurial firms
    • Graebner ME. 2009. Caveat venditor: trust asymmetries in acquisitions of entrepreneurial firms. Academy of Management Journal 52(3): 435–472.
    • (2009) Academy of Management Journal , vol.52 , Issue.3 , pp. 435-472
    • Graebner, M.E.1
  • 31
    • 14944357479 scopus 로고    scopus 로고
    • The seller's side of the story: acquisition as courtship and governance as syndicate in entrepreneurial firms
    • Graebner ME, Eisenhardt KM. 2004. The seller's side of the story: acquisition as courtship and governance as syndicate in entrepreneurial firms. Administrative Science Quarterly 49(3): 366–403.
    • (2004) Administrative Science Quarterly , vol.49 , Issue.3 , pp. 366-403
    • Graebner, M.E.1    Eisenhardt, K.M.2
  • 32
    • 0004296209 scopus 로고    scopus 로고
    • 7th edn, Prentice-Hall, Upper Saddle River, NJ
    • Greene WH. 2012. Econometric Analysis (7th edn). Prentice-Hall: Upper Saddle River, NJ.
    • (2012) Econometric Analysis
    • Greene, W.H.1
  • 33
    • 33846628054 scopus 로고    scopus 로고
    • Size of the pie and share of the pie: implications of network embeddedness and business relatedness for value creation and value appropriation in joint ventures
    • Gulati R, Wang LO. 2003. Size of the pie and share of the pie: implications of network embeddedness and business relatedness for value creation and value appropriation in joint ventures. Research in the Sociology of Organizations 20: 209–242.
    • (2003) Research in the Sociology of Organizations , vol.20 , pp. 209-242
    • Gulati, R.1    Wang, L.O.2
  • 34
    • 0033247481 scopus 로고    scopus 로고
    • The influence of organizational experience on acquisition performance: a behavioral learning perspective
    • Haleblian J, Finkelstein S. 1999. The influence of organizational experience on acquisition performance: a behavioral learning perspective. Administrative Science Quarterly 44(1): 29–56.
    • (1999) Administrative Science Quarterly , vol.44 , Issue.1 , pp. 29-56
    • Haleblian, J.1    Finkelstein, S.2
  • 35
    • 0036216897 scopus 로고    scopus 로고
    • When do firms learn from their acquisition experience? Evidence from 1990–1995
    • Hayward MLA. 2002. When do firms learn from their acquisition experience? Evidence from 1990–1995. Strategic Management Journal 23(1): 21–39.
    • (2002) Strategic Management Journal , vol.23 , Issue.1 , pp. 21-39
    • Hayward, M.L.A.1
  • 36
    • 84898903492 scopus 로고    scopus 로고
    • Takeover defenses, innovation, and value creation: evidence from acquisition decisions
    • Humphery-Jenner M. 2014. Takeover defenses, innovation, and value creation: evidence from acquisition decisions. Strategic Management Journal 35(5): 668–690.
    • (2014) Strategic Management Journal , vol.35 , Issue.5 , pp. 668-690
    • Humphery-Jenner, M.1
  • 37
    • 85011749806 scopus 로고    scopus 로고
    • Chain affiliation and the failure of Manhattan hotels
    • Ingram P, Baum JAC. 1997. Chain affiliation and the failure of Manhattan hotels. Administrative Science Quarterly 42(2): 418–418.
    • (1997) Administrative Science Quarterly , vol.42 , Issue.2 , pp. 418
    • Ingram, P.1    Baum, J.A.C.2
  • 38
    • 0036684619 scopus 로고    scopus 로고
    • Alliance capability, stock market response, and long-term alliance success: the role of the alliance function
    • Kale P, Dyer JH, Singh H. 2002. Alliance capability, stock market response, and long-term alliance success: the role of the alliance function. Strategic Management Journal 23(8): 747–767.
    • (2002) Strategic Management Journal , vol.23 , Issue.8 , pp. 747-767
    • Kale, P.1    Dyer, J.H.2    Singh, H.3
  • 40
    • 77953705376 scopus 로고    scopus 로고
    • Differential gains between partners in joint ventures: role of resource appropriation and private benefits
    • Kumar MS. 2010. Differential gains between partners in joint ventures: role of resource appropriation and private benefits. Organization Science 21(1): 232–248.
    • (2010) Organization Science , vol.21 , Issue.1 , pp. 232-248
    • Kumar, M.S.1
  • 41
    • 34247111053 scopus 로고    scopus 로고
    • Learning to negotiate: novice and experienced negotiators
    • In, Thompson L, (ed)., Psychology Press, New York
    • Loewenstein GF, Thompson L. 2006. Learning to negotiate: novice and experienced negotiators. In Negotiation Theory and Research, Thompson L (ed). Psychology Press: New York; 77–95.
    • (2006) Negotiation Theory and Research , pp. 77-95
    • Loewenstein, G.F.1    Thompson, L.2
  • 42
    • 0001428439 scopus 로고
    • The wealth effect of merger activity and the objective functions of merging firms
    • Malatesta PH. 1983. The wealth effect of merger activity and the objective functions of merging firms. Journal of Financial Economics 11(1): 155–181.
    • (1983) Journal of Financial Economics , vol.11 , Issue.1 , pp. 155-181
    • Malatesta, P.H.1
  • 43
    • 41249099259 scopus 로고    scopus 로고
    • Vertical integration and disintegration of computer firms: a history-friendly model of the coevolution of the computer and semiconductor industries
    • Malerba F, Nelson RR, Orsenigo L, Winter SG. 2008. Vertical integration and disintegration of computer firms: a history-friendly model of the coevolution of the computer and semiconductor industries. Industrial and Corporate Change 17(2): 197–231.
    • (2008) Industrial and Corporate Change , vol.17 , Issue.2 , pp. 197-231
    • Malerba, F.1    Nelson, R.R.2    Orsenigo, L.3    Winter, S.G.4
  • 44
    • 0038509921 scopus 로고    scopus 로고
    • Tacitness, learning and international expansion: a study of foreign direct investment in a knowledge-intensive industry
    • Martin X, Salomon R. 2003. Tacitness, learning and international expansion: a study of foreign direct investment in a knowledge-intensive industry. Organization Science 14(3): 297–311.
    • (2003) Organization Science , vol.14 , Issue.3 , pp. 297-311
    • Martin, X.1    Salomon, R.2
  • 45
    • 55349138098 scopus 로고    scopus 로고
    • What do they know? The effects of outside director acquisition experience on firm acquisition performance
    • McDonald ML, Westphal JD, Graebner ME. 2008. What do they know? The effects of outside director acquisition experience on firm acquisition performance. Strategic Management Journal 29(11): 1155–1177.
    • (2008) Strategic Management Journal , vol.29 , Issue.11 , pp. 1155-1177
    • McDonald, M.L.1    Westphal, J.D.2    Graebner, M.E.3
  • 46
    • 42149121444 scopus 로고    scopus 로고
    • The performance implications of participating in an acquisition wave: early mover advantages, bandwagon effects, and the moderating influence of industry characteristics and acquirer tactics
    • McNamara GM, Haleblian JJ, Dykes BJ. 2008. The performance implications of participating in an acquisition wave: early mover advantages, bandwagon effects, and the moderating influence of industry characteristics and acquirer tactics. Academy of Management Journal 51(1): 113–130.
    • (2008) Academy of Management Journal , vol.51 , Issue.1 , pp. 113-130
    • McNamara, G.M.1    Haleblian, J.J.2    Dykes, B.J.3
  • 47
    • 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(3): 626–657.
    • (1997) Academy of Management Journal , vol.40 , Issue.3 , pp. 626-657
    • McWilliams, A.1    Siegel, D.2
  • 48
    • 84977702683 scopus 로고
    • Do managerial motives drive bad acquisitions?
    • Morck R, Schleifer A, Vishny RW. 1990. Do managerial motives drive bad acquisitions? Journal of Finance 45(1): 31–48.
    • (1990) Journal of Finance , vol.45 , Issue.1 , pp. 31-48
    • Morck, R.1    Schleifer, A.2    Vishny, R.W.3
  • 49
    • 0001373089 scopus 로고    scopus 로고
    • The information contents of stock markets: why do emerging markets have synchronous stock price movements?
    • Morck R, Yeung B, Yu W. 2000. The information contents of stock markets: why do emerging markets have synchronous stock price movements? Journal of Financial Economics 58: 215–260.
    • (2000) Journal of Financial Economics , vol.58 , pp. 215-260
    • Morck, R.1    Yeung, B.2    Yu, W.3
  • 50
  • 51
    • 0042202649 scopus 로고    scopus 로고
    • Learning negotiation skills: four models of knowledge creation and transfer
    • Nadler J, Thompson L, Van Boven L. 2003. Learning negotiation skills: four models of knowledge creation and transfer. Management Science 49(4): 529–540.
    • (2003) Management Science , vol.49 , Issue.4 , pp. 529-540
    • Nadler, J.1    Thompson, L.2    Van Boven, L.3
  • 52
    • 0001099663 scopus 로고
    • The role of perspective-taking ability in negotiating under different forms of arbitration
    • Neale MA, Bazerman MH. 1983. The role of perspective-taking ability in negotiating under different forms of arbitration. Industrial and Labor Relations Review 36(3): 378–388.
    • (1983) Industrial and Labor Relations Review , vol.36 , Issue.3 , pp. 378-388
    • Neale, M.A.1    Bazerman, M.H.2
  • 54
    • 3042688203 scopus 로고    scopus 로고
    • A guide to using event study methods in multi-country settings
    • Park NK. 2004. A guide to using event study methods in multi-country settings. Strategic Management Journal 25: 655–668.
    • (2004) Strategic Management Journal , vol.25 , pp. 655-668
    • Park, N.K.1
  • 55
    • 13444276200 scopus 로고    scopus 로고
    • What determines the scope of the firm over time? A focus on institutional relatedness
    • Peng MW, Lee S-H, Wang DY. 2005. What determines the scope of the firm over time? A focus on institutional relatedness. Academy of Management Review 30(3): 622–633.
    • (2005) Academy of Management Review , vol.30 , Issue.3 , pp. 622-633
    • Peng, M.W.1    Lee, S.-H.2    Wang, D.Y.3
  • 56
    • 2342658987 scopus 로고    scopus 로고
    • Can a previous alliance between an acquirer and target affect acquisition performance?
    • Porrini P. 2004. Can a previous alliance between an acquirer and target affect acquisition performance? Journal of Management 30(4): 545–562.
    • (2004) Journal of Management , vol.30 , Issue.4 , pp. 545-562
    • Porrini, P.1
  • 57
    • 79958819197 scopus 로고    scopus 로고
    • Geographic distance and corporate acquisitions: signals from IPO firms
    • Ragozzino R, Reuer JJ. 2011. Geographic distance and corporate acquisitions: signals from IPO firms. Strategic Management Journal 32(8): 876–894.
    • (2011) Strategic Management Journal , vol.32 , Issue.8 , pp. 876-894
    • Ragozzino, R.1    Reuer, J.J.2
  • 58
    • 0002812530 scopus 로고    scopus 로고
    • Asymmetric information and joint venture performance: theory and evidence for domestic and international joint ventures
    • Reuer JJ, Koza MP. 2000. Asymmetric information and joint venture performance: theory and evidence for domestic and international joint ventures. Strategic Management Journal 21(1): 81–88.
    • (2000) Strategic Management Journal , vol.21 , Issue.1 , pp. 81-88
    • Reuer, J.J.1    Koza, M.P.2
  • 59
  • 60
    • 84867066461 scopus 로고    scopus 로고
    • The choice between joint ventures and acquisitions: insights from signaling theory
    • Reuer JJ, Ragozzino R. 2012. The choice between joint ventures and acquisitions: insights from signaling theory. Organization Science 23(4): 1175–1190.
    • (2012) Organization Science , vol.23 , Issue.4 , pp. 1175-1190
    • Reuer, J.J.1    Ragozzino, R.2
  • 61
    • 2942560389 scopus 로고    scopus 로고
    • Mitigating risk in international mergers and acquisitions: the role of contingent payouts
    • Reuer JJ, Shenkar O, Ragozzino R. 2004. Mitigating risk in international mergers and acquisitions: the role of contingent payouts. Journal of International Business Studies 35(1): 19–32.
    • (2004) Journal of International Business Studies , vol.35 , Issue.1 , pp. 19-32
    • Reuer, J.J.1    Shenkar, O.2    Ragozzino, R.3
  • 62
    • 84880326938 scopus 로고    scopus 로고
    • Executive preferences for governance modes and exchange partners: an information economics perspective
    • Reuer JJ, Tong TW, Tyler BB, Ariño A. 2013. Executive preferences for governance modes and exchange partners: an information economics perspective. Strategic Management Journal 34(9): 1104–1122.
    • (2013) Strategic Management Journal , vol.34 , Issue.9 , pp. 1104-1122
    • Reuer, J.J.1    Tong, T.W.2    Tyler, B.B.3    Ariño, A.4
  • 63
    • 84862230492 scopus 로고    scopus 로고
    • A signaling theory of acquisition premiums: evidence from IPO targets
    • Reuer JJ, Tong TW, Wu C-W. 2012. A signaling theory of acquisition premiums: evidence from IPO targets. Academy of Management Journal 55(3): 667–683.
    • (2012) Academy of Management Journal , vol.55 , Issue.3 , pp. 667-683
    • Reuer, J.J.1    Tong, T.W.2    Wu, C.-W.3
  • 64
    • 61849096251 scopus 로고    scopus 로고
    • Learning, knowledge transfer, and technology implementation performance: a study of time-to-build in the global semiconductor industry
    • Salomon R, Martin X. 2008. Learning, knowledge transfer, and technology implementation performance: a study of time-to-build in the global semiconductor industry. Management Science 54(7): 1266–1280.
    • (2008) Management Science , vol.54 , Issue.7 , pp. 1266-1280
    • Salomon, R.1    Martin, X.2
  • 65
    • 84926282459 scopus 로고
    • Bargaining under asymmetric information
    • Samuelson W. 1984. Bargaining under asymmetric information. Econometrica 52(4): 995–1005.
    • (1984) Econometrica , vol.52 , Issue.4 , pp. 995-1005
    • Samuelson, W.1
  • 66
    • 84989064987 scopus 로고
    • Sources of value creation in acquisitions: an empirical investigation
    • Seth A. 1990a. Sources of value creation in acquisitions: an empirical investigation. Strategic Management Journal 11(6): 431–446.
    • (1990) Strategic Management Journal , vol.11 , Issue.6 , pp. 431-446
    • Seth, A.1
  • 67
    • 84989035983 scopus 로고
    • Value creation in acquisitions: a re-examination of performance issues
    • Seth A. 1990b. Value creation in acquisitions: a re-examination of performance issues. Strategic Management Journal 11(2): 99–115.
    • (1990) Strategic Management Journal , vol.11 , Issue.2 , pp. 99-115
    • Seth, A.1
  • 68
    • 0040777006 scopus 로고    scopus 로고
    • Synergy, managerialism or hubris? An empirical examination of motives for foreign acquisitions of U.S. firms
    • Seth A, Song KP, Pettit R. 2000. Synergy, managerialism or hubris? An empirical examination of motives for foreign acquisitions of U.S. firms. Journal of International Business Studies 31(3): 387–405.
    • (2000) Journal of International Business Studies , vol.31 , Issue.3 , pp. 387-405
    • Seth, A.1    Song, K.P.2    Pettit, R.3
  • 69
    • 0036783890 scopus 로고    scopus 로고
    • Value creation and destruction in cross-border acquisitions: an empirical analysis of foreign acquisitions of U.S. firms
    • Seth A, Song KP, Pettit RR. 2002. Value creation and destruction in cross-border acquisitions: an empirical analysis of foreign acquisitions of U.S. firms. Strategic Management Journal 23(10): 921–940.
    • (2002) Strategic Management Journal , vol.23 , Issue.10 , pp. 921-940
    • Seth, A.1    Song, K.P.2    Pettit, R.R.3
  • 70
    • 84989076141 scopus 로고
    • Corporate acquisition strategies and economic performance
    • Singh H, Montgomery CA. 1987. Corporate acquisition strategies and economic performance. Strategic Management Journal 8(4): 377–386.
    • (1987) Strategic Management Journal , vol.8 , Issue.4 , pp. 377-386
    • Singh, H.1    Montgomery, C.A.2
  • 71
    • 84989069495 scopus 로고
    • Economies of scope and the scope of the enterprise
    • Teece DJ. 1980. Economies of scope and the scope of the enterprise. Journal of Economic Behavior and Organization 1(3): 223–247.
    • (1980) Journal of Economic Behavior and Organization , vol.1 , Issue.3 , pp. 223-247
    • Teece, D.J.1
  • 72
    • 0002096935 scopus 로고
    • Towards an economic theory of the multiproduct firm
    • Teece DJ. 1982. Towards an economic theory of the multiproduct firm. Journal of Economic Behavior and Organization 3(1): 39–63.
    • (1982) Journal of Economic Behavior and Organization , vol.3 , Issue.1 , pp. 39-63
    • Teece, D.J.1
  • 74
    • 0002198989 scopus 로고
    • An examination of naive and experienced negotiators
    • Thompson L. 1990. An examination of naive and experienced negotiators. Journal of Personality and Social Psychology 59(1): 82–90.
    • (1990) Journal of Personality and Social Psychology , vol.59 , Issue.1 , pp. 82-90
    • Thompson, L.1
  • 76
    • 84945910555 scopus 로고    scopus 로고
    • Business model change: managerial roles and tactics in decision-making
    • In, Baden-Fuller C, Mangematin V, (eds)., Emerald, Bingley, UK
    • Van den Oever K, Martin X. 2015. Business model change: managerial roles and tactics in decision-making. In Advances in Strategic Management, Baden-Fuller C, Mangematin V (eds). Emerald: Bingley, UK; 387–420.
    • (2015) Advances in Strategic Management , pp. 387-420
    • Van den Oever, K.1    Martin, X.2
  • 77
    • 77953691383 scopus 로고    scopus 로고
    • Repeated interactions and contractual detail: identifying the learning effect
    • Vanneste BS, Puranam P. 2010. Repeated interactions and contractual detail: identifying the learning effect. Organization Science 21(1): 186–201.
    • (2010) Organization Science , vol.21 , Issue.1 , pp. 186-201
    • Vanneste, B.S.1    Puranam, P.2
  • 78
    • 84989072164 scopus 로고
    • Doing a deal: merger and acquisition negotiations and their impact upon target company top management turnover
    • Walsh JP. 1989. Doing a deal: merger and acquisition negotiations and their impact upon target company top management turnover. Strategic Management Journal 10(4): 307–322.
    • (1989) Strategic Management Journal , vol.10 , Issue.4 , pp. 307-322
    • Walsh, J.P.1
  • 79
    • 0032220361 scopus 로고    scopus 로고
    • The symbolic management of stockholders: corporate governance reforms and shareholder reactions
    • Westphal JD, Zajac EJ. 1998. The symbolic management of stockholders: corporate governance reforms and shareholder reactions. Administrative Science Quarterly 43(1): 127–153.
    • (1998) Administrative Science Quarterly , vol.43 , Issue.1 , pp. 127-153
    • Westphal, J.D.1    Zajac, E.J.2
  • 80
    • 84960344123 scopus 로고    scopus 로고
    • Cheap talk? Strategy presentations as a form of chief executive officer impression management
    • (Forthcoming)
    • Whittington R, Yakis-Douglas B, Ahn K. 2016. Cheap talk? Strategy presentations as a form of chief executive officer impression management. Strategic Management Journal (Forthcoming).
    • (2016) Strategic Management Journal
    • Whittington, R.1    Yakis-Douglas, B.2    Ahn, K.3
  • 81
    • 4344641116 scopus 로고    scopus 로고
    • Do CEOs in mergers trade power for premium? Evidence from “mergers of equals
    • Wulf J. 2004. Do CEOs in mergers trade power for premium? Evidence from “mergers of equals.”. Journal of Law, Economics, and Organization 20(1): 60–101.
    • (2004) Journal of Law, Economics, and Organization , vol.20 , Issue.1 , pp. 60-101
    • Wulf, J.1
  • 82
    • 4143058161 scopus 로고    scopus 로고
    • The social construction of market value: institutionalization and learning perspectives on stock market reactions
    • Zajac EJ, Westphal JD. 2004. The social construction of market value: institutionalization and learning perspectives on stock market reactions. American Sociological Review 69(3): 433–457.
    • (2004) American Sociological Review , vol.69 , Issue.3 , pp. 433-457
    • Zajac, E.J.1    Westphal, J.D.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.