메뉴 건너뛰기




Volumn 38, Issue 2, 2002, Pages 216-244

The Dynamics of Merger and Acquisition Waves: A Three-Stage Conceptual Framework with Implications for Practice

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84990342777     PISSN: 00218863     EISSN: None     Source Type: Journal    
DOI: 10.1177/00286302038002005     Document Type: Article
Times cited : (31)

References (168)
  • 1
    • 0001696034 scopus 로고
    • Managerial fads and fashions: The diffusion and rejection of innovations
    • Abrahamson, E. (1991). Managerial fads and fashions: The diffusion and rejection of innovations. Academy of Management Review, 16, 586-612.
    • (1991) Academy of Management Review , vol.16 , pp. 586-612
    • Abrahamson, E.1
  • 5
    • 84990319017 scopus 로고    scopus 로고
    • After-merger advice busies the consultants
    • March 25
    • After-merger advice busies the consultants. (1997, March 25). Wall Street Journal, p. C1-C1.
    • (1997) Wall Street Journal , pp. C1-C1
  • 6
    • 21144460038 scopus 로고
    • The post-merger performance of acquiring firms
    • Agarwal, A., Jaffe, J. F., & Mandelkar, G. (1992). The post-merger performance of acquiring firms. Journal of Finance, 47, 1605-1621.
    • (1992) Journal of Finance , vol.47 , pp. 1605-1621
    • Agarwal, A.1    Jaffe, J.F.2    Mandelkar, G.3
  • 7
    • 0346282689 scopus 로고
    • The age of consolidation
    • October 14
    • The age of consolidation. (1991, October 14). Business Week, pp. 85-94.
    • (1991) Business Week , pp. 85-94
  • 8
    • 0011039056 scopus 로고
    • Fools rush in: The institutional context of industry creation
    • Aldrich, H., & Fiol, M. (1994). Fools rush in: The institutional context of industry creation. Academy of Management Review, 19, 645-670.
    • (1994) Academy of Management Review , vol.19 , pp. 645-670
    • Aldrich, H.1    Fiol, M.2
  • 9
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud, Y., & Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics, 12, 605-617.
    • (1981) Bell Journal of Economics , vol.12 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 10
    • 0002134679 scopus 로고    scopus 로고
    • Asset redeployment, acquisitions and corporate strategy in declining industries
    • Anand, J., & Singh, H. (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
  • 11
    • 84990371758 scopus 로고    scopus 로고
    • Growth through acquisition: A fresh look
    • January/February
    • Anslinger, P., & Copeland, T. (1997, January/February). Growth through acquisition: A fresh look. Harvard Business Review, 75, 100-115.
    • (1997) Harvard Business Review , vol.75 , pp. 100-115
    • Anslinger, P.1    Copeland, T.2
  • 12
    • 84990397857 scopus 로고    scopus 로고
    • Even the smartest money can slip up
    • Sec. 3, December 30
    • Atlas, R. (2001, December 30). Even the smartest money can slip up. The New York Times, Sec. 3, p. 1-1.
    • (2001) The New York Times , pp. 1
    • Atlas, R.1
  • 13
    • 84990397856 scopus 로고    scopus 로고
    • M&A sinks in 2001
    • Baccardax, M. (2001). M&A sinks in 2001. Corporate Finance, 201, 4-4.
    • (2001) Corporate Finance , vol.201 , pp. 4
    • Baccardax, M.1
  • 14
    • 84990354266 scopus 로고
    • Bank of America/Continental: Friends for life
    • February 5
    • Bank of America/Continental: Friends for life. (1994, February 5). The Economist, p. 79-79.
    • (1994) The Economist , pp. 79
  • 16
    • 84990374440 scopus 로고    scopus 로고
    • Blockbuster deals: M&A’s make a comeback
    • June
    • Blockbuster deals: M&A’s make a comeback. (1997, June). Harvard Business School Bulletin, pp. 52-59.
    • (1997) Harvard Business School Bulletin , pp. 52-59
  • 17
    • 0020182032 scopus 로고
    • Strategicplanning: Determining the impact of environmental characteristics and uncertainty
    • Boulton, W. R., Lindsey, W. M., Franklin, S. G., & Rue, L. W. (1982). Strategicplanning: Determining the impact of environmental characteristics and uncertainty. Academy of Management Journal, 25, 500-509.
    • (1982) Academy of Management Journal , vol.25 , pp. 500-509
    • Boulton, W.R.1    Lindsey, W.M.2    Franklin, S.G.3    Rue, L.W.4
  • 18
    • 0001648733 scopus 로고
    • Strategic goals, perceived uncertainty, and economic performance in volatile environments
    • Bourgeois, L. J. (1985). Strategic goals, perceived uncertainty, and economic performance in volatile environments. Academy of Management Journal, 28, 548-573.
    • (1985) Academy of Management Journal , vol.28 , pp. 548-573
    • Bourgeois, L.J.1
  • 19
    • 0039563826 scopus 로고
    • The rationale behind interfirm tender offers: Information or synergy?
    • Bradley, M., Desai, A., & Kim, E. H. (1983). The rationale behind interfirm tender offers: Information or synergy? Journal of Financial Economics, 11, 183-206.
    • (1983) Journal of Financial Economics , vol.11 , pp. 183-206
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 20
    • 0002479105 scopus 로고
    • Synergisticgains from corporate acquisitions and their division between the stockholders of target and acquiring firms
    • Bradley, M., Desai, A., & Kim, E. H. (1988). Synergisticgains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21, 3-40.
    • (1988) Journal of Financial Economics , vol.21 , pp. 3-40
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 21
    • 84990367912 scopus 로고
    • Assault on another citadel: Attempts to curtail the fiduciary standard of loyalty applicable to corporate directors
    • Branson, D. M. (1988). Assault on another citadel: Attempts to curtail the fiduciary standard of loyalty applicable to corporate directors. Fordham Law Review, 57, 375-402.
    • (1988) Fordham Law Review , vol.57 , pp. 375-402
    • Branson, D.M.1
  • 22
    • 0040398202 scopus 로고
    • Environmental uncertainty as determining merger activity
    • In W. Goldberg (Ed.), New York: Nichols.
    • Brenner, M., & Shapira, Z. (1983). Environmental uncertainty as determining merger activity. In W. Goldberg (Ed.), Mergers: Motives, policies and methods (pp. 51-65). New York: Nichols.
    • (1983) Mergers: Motives, policies and methods , pp. 51-65
    • Brenner, M.1    Shapira, Z.2
  • 23
    • 84990371773 scopus 로고    scopus 로고
    • Cash or stock: What's best for shareholders?
    • May 12
    • Cash or stock: What's best for shareholders? (1998, May 12). New York Times, p. D1-D1.
    • (1998) New York Times , pp. D1-D1
  • 24
    • 84990374448 scopus 로고    scopus 로고
    • Brand unconscious
    • April 11
    • Castano, I. (2001, April 11). Brand unconscious. The Daily Deal, p. 15-15.
    • (2001) The Daily Deal , pp. 15
    • Castano, I.1
  • 26
    • 84990373419 scopus 로고
    • Antitrust and corporate dividend policy: Revising dividend payment policies to empower shareholders to curb mergers and acquisitions
    • Spring
    • Cope Huie, M. (1994, Spring). Antitrust and corporate dividend policy: Revising dividend payment policies to empower shareholders to curb mergers and acquisitions. The Antitrust Bulletin, 39, 163-202.
    • (1994) The Antitrust Bulletin , vol.39 , pp. 163-202
    • Cope Huie, M.1
  • 29
    • 26544472099 scopus 로고    scopus 로고
    • Corporations'dreams—Converge in one idea: It's time to do a deal
    • February 26
    • Corporations'dreams—Converge in one idea: It's time to do a deal. (1997, February 26). Wall Street Journal, p. A1-A1.
    • (1997) Wall Street Journal , pp. A1-A1
  • 30
    • 84990363161 scopus 로고    scopus 로고
    • When bad mergers happen to good firms
    • May 1
    • Creswell, J. (2000, May 1). When bad mergers happen to good firms. Fortune, pp. 64-65.
    • (2000) Fortune , pp. 64-65
    • Creswell, J.1
  • 32
    • 84989094248 scopus 로고
    • Organizational fit and acquisition performance: Effects of post-acquisition integration
    • Datta, D. K. (1991). Organizational fit and acquisition performance: Effects of post-acquisition integration. Strategic Management Journal, 12, 281-297.
    • (1991) Strategic Management Journal , vol.12 , pp. 281-297
    • Datta, D.K.1
  • 33
    • 84934453286 scopus 로고
    • Agents without principles? The spread of the poison pill through the intercorporate network
    • Davis, G. (1991). Agents without principles? The spread of the poison pill through the intercorporate network. Administrative Science Quarterly, 36, 583-613.
    • (1991) Administrative Science Quarterly , vol.36 , pp. 583-613
    • Davis, G.1
  • 34
    • 84904915848 scopus 로고
    • Organization theory and the market for corporate control: A dynamic analysis of the characteristics of large takeover targets, 1980-1990
    • Davis, G., & Stout, S. (1992). Organization theory and the market for corporate control: A dynamic analysis of the characteristics of large takeover targets, 1980-1990. Administrative Science Quarterly, 37, 605-633.
    • (1992) Administrative Science Quarterly , vol.37 , pp. 605-633
    • Davis, G.1    Stout, S.2
  • 36
    • 4243556751 scopus 로고    scopus 로고
    • Merger wave spurs more stock wipeouts
    • November 29
    • Deogun, N. (1999, November 29). Merger wave spurs more stock wipeouts. Wall Street Journal, p. C1-C1.
    • (1999) Wall Street Journal , pp. C1-C1
    • Deogun, N.1
  • 37
    • 0002555060 scopus 로고
    • Interest and agency in institutional theory
    • In L. G. Zucker (Ed.), Cambridge, MA: Ballinger.
    • DiMaggio, P. (1988). Interest and agency in institutional theory. In L. G. Zucker (Ed.), Institutional patterns and organizations (pp. 3-22). Cambridge, MA: Ballinger.
    • (1988) Institutional patterns and organizations , pp. 3-22
    • DiMaggio, P.1
  • 38
    • 84990340021 scopus 로고
    • The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields
    • DiMaggio, P., & Powell, W. 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.W.2
  • 39
    • 84980272474 scopus 로고
    • Professionals and innovation: Structural-functional versus radical-structural perspectives
    • Drazin, R. D. (1990). Professionals and innovation: Structural-functional versus radical-structural perspectives. Journal of Management Studies, 27, 245-264.
    • (1990) Journal of Management Studies , vol.27 , pp. 245-264
    • Drazin, R.D.1
  • 40
    • 0030268973 scopus 로고    scopus 로고
    • Community, population, and organization effects on innovation: A multilevel perspective
    • Drazin, R. D. (1996). Community, population, and organization effects on innovation: A multilevel perspective. Academy of Management Journal, 39, 1065-1083.
    • (1996) Academy of Management Journal , vol.39 , pp. 1065-1083
    • Drazin, R.D.1
  • 41
  • 42
    • 0000253363 scopus 로고
    • Conjectures on cognitive simplifications in acquisition and divestment decision making
    • Duhaime, I. M., & Schwenk, C. R. (1985). Conjectures on cognitive simplifications in acquisition and divestment decision making. Academy of Management Review, 10, 287-295.
    • (1985) Academy of Management Review , vol.10 , pp. 287-295
    • Duhaime, I.M.1    Schwenk, C.R.2
  • 43
    • 84990325312 scopus 로고    scopus 로고
    • Everybody's talking takeovers
    • June 16
    • Everybody's talking takeovers. (1997, June 16). Business Week, pp. 102-104.
    • (1997) Business Week , pp. 102-104
  • 44
    • 0042974528 scopus 로고    scopus 로고
    • The fallout from merger mania
    • March 2
    • The fallout from merger mania. (1998, March 2). Fortune, pp. 26-27.
    • (1998) Fortune , pp. 26-27
  • 45
    • 84990370998 scopus 로고    scopus 로고
    • FASB weighs tighter acquisition rules
    • October 23
    • FASB weighs tighter acquisition rules. (1998, October 23). Wall Street Journal, p. A2-A2.
    • (1998) Wall Street Journal , pp. A2-A2
  • 46
    • 84990355919 scopus 로고    scopus 로고
    • Norwalk, CT: Financial Accounting Standards Board.
    • Financial Accounting Standards Board. (1998). Statements of financial accounting. Norwalk, CT: Financial Accounting Standards Board.
    • (1998) Statements of financial accounting
  • 47
    • 84986739514 scopus 로고
    • Corporate takeovers, stockholder rewards and executive rewards
    • Firth, M. (1991). Corporate takeovers, stockholder rewards and executive rewards. Managerial and Decision Economics, 12, 421-428.
    • (1991) Managerial and Decision Economics , vol.12 , pp. 421-428
    • Firth, M.1
  • 48
    • 84936628895 scopus 로고
    • The spread of the multidivisional form among large firms: 1919-1979
    • Fligstein, N. (1985). The spread of the multidivisional form among large firms: 1919-1979. American Sociological Review, 50, 377-391.
    • (1985) American Sociological Review , vol.50 , pp. 377-391
    • Fligstein, N.1
  • 49
    • 0000660765 scopus 로고
    • The structural transformation of American industry: An institutional account of the causes of diversification in the largest firms, 1919-1979
    • In W. W. Powell & P. J. DiMaggio (Eds.), Chicago: University of Chicago Press.
    • Fligstein, N. (1991). The structural transformation of American industry: An institutional account of the causes of diversification in the largest firms, 1919-1979. In W. W. Powell & P. J. DiMaggio (Eds.), The new institutionalism in organizational analysis (pp. 294-310). Chicago: University of Chicago Press.
    • (1991) The new institutionalism in organizational analysis , pp. 294-310
    • Fligstein, N.1
  • 50
    • 25844468353 scopus 로고    scopus 로고
    • For investment bankers: An M&A bonanza
    • November 18
    • For investment bankers: An M&A bonanza. (1996, November 18). Business Week, p. 55-55.
    • (1996) Business Week , pp. 55
  • 51
    • 84990319195 scopus 로고
    • From pinstripes to prison stripes
    • March 2
    • From pinstripes to prison stripes. (1987, March 2). Time Magazine, pp. 48-50.
    • (1987) Time Magazine , pp. 48-50
  • 52
    • 84935502702 scopus 로고
    • Mimetic processes within an interorganizational field: An empirical test
    • Galaskiewicz, J., & Wasserman, S. (1989). Mimetic processes within an interorganizational field: An empirical test. Administrative Science Quarterly, 34, 454-479.
    • (1989) Administrative Science Quarterly , vol.34 , pp. 454-479
    • Galaskiewicz, J.1    Wasserman, S.2
  • 56
    • 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, 391-441.
    • (1994) Administrative Science Quarterly , vol.39 , pp. 391-441
    • Haunschild, P.R.1
  • 57
    • 21844491874 scopus 로고
    • Managerial overcommitment in corporate acquisition processes
    • Haunschild, P. R., Davis-Blake, A., & Fichman, M. (1994). Managerial overcommitment in corporate acquisition processes. Organization Science, 5, 528-540.
    • (1994) Organization Science , vol.5 , pp. 528-540
    • Haunschild, P.R.1    Davis-Blake, A.2    Fichman, M.3
  • 58
    • 84998802597 scopus 로고
    • Follow the leader: Mimeticisomorphism and entry into new markets
    • Haveman, H. (1993). Follow the leader: Mimeticisomorphism and entry into new markets. Administrative Science Quarterly, 38, 593-627.
    • (1993) Administrative Science Quarterly , vol.38 , pp. 593-627
    • Haveman, H.1
  • 59
    • 0031094431 scopus 로고    scopus 로고
    • Explaining the premiums paid for large acquisitions: Evidence of CEO hubris
    • Hayward, M. L. A., & Hambrick, D. C. (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
  • 60
    • 0001458192 scopus 로고
    • The efficiency effect of hostile takeovers
    • In J. C. Coffee, Jr., L. Lowenstein, & S. Rose-Ackerman (Eds.), New York: Oxford University Press.
    • Herman, E. S., & Lowenstein, L. (1988). The efficiency effect of hostile takeovers. In J. C. Coffee, Jr., L. Lowenstein, & S. Rose-Ackerman (Eds.), Knights, raiders, and targets: The impact of hostile take-overs (pp. 211-240). New York: Oxford University Press.
    • (1988) Knights, raiders, and targets: The impact of hostile take-overs , pp. 211-240
    • Herman, E.S.1    Lowenstein, L.2
  • 61
    • 84990393098 scopus 로고
    • In a twist, acquisition announcements are lifting shares of buying companies
    • May 24
    • In a twist, acquisition announcements are lifting shares of buying companies. (1995, May 24). Wall Street Journal, p. C1-C1.
    • (1995) Wall Street Journal , pp. C1-C1
  • 62
    • 84990374411 scopus 로고
    • Incurable mergeritis
    • April 23
    • Incurable mergeritis. (1988, April 23). The Economist, p. 14-14.
    • (1988) The Economist , pp. 14
  • 64
    • 0001573759 scopus 로고    scopus 로고
    • Acquisitions: The process can be a problem
    • (1986a)
    • Jemison, D. B., & Sitkin, S. B. (1986a). Acquisitions: The process can be a problem. Harvard Business Review, 64, 107-116.
    • Harvard Business Review , vol.64 , pp. 107-116
    • Jemison, D.B.1    Sitkin, S.B.2
  • 65
    • 0001130746 scopus 로고    scopus 로고
    • Corporate acquisitions: A process perspective
    • (1986b)
    • Jemison, D. B., & Sitkin, S. B. (1986b). Corporate acquisitions: A process perspective. Academy of Management Review, 11, 145-163.
    • Academy of Management Review , vol.11 , pp. 145-163
    • Jemison, D.B.1    Sitkin, S.B.2
  • 66
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit and the failure of internal control systems
    • Jensen, M. C. (1993). The modern industrial revolution, exit and the failure of internal control systems. Journal of Finance, 48, 53-80.
    • (1993) Journal of Finance , vol.48 , pp. 53-80
    • Jensen, M.C.1
  • 67
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5-50.
    • (1983) Journal of Financial Economics , vol.11 , pp. 5-50
    • Jensen, M.C.1    Ruback, R.S.2
  • 68
    • 84990359983 scopus 로고
    • Just how corrupt is Wall Street?
    • January 9
    • Just how corrupt is Wall Street? (1989, January 9). Business Week, pp. 34-37.
    • (1989) Business Week , pp. 34-37
  • 69
    • 0001050575 scopus 로고
    • A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance
    • Keats, B., & Hitt, M. (1988). A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance. Academy of Management Journal, 31, 570-598.
    • (1988) Academy of Management Journal , vol.31 , pp. 570-598
    • Keats, B.1    Hitt, M.2
  • 70
    • 21344477324 scopus 로고
    • Brokering mergers: An agency theory perspective on the role of representatives
    • Kesner, I., Shapiro, D., & Sharma, A. (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.1    Shapiro, D.2    Sharma, A.3
  • 72
    • 0002532784 scopus 로고    scopus 로고
    • Agency conflict between investment banks and corporate clients in merger and acquisition transactions: Causes and remedies
    • Kosnick, R., & Shapiro, D. (1997). Agency conflict between investment banks and corporate clients in merger and acquisition transactions: Causes and remedies. Academy of Management Executive, 11, 7-20.
    • (1997) Academy of Management Executive , vol.11 , pp. 7-20
    • Kosnick, R.1    Shapiro, D.2
  • 73
    • 84990393785 scopus 로고    scopus 로고
    • KPMG withdraws merger study
    • November 29
    • KPMG withdraws merger study. (1999, November 29). Financial Times, p. 15-15.
    • (1999) Financial Times , pp. 15
  • 74
    • 84990393789 scopus 로고    scopus 로고
    • Merger market takes a nasty new turn: More acquiring firms watch as their stocks tank
    • May 2
    • Lipin, S. (2000, May 2). Merger market takes a nasty new turn: More acquiring firms watch as their stocks tank. Wall Street Journal, p. C20-C20.
    • (2000) Wall Street Journal , pp. C20-C20
    • Lipin, S.1
  • 75
    • 84990385927 scopus 로고    scopus 로고
    • The lofty price of getting hitched
    • December 8
    • The lofty price of getting hitched. (1997, December 8). Business Week, pp. 36-37.
    • (1997) Business Week , pp. 36-37
  • 77
    • 84990376000 scopus 로고    scopus 로고
    • M&A review
    • May 13
    • M&A review. (1997, May 13). American Banker, p. 21-21.
    • (1997) American Banker , pp. 21
  • 78
    • 84990326447 scopus 로고    scopus 로고
    • The M&A almanac
    • The M&A almanac. (1997). Mergers and Acquisitions, 31, 46-64.
    • (1997) Mergers and Acquisitions , vol.31 , pp. 46-64
  • 79
    • 0011448523 scopus 로고
    • The M&A bonanza of the 1980’s and its legacy
    • March/April
    • The M&A bonanza of the 1980’s and its legacy. (1991, March/April). Mergers and Acquisitions, pp. 90-95.
    • (1991) Mergers and Acquisitions , pp. 90-95
  • 80
    • 84990385957 scopus 로고
    • The M&A masters
    • June
    • The M&A masters. (1995, June). Institutional Investor, pp. 165-167.
    • (1995) Institutional Investor , pp. 165-167
  • 81
    • 84990320352 scopus 로고
    • The M&A sweepstakes
    • March
    • The M&A sweepstakes. (1995, March). Institutional Investor, pp. 103-105.
    • (1995) Institutional Investor , pp. 103-105
  • 82
    • 0002919972 scopus 로고
    • Are acquiring-firm shareholders better off after an acquisition?
    • In J. C. Coffee, Jr., L. Lowestein, & S. Rose-Ackerman (Eds.), New York: Oxford University Press.
    • Magenheim, E. B., & Mueller, D. C. (1988). Are acquiring-firm shareholders better off after an acquisition? In J. C. Coffee, Jr., L. Lowestein, & S. Rose-Ackerman (Eds.), Knights, raiders, and targets: The impact of hostile takeovers (pp. 171-193). New York: Oxford University Press.
    • (1988) Knights, raiders, and targets: The impact of hostile takeovers , pp. 171-193
    • Magenheim, E.B.1    Mueller, D.C.2
  • 83
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • Manne, H. G. (1965). Mergers and the market for corporate control. Journal of Political Economy, 73, 110-120.
    • (1965) Journal of Political Economy , vol.73 , pp. 110-120
    • Manne, H.G.1
  • 86
    • 0011148340 scopus 로고    scopus 로고
    • Making mergers and acquisitions work: Strategic and psychological preparation
    • Marks, M. L., & Mirvis, P. H. (2001). Making mergers and acquisitions work: Strategic and psychological preparation. Academy of Management Executive, 15(2), 80-94.
    • (2001) Academy of Management Executive , vol.15 , Issue.2 , pp. 80-94
    • Marks, M.L.1    Mirvis, P.H.2
  • 88
    • 84990324918 scopus 로고    scopus 로고
    • A match made in heaven
    • April 6
    • A match made in heaven. (1996, April 6). The Economist, p. 64-64.
    • (1996) The Economist , pp. 64
  • 89
    • 84990319132 scopus 로고
    • Merger mania II
    • October 3
    • Merger mania II. (1994, October 3). Fortune, p. 20-20.
    • (1994) Fortune , pp. 20
  • 90
    • 84990393789 scopus 로고    scopus 로고
    • Merger market takes a nasty new turn: More acquiring firms watch as their stocks tank
    • May 2
    • Merger market takes a nasty new turn: More acquiring firms watch as their stocks tank. (2000, May 2). Wall Street Journal, p. C20-C20.
    • (2000) Wall Street Journal , pp. C20-C20
  • 91
    • 84990353258 scopus 로고    scopus 로고
    • Mergers may not be musicto investors’ ears
    • December 8
    • Mergers may not be musicto investors’ ears. (1998, December 8). The New York Times, p. D1-D1.
    • (1998) The New York Times , pp. D1-D1
  • 92
    • 20544477393 scopus 로고
    • Mergers today, trouble tomorrow?
    • September 12
    • Mergers today, trouble tomorrow? (1994, September 12). Business Week, 30-32.
    • (1994) Business Week , pp. 30-32
  • 93
    • 0000057597 scopus 로고
    • Institutionalized organizations: Formal structure as myth and ceremony
    • Meyer, J., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83, 340-363.
    • (1977) American Journal of Sociology , vol.83 , pp. 340-363
    • Meyer, J.1    Rowan, B.2
  • 94
    • 0001885103 scopus 로고
    • Mimeticlearning and the evolution of organizational populations
    • In J. Baum & J. Singh (Eds.), New York: Oxford University Press.
    • Mezias, S. J., & Lant, T. K. (1994). Mimeticlearning and the evolution of organizational populations. In J. Baum & J. Singh (Eds.), Evolutionary dynamics of organizations (pp. 179-198). New York: Oxford University Press.
    • (1994) Evolutionary dynamics of organizations , pp. 179-198
    • Mezias, S.J.1    Lant, T.K.2
  • 95
    • 0001917402 scopus 로고
    • Diversification, posture, and top management team characteristics
    • Michel, J. G., & Hambrick, D. C. (1992). Diversification, posture, and top management team characteristics. Academy of Management Journal, 35, 9-37.
    • (1992) Academy of Management Journal , vol.35 , pp. 9-37
    • Michel, J.G.1    Hambrick, D.C.2
  • 96
    • 0000952130 scopus 로고
    • Three types of perceived uncertainty about the environment: State, effect and response uncertainty
    • Milliken, F. (1987). Three types of perceived uncertainty about the environment: State, effect and response uncertainty. Academy of Management Review, 12, 133-143.
    • (1987) Academy of Management Review , vol.12 , pp. 133-143
    • Milliken, F.1
  • 98
  • 100
    • 0001786546 scopus 로고
    • Mergers: Theory and evidence
    • In A. Mussati (Ed.), Dordrecht, The Netherlands: Kluwer Academic.
    • Mueller, D. C. (1995). Mergers: Theory and evidence. In A. Mussati (Ed.), Mergers, markets, and public policy (pp. 9-43). Dordrecht, The Netherlands: Kluwer Academic.
    • (1995) Mergers, markets, and public policy , pp. 9-43
    • Mueller, D.C.1
  • 102
    • 0010674335 scopus 로고
    • The new merger boom
    • November 28
    • The new merger boom. (1994, November 28). Fortune, pp. 95-106.
    • (1994) Fortune , pp. 95-106
  • 103
    • 84990363894 scopus 로고    scopus 로고
    • Fido, farewell
    • December
    • Nyberg, A. (2000, December). Fido, farewell. CFO, 17, 33-38.
    • (2000) CFO , vol.17 , pp. 33-38
    • Nyberg, A.1
  • 104
    • 0001279075 scopus 로고
    • Strategicresponses to institutional processes
    • Oliver, C. (1991). Strategicresponses to institutional processes. Academy of Management Review, 16, 145-179.
    • (1991) Academy of Management Review , vol.16 , pp. 145-179
    • Oliver, C.1
  • 105
    • 84970268741 scopus 로고
    • The antecedents of deinstitutionalization
    • Oliver, C. (1992). The antecedents of deinstitutionalization. Organization Studies, 13, 563-588.
    • (1992) Organization Studies , vol.13 , pp. 563-588
    • Oliver, C.1
  • 106
    • 84990400933 scopus 로고    scopus 로고
    • When mega-mergers are mega-busts
    • Section 4, May 17
    • Passell, P. (1998, May 17). When mega-mergers are mega-busts. The New York Times, Section 4, p. 18-18.
    • (1998) The New York Times , pp. 18
    • Passell, P.1
  • 108
    • 84989098748 scopus 로고
    • From competitive advantage to corporate strategy
    • Porter, M. E. (1987). From competitive advantage to corporate strategy. Harvard Business Review, 65, 43-59.
    • (1987) Harvard Business Review , vol.65 , pp. 43-59
    • Porter, M.E.1
  • 111
    • 84990319189 scopus 로고
    • The race for bigness
    • September 11
    • The race for bigness. (1995, September 11). Business Week, pp. 68-74.
    • (1995) Business Week , pp. 68-74
  • 112
    • 84990324924 scopus 로고
    • The raiders
    • March 4
    • The raiders. (1985, March 4). Business Week, pp. 80-90.
    • (1985) Business Week , pp. 80-90
  • 115
    • 0033227875 scopus 로고    scopus 로고
    • Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions
    • Rappaport, A., & Sirower, M. (1999). Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions. Harvard Business Review, 77, 147-159.
    • (1999) Harvard Business Review , vol.77 , pp. 147-159
    • Rappaport, A.1    Sirower, M.2
  • 116
    • 0011419222 scopus 로고
    • The 1980s merger wave: An industrial organization perspective
    • In L. E. Browne & E. S. Rosengren (Eds.), Boston: Federal Reserve Bank of Boston.
    • Ravenscraft, D. J. (1987). The 1980s merger wave: An industrial organization perspective. In L. E. Browne & E. S. Rosengren (Eds.), The merger boom (pp. 17-37). Boston: Federal Reserve Bank of Boston.
    • (1987) The merger boom , pp. 17-37
    • Ravenscraft, D.J.1
  • 120
    • 84990326075 scopus 로고
    • Reports of Wall Street's death
    • April 25
    • Reports of Wall Street's death. (1988, April 25). Forbes, p. 132-132.
    • (1988) Forbes , pp. 132
  • 122
    • 84990400593 scopus 로고    scopus 로고
    • Many large M&A’s prove disappointing in recent years
    • Rock, J. (2000). Many large M&A’s prove disappointing in recent years. Weekly Corporate Growth Report, 1117, 1045-1047.
    • (2000) Weekly Corporate Growth Report , vol.1117 , pp. 1045-1047
    • Rock, J.1
  • 123
    • 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
  • 124
    • 84990369767 scopus 로고
    • Comment
    • In A. J. Auerbach (Ed.), Chicago: University of Chicago Press.
    • Ruback, R. S. (1988). Comment. In A. J. Auerbach (Ed.), Corporate takeovers: Causes and consequences (pp. 261-263). Chicago: University of Chicago Press.
    • (1988) Corporate takeovers: Causes and consequences , pp. 261-263
    • Ruback, R.S.1
  • 125
    • 0010760982 scopus 로고    scopus 로고
    • Sale of the century
    • February 17
    • Sale of the century. (1997, February 17). Fortune, pp. 92-100.
    • (1997) Fortune , pp. 92-100
  • 127
    • 0002271588 scopus 로고
    • Takeovers in the 60’s and the 80’s: Evidence and implications
    • Schleifer, A., & Vishny, R. (1991). Takeovers in the 60’s and the 80’s: Evidence and implications. Strategic Management Journal, 12, 51-59.
    • (1991) Strategic Management Journal , vol.12 , pp. 51-59
    • Schleifer, A.1    Vishny, R.2
  • 128
    • 84989064850 scopus 로고
    • Post-acquisition financial performance and executive compensation
    • Schmidt, D. R., & Fowler, K. L. (1990). Post-acquisition financial performance and executive compensation. Strategic Management Journal, 11, 559-569.
    • (1990) Strategic Management Journal , vol.11 , pp. 559-569
    • Schmidt, D.R.1    Fowler, K.L.2
  • 129
    • 0001717961 scopus 로고
    • A psychoanalytic reading of hostile takeover events
    • Schneider, S., & Dunbar, R. L. (1992). A psychoanalytic reading of hostile takeover events. Academy of Management Review, 17, 537-567.
    • (1992) Academy of Management Review , vol.17 , pp. 537-567
    • Schneider, S.1    Dunbar, R.L.2
  • 131
    • 84989052660 scopus 로고
    • Cognitive simplification processes in strategic decision-making
    • Schwenk, C. R. (1984). Cognitive simplification processes in strategic decision-making. Strategic Management Journal, 5, 111-128.
    • (1984) Strategic Management Journal , vol.5 , pp. 111-128
    • Schwenk, C.R.1
  • 132
    • 0001600722 scopus 로고
    • Information, cognitive biases, and commitment to a course of action
    • Schwenk, C. R. (1986). Information, cognitive biases, and commitment to a course of action. Academy of Management Review, 11, 298-310.
    • (1986) Academy of Management Review , vol.11 , pp. 298-310
    • Schwenk, C.R.1
  • 133
    • 84936824402 scopus 로고
    • The adolescence of institutional theory
    • Scott, W. R. (1987). The adolescence of institutional theory. Administrative Science Quarterly, 32, 493-511.
    • (1987) Administrative Science Quarterly , vol.32 , pp. 493-511
    • Scott, W.R.1
  • 136
    • 84990355219 scopus 로고    scopus 로고
    • What acquiring minds need to know
    • February
    • Sirower, M. L. (1999, February). What acquiring minds need to know. Wall Street Journal, p. A32-A32.
    • (1999) Wall Street Journal , pp. A32-A32
    • Sirower, M.L.1
  • 138
    • 33749347038 scopus 로고    scopus 로고
    • The measurement of post-acquisition performance: Toward a value-based benchmarking methodology
    • Sirower, M. L., & O’Byrne, S. F. (1998). The measurement of post-acquisition performance: Toward a value-based benchmarking methodology. Journal of Applied Corporate Finance, 11, 107-121.
    • (1998) Journal of Applied Corporate Finance , vol.11 , pp. 107-121
    • Sirower, M.L.1    O’Byrne, S.F.2
  • 139
    • 84943260416 scopus 로고    scopus 로고
    • The PMI board pack: New diligence in M&A
    • Sirower, M. L., & Stark, R. (2001). The PMI board pack: New diligence in M&A. Directors & Boards, 25, 34-39.
    • (2001) Directors & Boards , vol.25 , pp. 34-39
    • Sirower, M.L.1    Stark, R.2
  • 141
    • 84990352595 scopus 로고
    • Growth through acquisition: The keys to capturing value after the deal
    • Smith, K. W., & Quella, J. A. (1995). Growth through acquisition: The keys to capturing value after the deal. Mercer Management Journal, 4, 27-39.
    • (1995) Mercer Management Journal , vol.4 , pp. 27-39
    • Smith, K.W.1    Quella, J.A.2
  • 142
    • 0030439567 scopus 로고    scopus 로고
    • Economic behavior in institutional environments: The corporate merger wave of the 1980s
    • Stearns, L. B., & Allen, K. (1996). Economic behavior in institutional environments: The corporate merger wave of the 1980s. American Sociological Review, 61, 699-718.
    • (1996) American Sociological Review , vol.61 , pp. 699-718
    • Stearns, L.B.1    Allen, K.2
  • 143
    • 84990355216 scopus 로고
    • What went wrong with the LBO boom?
    • June 19
    • Stein, J. C. (1991, June 19). What went wrong with the LBO boom? Wall Street Journal, p. A27-A27.
    • (1991) Wall Street Journal , pp. A27-A27
    • Stein, J.C.1
  • 144
    • 84920381878 scopus 로고
    • The Nabisco battle's key moment
    • December 2
    • Sterngold, J. (1988, December 2). The Nabisco battle's key moment. The New York Times, p. D15-D15.
    • (1988) The New York Times , pp. D15-D15
    • Sterngold, J.1
  • 147
    • 0000189829 scopus 로고
    • Institutional sources of change in the formal structure of organizations: The diffusion of civil service reform, 1880-1935
    • Tolbert, P. S., & Zucker, L. G. (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.
    • (1983) Administrative Science Quarterly , vol.28 , pp. 22-39
    • Tolbert, P.S.1    Zucker, L.G.2
  • 148
    • 84990326101 scopus 로고    scopus 로고
    • Top deal makers aren't best matchmakers
    • June 3
    • Top deal makers aren't best matchmakers. (1999, June 3). Wall Street Journal, p. C1-C1.
    • (1999) Wall Street Journal , pp. C1-C1
  • 149
    • 84989085874 scopus 로고
    • Merger motives and merger prescriptions
    • Trautwein, F. (1990). Merger motives and merger prescriptions. Strategic Management Journal, 11, 283-295.
    • (1990) Strategic Management Journal , vol.11 , pp. 283-295
    • Trautwein, F.1
  • 150
    • 84990392155 scopus 로고    scopus 로고
    • A deal too far
    • Tully, S. (1999). A deal too far. Fortune, pp. 56-64.
    • (1999) Fortune , pp. 56-64
    • Tully, S.1
  • 151
    • 0016264378 scopus 로고
    • Judgement under uncertainty: Heuristics and biases
    • Tversky, A., & Kahneman, D. (1974). Judgement under uncertainty: Heuristics and biases. Science, 185, 1124-1131.
    • (1974) Science , vol.185 , pp. 1124-1131
    • Tversky, A.1    Kahneman, D.2
  • 152
    • 84990335694 scopus 로고    scopus 로고
    • An urge to merge
    • January 13
    • An urge to merge. (1997, January 13). Fortune, p. 158-158.
    • (1997) Fortune , pp. 158
  • 153
    • 0011490625 scopus 로고
    • Overpaying in corporate takeovers: The winner's curse
    • May/June
    • Varaiya, N. P., & Ferris, K. R. (1987, May/June). Overpaying in corporate takeovers: The winner's curse. Financial Analysts’Journal, 43, 64-73.
    • (1987) Financial Analysts’Journal , vol.43 , pp. 64-73
    • Varaiya, N.P.1    Ferris, K.R.2
  • 154
    • 84989026655 scopus 로고
    • Mergers, acquisitions, and the pruning of managerial deadwood
    • Walsh, J. P., & Ellwood, J. W. (1991). Mergers, acquisitions, and the pruning of managerial deadwood. Strategic Management Journal, 12, 201-217.
    • (1991) Strategic Management Journal , vol.12 , pp. 201-217
    • Walsh, J.P.1    Ellwood, J.W.2
  • 155
    • 21144479257 scopus 로고
    • Corporate raiders and their disciplinary role in the market for corporate control
    • Walsh, J. P., & Kosnik, R. D. (1993). Corporate raiders and their disciplinary role in the market for corporate control. Academy of Management Journal, 36, 671-700.
    • (1993) Academy of Management Journal , vol.36 , pp. 671-700
    • Walsh, J.P.1    Kosnik, R.D.2
  • 156
    • 84989052496 scopus 로고
    • Research notes and communications: Management objectives in mergers and acquisitions
    • Walter, G., & Barney, J. (1990). Research notes and communications: Management objectives in mergers and acquisitions. Strategic Management Journal, 11, 79-86.
    • (1990) Strategic Management Journal , vol.11 , pp. 79-86
    • Walter, G.1    Barney, J.2
  • 159
    • 0031287588 scopus 로고    scopus 로고
    • Customization or conformity? An institutional and network perspective on the content and consequences of TQM adoption
    • Westphal, J. D., Gulati, R., & Shortell, S. M. (1997). Customization or conformity? An institutional and network perspective on the content and consequences of TQM adoption. Administrative Science Quarterly, 42, 366-394.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 366-394
    • Westphal, J.D.1    Gulati, R.2    Shortell, S.M.3
  • 160
    • 0013416568 scopus 로고
    • Why bank mergers are good for your savings account
    • October 2
    • Why bank mergers are good for your savings account. (1995, October 2). Fortune, p. 32-32.
    • (1995) Fortune , pp. 32
  • 161
    • 0003325865 scopus 로고    scopus 로고
    • The year of the mega-merger
    • January 11
    • The year of the mega-merger. (1999, January 11). Fortune, pp. 62-68.
    • (1999) Fortune , pp. 62-68
  • 162
    • 0039791718 scopus 로고    scopus 로고
    • The year of the very big deals
    • November 24
    • The year of the very big deals. (1997, November 24). Fortune, pp. 36-38.
    • (1997) Fortune , pp. 36-38
  • 163
    • 0003240971 scopus 로고
    • Mergers and bidder's wealth: Managerial and strategic factors
    • In L. G. Thomas (Ed.), Lexington, MA: Lexington Books.
    • You, V., Caves, R., Smith, M., & Henry, J. (1986). Mergers and bidder's wealth: Managerial and strategic factors. In L. G. Thomas (Ed.), The economics of strategic planning (pp. 201-220). Lexington, MA: Lexington Books.
    • (1986) The economics of strategic planning , pp. 201-220
    • You, V.1    Caves, R.2    Smith, M.3    Henry, J.4
  • 164
    • 0001958739 scopus 로고
    • Blind spots in industry and competitor analysis: Implications of interfirm (mis)perceptions for strategic decisions
    • Zajac, E., & Bazerman, M. (1991). Blind spots in industry and competitor analysis: Implications of interfirm (mis)perceptions for strategic decisions. Academy of Management Review, 16, 37-56.
    • (1991) Academy of Management Review , vol.16 , pp. 37-56
    • Zajac, E.1    Bazerman, M.2
  • 166
    • 0038285116 scopus 로고
    • The role of institutionalization in cultural persistence
    • Zucker, L. G. (1977). The role of institutionalization in cultural persistence. American Sociological Review, 42, 726-743.
    • (1977) American Sociological Review , vol.42 , pp. 726-743
    • Zucker, L.G.1
  • 167
    • 0002086749 scopus 로고
    • Organizations as institutions
    • In S. B. Bacharach (Ed.), Greenwich, CT: JAI.
    • Zucker, L. G. (1983). Organizations as institutions. In S. B. Bacharach (Ed.), Advances in organizational theory and research (Vol. 2, pp. 1-43). Greenwich, CT: JAI.
    • (1983) Advances in organizational theory and research , vol.Vol. 2 , pp. 1-43
    • Zucker, L.G.1
  • 168
    • 0023496834 scopus 로고
    • Institutional theories of organization
    • Zucker, L. G. (1987). Institutional theories of organization. Annual Review of Sociology, 13, 443-464.
    • (1987) Annual Review of Sociology , vol.13 , pp. 443-464
    • Zucker, L.G.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.