Performance feedback, slack, and the timing of acquisitions

• 成果类型: Article
• 署名作者: Iyer, Dinesh N.; Miller, Kent D.
• 署名单位: University System of Ohio; Ohio University; Michigan State University; Michigan State University's Broad College of Business
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• 发表日期: 2008
• 页码: 808-822
• 关键词: research-and-development; ASPIRATION-LEVEL ADAPTATION; corporate diversification; TURNAROUND STRATEGIES; BEHAVIORAL-THEORY; LOCAL SEARCH; risk-taking; firm; MARKET; takeovers

摘要

Investigating behavioral explanations for the timing of corporate acquisitions, we focus on the effects of performance relative to aspiration level, slack, and proximity to bankruptcy. We used event history modeling to explain the hazard of acquisitions among U.S. manufacturing firms from 1980 to 2000. Results indicate acquisition activity increases as performance rises among firms performing below aspirations, but falls among firms performing above aspirations. Slack has a positive relation with acquisitions, and financial distress inhibits acquisitions. We also found support for shifts in firms' focus of attention between survival, aspirations, and slack.