Prospect theory, behavioral theory, and the threat-rigidity thesis: Combinative effects on organizational decisions to divest formerly acquired units

• 成果类型: Article
• 署名作者: Shimizu, Katsuhiko
• 署名单位: University of Texas System; University of Texas at San Antonio
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• 发表日期: 2007
• 页码: 1495-1514
• 关键词: RISK-RETURN PARADOX; CAUSAL MODEL; performance; FIRMS; strategy; reorientation; acquisitions; preferences; dimensions; FAILURE

摘要

By complementing prospect theory with organization-level behavioral theory and the threat-rigidity thesis, I study how factors unique to an organizational level can interact with the individual-level tendencies predicted by prospect theory. I tested this approach by examining organizational decisions to divest or retain formerly acquired units in a longitudinal setting. The results show that divestiture decisions are influenced by both individual- and organization- level factors that cannot be explained solely by one theory and provide a richer understanding of organizational risk-seeking behaviors.