INTERORGANIZATIONAL IMITATION - THE IMPACT OF INTERLOCKS ON CORPORATE ACQUISITION ACTIVITY

• 成果类型: Article
• 署名作者: HAUNSCHILD, PR
• 刊物名称: ADMINISTRATIVE SCIENCE QUARTERLY
• ISSN/ISSBN: 0001-8392
• DOI: 10.2307/2393337
• 发表日期: 1993
• 页码: 564-592
• 关键词: TENDER OFFERS; FIRMS; mergers; hypothesis; takeovers; synergy

摘要

In this study, i examine direct evidence for the influence of interorganizational imitation on a voluntary, substantive strategic action that affects the economic core of the firm: corporate acquisitions. I argue that firm managers are exposed to the acquisition activities of other firms when they sit on those firms' boards. The acquisition activities of the firms they are tied to serve as models to be imitated. Hypotheses are developed and tested on 1981-1990 acquisition data for a sample of 327 firms. Results show that firm managers are imitating the acquisition activities of those other firms to which they are tied through directorships. Competing rival interpretations of positive evidence for imitation are examined, and the imitation interpretation is found to hold.