Constructing deal networks: Brokers as network architects in the USIPO market and other examples

• 成果类型: Article
• 署名作者: Pollock, TG; Porac, JF; Wade, JB
• 署名单位: University System of Maryland; University of Maryland College Park; New York University; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• 发表日期: 2004
• 页码: 50-72
• 关键词: initial public offerings; long-run performance; social-structure; Embeddedness; underwriter; reputation; venture; uncertainty; governance; allocation

摘要

We introduce the concept of the network architect to extend theory explaining how brokers create and manage structural holes in mediated markets. We argue that a broker's social resources and dependence on the market, along with exogenous deal conditions, influence the broker's motivations and willingness to make tradeoffs between long-term and short-term considerations when constructing deal networks. We develop our model and propositions in the context of the U.S. initial public offerings market and then generalize these arguments to other market contexts.