Dancing with strangers: aspiration performance and the search for underwriting syndicate partners

• 成果类型: Review
• 署名作者: Baum, JAC; Rowley, TJ; Shipilov, AV; Chuang, YT
• 署名单位: University of Toronto; York University - Canada
• 刊物名称: ADMINISTRATIVE SCIENCE QUARTERLY
• ISSN/ISSBN: 0001-8392
• DOI: 10.2189/asqu.50.4.536
• 发表日期: 2005
• 页码: 536-575
• 关键词: VARIABLE RISK PREFERENCES; Structural holes; interorganizational collaboration; STRATEGIC PERSISTENCE; investment banking; MARKET UNCERTAINTY; COMMERCIAL-BANKS; LEVEL ADAPTATION; Small-world; network

摘要

In this paper, we introduce performance feedback models to specify conditions under which organizations' decision makers are more (or less) likely to accept the risk and uncertainty of nonlocal interorganizational partnership ties rather than prefer embedded ties with partners with which they have either past direct or third-party ties. Learning theory suggests that organizations performing far from historical and social aspirations may be more willing to accept the uncertainty and risk of such nonlocal ties with relative strangers. An analysis of Canadian investment banks' underwriting syndicate ties from 1952 to 1990 supports predictions from learning theory and, in addition, indicates that inconsistent performance feedback (i.e., performance above either historical or social aspirations but below the other) triggers the greatest risk taking in selecting partners.