HOW DO NETWORKS AND LEARNING DRIVE M&AS? AN INSTITUTIONAL COMPARISON BETWEEN CHINA AND THE UNITED STATES

• 成果类型: Article; Proceedings Paper
• 署名作者: Lin, Zhiang (John); Peng, Mike W.; Yang, Haibin; Sun, Sunny Li
• 署名单位: University of Texas System; University of Texas Dallas; City University of Hong Kong
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.777
• 发表日期: 2009
• 页码: 1113-1132
• 关键词: Mergers and acquisitions; industry alliance network; network and learning factors; institutional settings

摘要

What drives mergers and acquisitions (M&As) in different intsitutional environments? This article builds on the resource dependence perspective and argues that networks, learning, and institutions represent three building blocks that can enhance our understanding of the drivers behind M&As. Specifically, we consider firms as learning actors embedded in network relations and influenced by institutional development, and compare and contrast firms' acquisition activities across the United States and China. Our findings show that there are indeed important learning and network factors that lead to M&As. More interestingly, the impact of such learning and network factors varies sharply across countries with different market-based institutions. Copyright (C) 2009 John Wiley & Sons, Ltd.