摘要:

AbstractStrategic management literature suggests a relationship between systematic risk and the relatedness of merging firms. This is tested for a sample of 120 large mergers by controlling for the systematic risk of the target firm, correcting for possible problems of heteroskedasticity, and estimating shifts in risk over daily as well as monthly time horizons. Finally, the influence of leverage is considered. The findings highlight a performance distinction between corporate diversification and stockholder diversification in instances of related and unrelated mergers.

ISSN:0143-2095    

DOI:10.1002/smj.4250110402

出版商:John Wiley&Sons, Ltd.    

年代:1990

数据来源: WILEY

摘要:

AbstractThe PIMS data base and the FTC Line‐of‐business data base have both been widely used in industrial organization research and business strategy research. However, both data bases have been criticized because of their sample compositions, their measurement methodologies, and the underlying data structures. This study was designed to explore the issues that have been raised about the two data sets by comparing findings produced by them. Since criticism of the two data sets are dissimilar, it is highly unlikely that comparable results would be obtained if the quality of either or both data sets was deficient. This study shows that the data sets generally produce highly comparable descriptive and relational results. However, a number of disagreements do arise, and these are traced to idiosyncratic causes, rather than to the kinds of systematic shortcomings suggested by crit

ISSN:0143-2095    

DOI:10.1002/smj.4250110403

出版商:John Wiley&Sons, Ltd.    

年代:1990

数据来源: WILEY

摘要:

AbstractThe article surveys theories of merger motives and relates them to prescriptions for merger strategies. The theories of merger motives can be classified into seven groups. Those theories arguing with private information, managerial empire‐building or process influences are better supported by evidence than those tracing mergers back to efficiency gains or monopoly power. The explanations of mergers in terms of raider activity or macroeconomic disturbances carry the least plausibility. Strategy authors have discussed mergers with respect to the choice of acquisition mode, entry mode, and integration mode. The prescriptions on all three topics are dominated by the efficiency theory of mergers. For this reason they are dangerous guides for participants in merger processes. On the other hand they provide an efficient language for communicating one's position. The research in merger motives should be redirected from the efficiency theory to explanations that build on decision processes, conflicting goals, and ambiguous private informatio

ISSN:0143-2095    

DOI:10.1002/smj.4250110404

出版商:John Wiley&Sons, Ltd.    

年代:1990

数据来源: WILEY

摘要:

AbstractThis paper interprets the corporate strategies of multi‐business firms as patterns in their aggregate deployment of resources to functional uses across businesses. By integrating business and corporate levels in the study of strategy‐making, such a perspective facilitates analyzing aggressiveness in corporate posture as a concept distinct from, but complementary to, competitive strategy and diversification. Changes in aggressiveness, we argue, result from the interplay of two sets of forces: (1)inhibitorsthat create inertia; and (2)inductorsthat stimulate redeployments. Specific hypotheses are tested using data drawm from a random sample of 352 firms in ten economic sectors between 1977 and 1984. Results support the view thatpriorperformance and sector volatility have a curvilinear impact on the propensity of firms to change their corporate aggressiveness. Change in corporate posture is significantly inhibited by size and prior resource deployments. However, the inductive forces of prior performance and volatility act to stimulate cha

ISSN:0143-2095    

DOI:10.1002/smj.4250110405

出版商:John Wiley&Sons, Ltd.    

年代:1990

数据来源: WILEY

摘要:

AbstractFirms that obtain orders through frequent competitive bidding often fail to realize that the analysis required for making strategic marketing decisions is quite different from that for firms where competitive bidding is absent. This article presents a conceptual framework, the bidding pyramid, for understanding the interrelationships between the six major internal variables that management should adjust if optimal performance is to be achieved. The framework has been derived as the result of research undertaken in the U.K. construction industry.

ISSN:0143-2095    

DOI:10.1002/smj.4250110406

出版商:John Wiley&Sons, Ltd.    

年代:1990

数据来源: WILEY

摘要:

AbstractThis paper reanalyzes Miller and Friesen's (1984a) life cycle dana by statistically assessing their conclusions regarding the life cycle imperative. Three separate models were tested: a three‐phase model, a four‐phase model and a five‐phase model. Using the del procedure for the prediction analysis of cross‐classification tables, a sensitivity analysis showed that there is support for the life cycle progression hypothesis, but only when firms that stay in the same phase are not treated as errors. When firms that stay the same are increasingly weighted as errors, del values drop significantly. In general, the three‐ and four‐phase models show better support for the life cycle hypothesis than the five‐phase model originally used by Mille

ISSN:0143-2095    

DOI:10.1002/smj.4250110407

出版商:John Wiley&Sons, Ltd.    

年代:1990

数据来源: WILEY

摘要:

AbstractIn recent years lawsuits against corporate directors have increased dramatically. Moreover, many critics feel that with current shifts toward greater insider representation, the number will rise still more. This study examines the relationship between board composition and shareholder suits. The results indicate that, when compared to a control group, boards sued for failing to maintain their fiduciary responsibilities tended to have a greater proportion of inside directors. There was, however, no significant relationship between composition and suit outcomes.

ISSN:0143-2095    

DOI:10.1002/smj.4250110408

出版商:John Wiley&Sons, Ltd.    

年代:1990

数据来源: WILEY

ISSN:0143-2095    

DOI:10.1002/smj.4250110401

出版商:John Wiley&Sons, Ltd.    

年代:1990

数据来源: WILEY