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| Author: | Stearns, L. B. Allan, K. D. |
| Title: | Economic behavior in institutional environments : the corporate merger wave of the 1980s |
| Journal: | American Sociological Review
1996 : AUG, VOL. 61:4, p. 699-718 |
| Index terms: | MERGERS SOCIAL ENVIRONMENT POLITICS USA |
| Language: | eng |
| Abstract: | USA has experienced four waves of corporate merger activity over the last 100 years. Most recent merger waves occurred in the 1960s and the 1980s. Most research on merger waves has focused on individual mergers within a wave, but this paper focuses on the wave itself. A theoretical model is developed , that centers on the actors who promote the mergers and on those changes in the political and economic environments that provide the resources these actors need to act. The authors argue that a permissive state combined with increased access to capital market funds encourages fringe players to initiate the innovations that enable them to execute mergers. |
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