Tekijä:Palmer, D.
Barber, B. M.
Otsikko:Challengers, Elites, and Owning Families: A Social Class Theory of Corporate Acquisitions in the 1960s
Lehti:Administrative Science Quarterly
2001 : MAR, VOL. 46:1, p. 87-120
Asiasana:SOCIAL CLASSES
MERGERS
COMPANIES
Kieli:eng
Tiivistelmä:This paper analyses data on 461 large U.S. industrial corporations to determine the factors that led large firms to participate in the wave of diversifying acquisitions that peaked in the late 1960s. The authors elaborate and test a class theory of corporate acquisitions, maintaining that firms pursued acquisitions in this period when they were commanded by well-networked challengers who were central in elite social networks but relatively marginal with respect to social status, isolated from the resistance of established elites, and free from control of owning families. The authors also consider a wide range of factors highlighted by alternative accounts of acquisition likelihood, including resource dependence, institutional pressures, and principal-agent conflicts.
SCIMA tietueen numero: 225987
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