haku: @indexterm Mergers / yhteensä: 2376
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| Tekijä: | Beckman, C. M. Haunschild, P. R. |
| Otsikko: | Network Learning: The Effects of Partners' Heterogeneity of Experience on Corporate Acquisitions |
| Lehti: | Administrative Science Quarterly
2002 : MAR, VOL. 47:1, p. 92-124 |
| Asiasana: | NETWORKS ORGANIZATION COMPANIES LEARNING MERGERS |
| Kieli: | eng |
| Tiivistelmä: | To examine the effects of interorganizational network structures on acquisition decisions, the authors propose a model whereby firms learn by sampling the diverse experiences of their network partners. The authors tested this model by examining the effect of diversity of network partners' experience on firms' acquisition decisions, using data on acquisition premiums and acquirers' stock market performance from 1986 to 1997. Results show that firms tied to others with heterogeneous prior premium experience tend to pay less for their acquisitions and have better-performing acquisitions than those tied to others with homogeneous experience. Firms also pay lower premiums when their network partners (1) have completed deals of diverse sizes, (2) have unique information, and (3) are themselves of diverse sizes. |
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