How do networks and learning drive M&AS? An institutional comparison between china and the united states

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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Original languageEnglish
Pages (from-to)1113-1132
Journal / PublicationStrategic Management Journal
Issue number10
Publication statusPublished - Oct 2009


What drives mergers and acquisitions (M&As) in different institutional 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. © 2009 John Wiley & Sons, Ltd.

Research Area(s)

  • Industry alliance network, Institutional settings, Mergers and acquisitions, Network and learning factors