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Challengers, elites, and owning families: A social class theory of corporate acquisitions in the 1960s

Опубликовано на портале: 15-12-2002
Administrative Science Quarterly. 2001.  Vol. 46. No. 1. P. 87-120. 
Тематический раздел:
This paper analyzes data on 461 large US industrial corporations to determine that factors that led large firms to participate in the wave of diversifying acquisitions that peaked in the late 1960s. A class theory of corporate acquisitions is elaborated on and tested, maintaining that firms pursue acquisitions in this periods when they were commended by well-networked challenges 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. Also considered is a wide range of factors highlighted by alternative accounts of acquisition likelihood, including resource dependent, institutional pressures, and principle-agent conflicts. The results provide support for the moan theoretical arguments, even when controls related to alternative explanations are taken into account.