罗格斯大学商学院Doug Miller《Advanced Topics in Strategy: Corporate and Cooperative Strategy 》syllabus*上”
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Advanced Topics in Strategy: Corporate and Cooperative Strategy
Department of Management and Global Business
Rutgers Business School
January 18: Economic Foundations and Strategy Research
Required:
Economies of Scope
1. Panzar, J. C., & Willig, R. D. 1981. Economies of scope. American Economic Review, 71(2): 268-
272. Core economic theory paper, short and sweet.
2. Teece, D.J. 1980. Economies of scope & the scope of the enterprise. Journal of Economic Behavior
and Organization. 1(3): 223-247. Foundational paper in strategic management.
Financial Economics and Strategy Research
3. Myers, S.C. 1984. Finance theory and financial strategy, Interfaces. 14: 26-37. Classic paper in
Financial Economics about how finance relates to strategy. The two disciplines intersect in their
empirical examination of corporate strategy events.
4. Hill, C.W.L. & Hoskisson, R.E. 1987. Strategy and structure in the multiproduct firm. Academy of
Management Review, 12(2): 331-341. Applies early strategy ideas to diversified firms. Illustrates
divergence from financial economics.
5. Zingales, L. 2000. In search of new foundations. Journal of Finance, 55(4): 1623-53. Later paper
explaining why finance needs a theory of the firm closer to what we usually describe in strategy. Set
the stage for a new incursion of finance into corporate strategy.
Sociology and Economic Research
6. Granovetter, M. 1985. Economic action and social structure: The problem of embeddedness.
American Journal of Sociology, 3: 481-510. A sociologist makes the case that economic actors (e.g.,
competitors) are linked in social structures, so we should expect cooperation.
Recommended:
7. Bailey, E.E. & Friedlaender, A.F. 1982. Market structure and multiproduct industries. Journal of
Economic Literature, 20(3): 1024-1048.
8. Jensen, M.C. 1983. Organization theory and methodology. Accounting Review, 56: 319-338.
9. Montgomery C.A., Wernerfelt, B. & Balakrishnan, S. 1989. Strategy content and the research
process: A critique and commentary. Strategic Management Journal, 10(2):189-197. Also,
a. Seth, A. & Zinkhan, G. 1991. Strategy and the research process: A comment. Strategic
Management Journal, 12(1): 75-82.
b. Montgomery, C.A., Wernerfelt, B. & Balakrishnan, S. 1991. Strategy and the Research Process:
A Reply. Strategic Management Journal, 12(1): 83-84.
10. Porter, M.E. 1987. From competitive advantage to corporate strategy. Harvard Business Review,
May-June: 43-59. Paper for a managerial audience including some early conceptions and
misperceptions about corporate strategies.
11. Trigeorgis, L. 1993. Real options and interactions with financial flexibility. Financial Management.
22(Autumn): 202-24.
January 25: Vertical Integration: Theory and Phenomena
Required:
1. Williamson, O.E. 1981. The modern corporation: Origins, evolution, attributes. Journal of Economic
Literature, 19: 1537-1568. A classic Williamson TCE article that you probably didn’t read in a
previous class, and which gives a little different perspective.
2. Harrigan, K.R. 1985. Vertical integration and corporate strategy. Academy of Management Journal,
28(June): 397-425. Description of the phenomenon and its importance.
3. Klein, B., R. Crawford and A. Alchian. 1978. Vertical integration, appropriable rents, and the
competitive contracting process. Journal of Law and Economics, 21: 297-326. An alternative
interpretation or realization of Coase’s ideas.
4. Mahoney, J.T. 1992. The choice of organizational form: Vertical financial ownership versus other
methods of vertical integration. Strategic Management Journal, 13(8): 559-584. Clarifies the
alternatives besides pure market and hierarchy, and notes asset specificity may be a choice.
5. Parmigiani, A. 2007. Why do firms both make and buy? An investigation of concurrent sourcing.
Strategic Management Journal, 28(3): 285-311. Incorporates factors from multiple perspectives to
examine concurrent sourcing (tapered integration) rather than just make or buy.
6. Moeen, M., Somaya, D. and Mahoney, J.T. 2013. Supply portfolio concentration in outsourced
knowledge-based services. Organization Science, 24(1): 262-279. Changes the focus from the
transaction level to the portfolio level.
Recommended:
7. Coase, R. 1937. The nature of the firm. Economica 4: 386-405
8. Machlup, F. & Taber, M. 1960. Bilateral Monopoly, Successive Monopoly, and Vertical Integration.
Economica, 27(106): 101-119.
9. Armour, H.O. & Teece, D.J. 1980. Vertical integration and technological innovation. Review of
Economics and Statistics, 67: 438-445.
10. Grossman S.J. & Hart, O. 1986. The costs and benefits of ownership: A theory of vertical and lateral
integration. Journal of Political Economy, 94: 691-719.
11. Williamson, O. E. 1991. Comparative economic organization: The analysis of discrete structural
alternatives. Administrative Science Quarterly, 36: 269-296.
12. Balakrishnan, S. & Wernerfelt B. 1986. Technical change, competition and vertical integration.
Strategic Management Journal, 7(4): 347-359.
13. Harrigan, K.R. 1986. Matching vertical integration strategies to competitive conditions. Strategic
Management Journal, 7(6): 535-555.
14. Williamson OE. 1991. Comparative economic organization: the analysis of discrete structural
alternatives. Administrative Science Quarterly 36(June): 269-296.
15. Wernerfelt, B. 1997. On the nature and scope of the firm: an adjustment-cost theory. Journal of
Business, 70(4): 489-514.
16. Argyres NS, Liebeskind J. 1999. Contractual commitments, bargaining power, and governance
inseparability: Incorporating history into transaction cost theory. Academy of Management Review
24(1): 49-63.
17. Gibbons, R. 2005. Four formal (izable) theories of the firm? Journal of Economic Behavior &
Organization, 58(2): 200-245.
18. Williamson, O.E. 2005. The economics of governance. American Economic Review, 95 (2): 1-18.
19. Jacobides, M.G. and Winter, S.G., 2005. The co-evolution of capabilities and transaction costs:
explaining the institutional structure of production. Strategic Management Journal, 26(5): 395-413.
20. Jacobides, M.G., 2005. Industry change through vertical disintegration: How and why markets
emerged in mortgage banking. Academy of Management Journal, 48(3): 465-498.
21. Gulati R, Lawrence PR, Puranam P. 2005. Adaptation in vertical relationships: beyond incentive
conflict. Strategic Management Journal 26: 415-440.
22. Gulati R, Nickerson JA. 2008. Interorganizational trust, governance choice, and exchange
performance. Organization Science 19(5): 688-708.
23. Jacobides, M.G. and Billinger, S., 2006. Designing the boundaries of the firm: From “make, buy, or
ally” to the dynamic benefits of vertical architecture. Organization Science, 17(2): 249-261.
24. Argyres NS, Mayer KJ. 2007. Contract design as a firm capability: an integration of learning and
transaction cost perspectives. Academy of Management Review 32(4): 1060-1077.
25. Argyres, N.S. and Zenger, T.R. 2012. Capabilities, transaction costs, and firm
boundaries. Organization Science, 23(6): 1643-1657.
February 1: Vertical Integration: Empirical Research
Required:
1. Walker, G. & Weber, D. 1984. A transaction cost approach to make-or-buy decisions. Administrative
Science Quarterly 29(Sep): 373-391. Early empirical TCE paper.
2. Masten, S. 1993. Transaction costs, mistakes and performance: Assessing the importance of
governance. Managerial and Decision Economics, 14: 119-129. Succinct statement of a fundamental
issue in research of theories that propose optimal decisions.
3. Leiblein, M.J. & Miller, D.J. 2003. An empirical examination of transaction- and firm-level
influences on the vertical boundaries of the firm. Strategic Management Journal, 24(9): 839-859.
Empirical paper employing variables at the firm level as well as transaction level.
4. Macher, J.T. 2006. Technological development and the boundaries of the firm: a knowledge-based
examination of semiconductor manufacturing. Management Science, 52(6): 826-843. An empirical
paper that seeks to extend TCE reasoning using the knowledge-based view.
5. Argyres, N. & Bigelow, L. 2010. Innovation, modularity, and vertical de-integration: Evidence from
the early U.S. auto industry. Organization Science, 21(4): 842-853. Consideration of de-integration
rather than integration, which are not necessarily the same decision in a dynamic process.
6. Weigelt CB and Miller DJ. 2013. Implications of internal organizational structure for firm
boundaries. Strategic Management Journal, 34(12): 1411-1434. Example of using a shift parameter
framework to expand from the transaction level to other levels of analysis.
Recommended:
7. Anderson, E. & Schmittlein, D.C. 1984. Integration of the sales force: An empirical examination.
RAND Journal of Economics, 15(3): 385-95.
8. Walker G, Weber D. 1987. Supplier competition, uncertainty, and make-or-buy decisions. Academy
of Management Journal 30(3): 589-596.
9. Monteverde K. 1995. Technical dialog as an incentive for vertical integration in the semiconductor
industry. Management Science 41(10): 1624-1638.
10. Sutcliffe, K.M. & Zaheer, A. 1998. Uncertainty in the transaction environment: an empirical test.
Strategic Management Journal, 19: 1-23.
11. Poppo, L., & Zenger, T. 1998. Testing alternative theories of the firm: Transaction cost, knowledgebased, and measurement explanations for make-or-buy decisions in information services. Strategic
Management Journal, 19: 853-877.
12. Murray, J.Y & Kotabe, M. 1999. Sourcing strategies of U.S. service companies: A modified
transactions cost analysis. Strategic Management Journal, 20:9, 791-809
13. Tadelis, S. 2002. Complexity, flexibility, and the make-or-buy decision. American Economic Review,
92(2): 433-37.
14. Rothaermel FT, Hitt MA, Jobe LA. 2006. Balancing vertical integration and strategic outsourcing:
effects of product portfolio, product success, and firm performance. Strategic Management Journal
27(11): 1033-1056.
15. Shervani TA, Frazier G, Challagalla G. 2007. The moderating influence of firm market power on the
transaction cost economics model: an empirical test in a forward channel integration context.
Strategic Management Journal 28: 635-652.
16. Parmigiani A, Mitchell W. 2009. Interdependence, capabilities, and the boundaries of the firm: the
impact of within-firm and interfirm expertise on concurrent sourcing of complementary components.
Strategic Management Journal 30: 1065-1091.
17. Weigelt, C. and Sarkar, M.B. 2012. Performance implications of outsourcing for technological
innovations: managing the efficiency and adaptability trade‐off. Strategic Management
Journal, 33(2): 189-216.
18. Puranam, P., Gulati, R. and Bhattacharya, S. 2013. How much to make and how much to buy? An
analysis of optimal plural sourcing strategies. Strategic Management Journal, 34(10): 1145-1161.
19. Natividad, G., 2014. Integration and productivity: Satellite-tracked evidence. Management
Science, 60(7): 1698-1718.
20. Heide, J.B., Kumar, A. and Wathne, K.H. 2014. Concurrent sourcing, governance mechanisms, and
performance outcomes in industrial value chains. Strategic Management Journal, 35(8): 1164-1185.
21. Elfenbein DW, Zenger TR. 2014. What is a relationship worth? Repeated exchange and the
development and deployment of relational capital. Organization Science 25(1): 222-244.
22. Jain A, Thietart R-A. 2014. Capabilities as shift parameters for the outsourcing decision. Strategic
Management Journal, 35(12): 1881-1890.
23. Brahm, F. and Tarziján, J. 2015. Toward an integrated theory of the firm: The interplay between
internal organization and vertical integration. Strategic Management Journal.
Reviews:
24. David, R., & Han, S. 2004. A systematic assessment of the empirical support for transaction cost
economics. Strategic Management Journal, 25(1): 39-58
25. Macher, J.T. and Richman, B.D. 2008. Transaction cost economics: An assessment of empirical
research in the social sciences. Business and Politics, 10(1).
February 8: Diversification
Required:
1. Salter, M. S. & Weinhold, W. A., 1978. Diversification via acquisition: Creating value. Harvard
Business Review, 56(4): 166-176. Brief summary of thinking in the 1970s, and a reminder that the
diversification and acquisition literature should always be linked.
2. Christensen, H.A. & Montgomery, CA. 1981. Corporate economic performance: Diversification
strategy versus market structure. Strategic Management Journal, 2(4): 327-343. An empirical critique
of resource-based approaches to diversification, emphasizing IO economics.
3. Robins, J.A. & Wiersema, M. 1995. A resource-based approach to the multibusiness firm. Strategic
Management Journal, 16: 277-299. Solid empirical RBV contribution.
4. Farjoun, M. 1998. The independent and joint effects of the skill and physical bases of relatedness.
Strategic Management Journal, 19(7): 611-630. Another key empirical paper using a new measure of
human capital.
5. Miller, D.J. 2004. Firms’ technological resources and the performance effects of diversification: a
longitudinal study. Strategic Management Journal, 25: 1097-1119. My first dissertation paper
explaining the finding of a diversification discount.
6. Rawley, E. & Simcoe, T. S. 2010. Diversification, diseconomies of scope, and vertical contracting:
Evidence from the taxicab industry. Management Science, 56(9): 1534-1550. Ties together
diversification and vertical integration with a creative dataset.
7. Wu, B. 2013. Opportunity costs, industry dynamics, and corporate diversification: Evidence from the
cardiovascular medical device industry, 1976–2004. Strategic Management Journal, 34(11), pp.1265-1287.
Recommended:
8. Rumelt, R.P. 1982. Diversification strategy and profitability. Strategic Management Journal, 3(4):
359-369.
9. Bettis, R.A. 1981. Performance differences in related and unrelated firms. Strategic Management
Journal, 2: 379-394.
10. Chang, Y. & Thomas, H. 1989. The impact of diversification strategy on risk-return performance.
Strategic Management Journal, 10: 271-284.
11. Palepu, K. 1985. Diversification strategy, profit performance and the entropy measure. Strategic
Management Journal, 6(July-Sep): 239-55.
12. Montgomery, C. & Wernerfelt, B. 1988. Diversification, Ricardian rents, and Tobin's q. Rand Journal
of Economics, 19(4): 623-632.
13. Amit, R. & Livnat, J. 1988. Diversification and the risk-return tradeoff. Academy of Management
Journal, 31: 54-166.
14. Hoskisson, R.E. & M.A. Hitt. 1990. Antecedents and performance outcomes of diversification: A
review and critique of theoretical perspectives. Journal of Management, 16(2): 461-509.
15. Hill CWL, Hansen GS. 1991. A longitudinal study of the cause and consequences of changes in
diversification in the US pharmaceutical industry 1977–1986. Strategic Management Journal 12(3):
187-199.
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16. Markides, C. & Williamson, P. 1994. Related diversification, competencies and corporate
performance. Strategic Management Journal. 15(Summer Special Issue): 149-165.
17. Berger, P.G. & Ofek, E. 1995. Diversification’s effect on firm value. Journal of Financial
Economics, 37: 39-65.
18. Ramanujam, V. & Varadarajan, P. 1989. Research on corporate diversification: a synthesis. Strategic
Management Journal. 10(Nov-Dec): 523-51.
19. Hoskisson, R.E., Hitt, M.A., Johnson, R.A. & Moesel, D.D. 1993. Construct validity of an objective
(entropy) categorical measure of diversification strategy. Strategic Management Journal, 14(3): 215-
235.
20. Lang, H.P. & Stulz, R. 1994. Tobin’s q, corporate diversification, and firm performance. Journal of
Political Economy, 102(6): 1248-1280.
21. Palich, L., Cardinal, L.B. & Miller, C.C. 2000. Curvilinearity in the diversification-performance
linkage: An examination of over three decades of research. Strategic Management Journal, 21(2):
155-174.
22. Campa, Jose Manuel & Simi Kedia. 2002. Explaining the diversification discount. Journal of
Finance, 57(4): 1731-1762.
23. Villalonga B. 2004. Diversification discount or premium? New evidence from the Business
Information Tracking Series. Journal of Finance, 59: 479-506.
24. Miller, D.J. 2006. Technological diversity, related diversification, and firm performance. Strategic
Management Journal, 27(7): 601-619.
25. Chakrabarti, A., Singh, K., & Mahmood, I. 2007. Diversification and performance: Evidence from
east Asian firms. Strategic Management Journal, 101-120.
26. Wiersema, M. F. & Bowen, H. P. 2007. Corporate diversification: The impact of foreign competition,
industry globalization, and product diversification. Strategic Management Journal, 29(2): 115-132.
27. Bryce, D. J., & Winter, S. G. 2009. A General Interindustry Relatedness Index. Management Science,
55: 1570-1585.
28. Zhou, Y. 2011. Synergy, coordination costs, and diversification choices. Strategic Management
Journal, 32(6), 624-639.
29. Kuppuswamy, V., Serafeim, G. and Villalonga, B. 2012. The effect of institutional factors on the
value of corporate diversification. Advances in Strategic Management, 32.
30. Matusik, S.F. and Fitza, M.A. 2012. Diversification in the venture capital industry: leveraging
knowledge under uncertainty. Strategic Management Journal, 33(4): 407-426.
31. Kang, J., 2013. The relationship between corporate diversification and corporate social
performance. Strategic Management Journal, 34(1): 94-109.
32. Zahavi, T. and Lavie, D. 2013. Intra‐industry diversification and firm performance. Strategic
Management Journal, 34(8): 978-998.
33. Neffke, F. and Henning, M. 2013. Skill relatedness and firm diversification. Strategic Management
Journal, 34(3): 297-316.
34. Feldman, E. R. 2016. Corporate spinoffs and analysts’ coverage decisions: the implications for
diversified firms. Strategic Management Journal 37(7): 1196-1219.
35. Mackey, T. B. and Barney, J. A. 2017. Corporate diversification and the value of individual firms: A
Bayesian approach. Strategic Management Journal 38(2): 322-341.
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February 15: Acquisitions
Required:
1. Singh, H. & Montgomery, C. A. 1987. Corporate acquisition strategies & economic performance
issues. Strategic Management Journal, 8(4): 377-386. Foundational paper.
2. Seth, A. 1990. Sources of value creation in acquisitions: An empirical investigation. Strategic
Management Journal, 11(6): 431-446. Early paper more cited for its framing than its findings.
3. Capron, L. 1999. The long-term performance of horizontal acquisitions. Strategic Management
Journal, 11(20): 987-1018. Quality empirical study that goes beyond event study.
4. Ahuja, G. & Katila, R. 2001. Technological acquisitions and the innovation performance of acquiring
firms: A longitudinal study. Strategic Management Journal, 22:197-220. Important paper at the
beginning of a long literature on acquisitions and innovation.
5. Barkema, H.G. & Schijven, M. 2008. How do firms learn to make acquisitions? A review of past
research and an agenda for the future. Journal of Management, 34(3): 594-634. Review paper.
6. Bauer, F. and Matzler, K., 2014. Antecedents of M&A success: The role of strategic
complementarity, cultural fit, and degree and speed of integration. Strategic Management
Journal, 35(2): 269-291.
Recommended:
7. Jemison, D.B. and Sitkin, S.B. 1986. Corporate acquisitions: a process perspective. Academy of
Management Review. 11(Jan): 145-63.
8. Chatterjee, S., Lubatkin, M., Schweiger, D., & Weber, Y. (1992). Cultural differences and
shareholder value in related mergers: linking equity and human capital. Strategic Management
Journal, 13(5): 319-334.
9. Brush, T.H. 1996. Predicted change in operational synergy and post-acquisition performance of
acquired businesses. Strategic Management Journal, 17(Jan): 1-24.
10. Coff, R. 1999. How buyers cope with uncertainty when acquiring firms in knowledge-intensive
industries: Caveat emptor. Organization Science, 10(2): 144-161.
11. Hayward, M.L.A. & Hambrick, D.C. 1997. Explaining the premiums paid for large acquisitions:
Evidence of CEO hubris. Administrative Science Quarterly, 42(1): 103-127.
12. King, D.R., Dalton, D.R., Daily, C.M. & Covin, K.G. 2004. Meta-analyses of post-acquisition
performance: Indications of unidentified moderators. Strategic Management Journal, 25(2): 187-200.
13. Healy, P.M., Palepu, K.G., & Ruback, R. 1992. Does corporate performance improve after mergers?
Journal of Financial Economics, 31: 135-175.
14. Andrade, G., Mitchell, M., & Stafford, E. 2001. New evidence and perspectives on mergers. Journal
of Economic Perspectives, 15: 103-120.
15. Prabhu JC, Chandy RK, Ellis ME. 2005. The impact of acquisitions on innovation: poison pill,
placebo, or tonic? Journal of Marketing 69(1): 114-130.
16. Seo M-G, Hill NS. 2005. Understanding the human side of merger and acquisition: an integrative
framework. Journal of Applied Behavioral Science 41: 422-443.
17. Uhlenbruck K, Hitt MA, & Semadeni M. 2006. Market value effects of acquisitions involving
Internet firms: A resource‐based analysis. Strategic Management Journal 27(10): 899-913.
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18. Sorescu AB, Chandy RK, Prabhu JC. 2007. Why some acquisitions do better than others: Product
capital as a driver of long-term stock returns. Journal of Marketing Research 44: 57-72.
19. Cording, M., Christmann, P., & King, D. 2008. Reducing causal ambiguity in acquisition integration:
Intermediate goals as mediators of integration decisions and acquisition performance. Academy of
Management Journal, 51(4): 744-767.
20. Bargeron, L.L., Schlingenmann, F.P., Stulz, R. M., & Zutter, C. J. 2008. Why do private acquirers
pay so little compared to public acquirers? Journal of Financial Economics 89: 375-390.
21. Swaminathan, V., Murshed, F., & Hulland, J. 2008. Value creation following merger and acquisition
announcements: The role of strategic emphasis alignment. Journal of Marketing Research, 45(1): 33-
47.
22. Homberg, F., Rost, K., & Osterloh, M. 2009. Do synergies exist in related acquisitions? A metaanalysis of acquisition studies. Review of Managerial Science, 3(2): 75-116.
23. Kim J-Y, Finkelstein S. 2009. The effects of strategic and market complementarity on acquisition
performance: Evidence from the U.S. commercial banking industry, 1989-2001. Strategic
Management Journal 30(6): 617-646.
24. Haleblian, J., Devers, C., McNamara, G., Carpenter, M., & Davison, R. 2009. Taking stock of what
we know about mergers and acquisitions: A review and research agenda. Journal of
Management, 35(3): 469-502.
25. Siegel D.S. & Simons K.L. 2010. Assessing the effects of mergers and acquisitions on firm
performance, plant productivity, and workers: New evidence from matched employer-employee data.
Strategic Management Journal, 31(8): 903-916.
26. Lee G.K. & Lieberman M.B. 2010. Acquisition vs. internal development as modes of market entry.
Strategic Management Journal, 31(2): 140-158.
27. Madhok, A. & Keyhani, M. 2012. Acquisitions as entrepreneurship: asymmetries, opportunities, and
the internationalization of multinationals from emerging economies. Global Strategy Journal, 2(1):
26-40.
28. Berchicci, L., Dowell, G. and King, A.A. 2012. Environmental capabilities and corporate strategy:
Exploring acquisitions among US manufacturing firms. Strategic Management Journal, 33(9): 1053-
1071.
29. Schijven, M. and Hitt, M.A. 2012. The vicarious wisdom of crowds: toward a behavioral perspective
on investor reactions to acquisition announcements. Strategic Management Journal, 33(11): 1247-
1268.
30. Zaheer, A., Castañer, X. and Souder, D. 2013. Synergy sources, target autonomy, and integration in
acquisitions. Journal of Management, 39(3): 604-632.
31. Yu, Y., Umashankar, N. and Rao, V.R. 2015. Choosing the right target: Relative preferences for
resource similarity and complementarity in acquisition choice. Strategic Management Journal.
32. Kim, J.Y.J., Finkelstein, S. and Haleblian, J. 2015. All aspirations are not created equal: the
differential effects of historical and social aspirations on acquisition behavior. Academy of
Management Journal 58(5): 1361-1388.
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February 22: TMTs and Boards in Corporate Strategy
Required:
1. Walters, B.A., Kroll, M.J. and Wright, P., 2007. CEO tenure, boards of directors, and acquisition
performance. Journal of Business Research, 60(4), pp.331-338.
2. Nadolska, A. and Barkema, H.G. 2014. Good learners: How top management teams affect the success
and frequency of acquisitions. Strategic Management Journal, 35(10): 1483-1507.
3. McDonald, M.L., Westphal, J.D. and Graebner, M.E., 2008. What do they know? The effects of
outside director acquisition experience on firm acquisition performance. Strategic Management
Journal, 29(11), pp.1155-1177.
4. Gulati, R. 1995. Does familiarity breed trust? The implications of repeated ties for contractual choice
in alliances. Academy of Management Journal, 38(1): 85-112.
5. Gulati, R. and Westphal, J.D., 1999. Cooperative or controlling? The effects of CEO-board relations
and the content of interlocks on the formation of joint ventures. Administrative Science
Quarterly, 44(3), pp.473-506.
6. Lee, H.U. and Park, J.H., 2008. The influence of top management team international exposure on
international alliance formation. Journal of Management Studies, 45(5), pp.961-981.
Recommended:
7. Wiersema, M.F. and Bantel, K.A., 1992. Top management team demography and corporate strategic
change. Academy of Management Journal 35(1): 91-121.
8. Michel, J.G. and Hambrick, D.C., 1992. Diversification posture and top management team
characteristics. Academy of Management Journal 35(1): 9-37.
9. Haleblian, J. and Finkelstein, S., 1993. Top management team size, CEO dominance, and firm
performance: The moderating roles of environmental turbulence and discretion. Academy of
Management Journal 36(4): 844-863.
10. Saxton, T., 1997. The effects of partner and relationship characteristics on alliance
outcomes. Academy of Management Journal 40(2): 443-461.
11. Tihanyi, L., Ellstrand, A.E., Daily, C.M. and Dalton, D.R., 2000. Composition of the top management
team and firm international diversification. Journal of Management 26(6): 1157-1177.
12. Hutzschenreuter, T. and Horstkotte, J., 2013. Performance effects of top management team
demographic faultlines in the process of product diversification. Strategic Management
Journal 34(6): 704-726.
13. Seo, J., Gamache, D. L., Devers, C. E., & Carpenter, M. A. 2016. The role of CEO relative standing
in acquisition behavior and CEO pay. Strategic Management Journal 36(12): 1877-1894.
14. Steinbach, A.L., Holcomb, T.R., Holmes, R.M., Devers, C.E. and Cannella, A.A., 2017. Top
management team incentive heterogeneity, strategic investment behavior, and performance: A
contingency theory of incentive alignment. Strategic Management Journal. Forthcoming.
15. Reuer, J.J. and Devarakonda, R., 2017. Partner Selection in R&D Collaborations: Effects of
Affiliations with Venture Capitalists. Organization Science. Forthcoming.
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March 1: Acquisition Sequences: Waves and Programs
Required:
1. Harford, J. 2005. What drives merger waves? Journal of Financial Economics, 77(3): 529-560.
2. Haleblian, J.J., McNamara, G., Kolev, K. and Dykes, B.J. 2012. Exploring firm characteristics that
differentiate leaders from followers in industry merger waves: A competitive dynamics
perspective. Strategic Management Journal, 33(9): 1037-1052.
3. Duchin, R. and Schmidt, B. 2013. Riding the merger wave: Uncertainty, reduced monitoring, and bad
acquisitions. Journal of Financial Economics, 107(1): 69-88.
4. Hayward, M.L.A. 2002. When do firms learn from their acquisition experience: Evidence from 1990-
1995. Strategic Management Journal, 23(1): 21-39.
5. Haleblian, J.J., Kim, J.Y.J. and Rajagopalan, N. 2006. The influence of acquisition experience and
performance on acquisition behavior: Evidence from the US commercial banking industry. Academy
of Management Journal, 49(2): 357-370.
6. Laamanen, T. and Keil, T. 2008. Performance of serial acquirers: Toward an acquisition program
perspective. Strategic Management Journal, 29(6): 663-672.
Recommended:
7. Town, R.J. 1992. Merger waves and the structure of merger and acquisition time‐series. Journal of
Applied Econometrics, 7(S1): S83-S100.
8. Barkema HG, and Vermeulen F. 1998. International expansion through start-up or acquisition: a
learning perspective. Academy of Management Journal, 41(1); 7-26.
9. Baum, J.A., Li, S.X. and Usher, J.M. 2000. Making the next move: How experiential and vicarious
learning shape the locations of chains' acquisitions. Administrative Science Quarterly, 45(4): 766-801.
10. Auster, E.R. and Sirower, M.L. 2002. The dynamics of merger and acquisition waves a three-stage
conceptual framework with implications for practice. The Journal of Applied Behavioral
Science, 38(2): 216-244.
11. Moeller, S.B., Schlingemann, F.P. and Stulz, R.M. 2005. Wealth destruction on a massive scale? A
study of acquiring‐firm returns in the recent merger wave. The Journal of Finance, 60(2): 757-782.
12. McNamara, G.M., Haleblian, J.J. and Dykes, B.J. 2008. The performance implications of
participating in an acquisition wave: Early mover advantages, bandwagon effects, and the moderating
influence of industry characteristics and acquirer tactics. Acad. of Mgmt. Journal, 51(1): 113-130.
13. Chatterjee, S. 2009. The keys to successful acquisition programmes. Long Range Planning, 42(2):
137-163.
14. Harford, J., Klasa, S. and Walcott, N. 2009. Do firms have leverage targets? Evidence from
acquisitions. Journal of Financial Economics, 93(1): 1-14.
15. Smit, H. and Moraitis, T. 2010. Playing at serial acquisitions. Cal. Management Review, 53(1): 56-89.
16. Maksimovic, V., Phillips, G. and Yang, L. 2013. Private and public merger waves. The Journal of
Finance, 68(5): 2177-2217.
17. Pettus, M. L., Kor, Y. Y., Mahoney, J. T., Michael, S. C. 2017. Sequencing and timing of strategic
responses after industry disruption: evidence from post-deregulation competition in the US railroad
industry. Strategic Organization. Forthcoming.
15
March 8: Restructuring and Divestiture
Required:
1. Harrigan, K. R. 1981. Deterrents to divestiture. Academy of Management Journal, 24(2): 306-323.
Straightforward description of why divestiture is a management problem.
2. Chang, S.J. 1996. An evolutionary perspective on diversification and corporate restructuring: Entry,
exit, and economic performance during 1981-89. Strategic Management Journal, 17(8): 587-611.
Ties diversification, restructuring, and divestiture in one evolutionary account.
3. Capron, L., Mitchell, W. & Swaminathan, A. 2001. Asset divestiture following horizontal
acquisitions: A dynamic view. Strategic Management Journal, 22(9): 817-844. Ties divestiture to
acquisitions.
4. Villalonga B, McGahan AM. 2005. The choice among acquisitions, alliances, and divestitures.
Strategic Management Journal, 26: 1183-1208. Broad panel data.
5. Berry, H. 2010. Why do firms divest? Organization Science, 21(2): 380-396. A well-done recent
summary focusing mainly on international subsidiaries.
6. Brauer, M, & Wiersema, M. 2012. Industry divestiture waves: How a firm’s position influences
investor returns. Academy of Management Journal, 55(6): 1472-1492. Flip side of M&A waves.
Recommended:
7. Montgomery, C.A., Thomas, A. R. & Kamath, R. 1984. Divestiture, market valuation, and strategy,
Academy of Management Journal, 27(Dec): 830-40.
8. Duhaime, I.M. & Grant, J.H. 1984. Factors influencing divestment decision-making: evidence from a
field study, Strategic Management Journal. 5(Oct-Dec): 301-18.
9. Montgomery, C.A. & Thomas, A.R. 1988. Divestment: motives and gains. Strategic Management
Journal, 9(Jan-Feb): 93-7.
10. Singh, H. 1990. Management buyouts: Distinguishing characteristics and operating changes prior to
public offering. Strategic Management Journal, 11(Summer): 111-129.
11. Bethel, J.E. & Liebeskind, J. 1993. The effects of ownership structure on corporate restructuring.
Strategic Management Journal, 14(Summer): 15-31.
12. Seth, A. & Easterwood, J. 1993. Strategic redirection in large management buyouts: The evidence
from post-buyout restructuring activity. Strategic Management Journal, 14: 251-73.
13. Markides, C.C. 1995. Diversification, restructuring and economic performance. Strategic
Management Journal, 16(Feb): 101-118.
14. Agarwal R, Helfat C. 2009. Strategic renewal of organizations. Organization Science 20(2):281-293.
15. Moschieri, C. 2011. The implementation and structuring of divestitures: The unit’s perspective.
Strategic Management Journal, 32: 368-401.
16. Vidal, E. and Mitchell, W. 2015. Adding by subtracting: The relationship between performance
feedback and resource reconfiguration through divestitures. Organization Science.
17. Feldman, E. R., Amit, R., and Villalonga, B. 2016. Corporate divestitures and family control.
Strategic Management Journal 37(11): 429-446.
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