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How do networks and learning drive M&As? An institutional comparison between China and the United States

Zhiang Lin^1,2; Mike W. Peng^1,2; Haibin Yang^3,2; Sunny Li Sun¹

¹ The University of Texas at Dallas · ² Zero to Three · ³ City University of Hong Kong

Abstract 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. Copyright © 2009 John Wiley & Sons, Ltd.

DOI

10.1002/smj.777

Volume

30 (10)

Pages

1113-1132

Language

en

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BibTeX

Sources

crossref openalex