The first three authors contributed equally.
How do networks and learning drive M&As? An institutional comparison between China and the United States
Version of Record online: 15 MAY 2009
Copyright © 2009 John Wiley & Sons, Ltd.
Strategic Management Journal
Volume 30, Issue 10, pages 1113–1132, October 2009
How to Cite
Lin, Z., Peng, M. W., Yang, H. and Sun, S. L. (2009), How do networks and learning drive M&As? An institutional comparison between China and the United States. Strat. Mgmt. J., 30: 1113–1132. doi: 10.1002/smj.777
- Issue online: 13 AUG 2009
- Version of Record online: 15 MAY 2009
- Manuscript Revised: 15 MAR 2009
- Manuscript Received: 18 SEP 2007
- National Science Foundation. Grant Number: 0552089
- Research Grants Council of the Hong Kong Special Administrative Region, China. Grant Number: 1414/06H
- mergers and acquisitions;
- industry alliance network;
- network and learning factors;
- institutional settings
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.