Acquisitions and Corporate Purpose

References

• Baker AC, Larcker DF, Wang CC (2022) How much should we trust staggered difference-in-differences estimates? J. Financial Econom. 144(2):370–395.Crossref, Google Scholar
• Barnard CI (1938) The Functions of the Executive (Harvard University Press, Cambridge, MA).Google Scholar
• Barney JAY, Felin T (2013) What are microfoundations? Acad. Management Perspect. 27(2):138–155.Crossref, Google Scholar
• Barney JB (1986) Strategic factor markets: Expectations, luck, and business strategy. Management Sci. 32(10):1231–1241.Link, Google Scholar
• Benner MJ, Zenger T (2016) The lemons problem in markets for strategy. Strategy Sci. 1(2):71–89.Link, Google Scholar
• Bettinazzi EL, Zollo M (2017) Stakeholder orientation and acquisition performance. Strategic Management J. 38(12):2465–2485.Crossref, Google Scholar
• Bloom M, Michel JG (2002) The relationships among organizational context, pay dispersion, and among managerial turnover. Acad. Management J. 45(1):33–42.Crossref, Google Scholar
• Bodner J, Capron L (2018) Post-merger integration. J. Organ. Design 7(1):3.Crossref, Google Scholar
• Bouchikhi H, Kimberley JR (2007) Soul of the Corporation: How to Manage the Identity of Your Company (Pearson Education, Upper Saddle River, NJ).Google Scholar
• Capron L (1999) The long‐term performance of horizontal acquisitions. Strategic Management J. 20(11):987–1018.Crossref, Google Scholar
• Carton AM (2018) “I’m not mopping the floors, I’m putting a man on the moon”: How NASA leaders enhanced the meaningfulness of work by changing the meaning of work. Admin. Sci. Quart. 63(2):323–369.Crossref, Google Scholar
• Carton AM, Lucas BJ (2018) How can leaders overcome the blurry vision bias? Identifying an antidote to the paradox of vision communication. Acad. Management J. 61(6):2106–2129.Crossref, Google Scholar
• Carton AM, Murphy C, Clark JR (2014) A (blurry) vision of the future: How leader rhetoric about ultimate goals influences performance. Acad. Management J. 57(6):1544–1570.Crossref, Google Scholar
• Chatman JA, O’Reilly CA (2016) Paradigm lost: Reinvigorating the study of organizational culture. Res. Organ. Behav. 36:199–224.Crossref, Google Scholar
• Clark SM, Gioia DA, Ketchen DJ Jr, Thomas JB (2010) Transitional identity as a facilitator of organizational identity change during a merger. Admin. Sci. Quart. 55(3):397–438.Crossref, Google Scholar
• Corritore M, Goldberg A, Srivastava SB (2020) Duality in diversity: How intrapersonal and interpersonal cultural heterogeneity relate to firm performance. Admin. Sci. Quart. 65(2):359–394.Crossref, Google Scholar
• Crouzet N, Eberly JC, Eisfeldt AL, Papanikolaou D (2022) The economics of intangible capital. J. Econom. Perspect. 36(3):29–52.Crossref, Google Scholar
• Cuypers IR, Hennart JF, Silverman BS, Ertug G (2021) Transaction cost theory: Past progress, current challenges, and suggestions for the future. Acad. Management Ann. 15(1):111–150.Crossref, Google Scholar
• Durand R (2023) From the boardroom: Making purpose research relevant for practice. Strategy Sci., ePub ahead of print February 9, https://doi.org/10.1287/stsc.2023.0182.Link, Google Scholar
• Durand R, Huynh C-W (2021) Legitimacy judgements and prosociality: Organizational purpose explained. George G, Haas MR, Joshi H, McGahan A, Tracey P, eds. Handbook on the Business of Sustainability: The Organization, Implementation, and Practice of Sustainable Growth (2021st ed., Edward Elgar Publishing Ltd, Cheltenham, UK), 43–62.Google Scholar
• Edmans A (2020) Grow the Pie: How Great Companies Deliver Both Purpose and Profit (Cambridge University Press, Cambridge, UK).Crossref, Google Scholar
• Ellis KM, Reus TH, Lamont BT, Ranft AL (2011) Transfer effects in large acquisitions: How size-specific experience matters. Acad. Management J. 54(6):1261–1276.Crossref, Google Scholar
• Ernst & Young, Oxford University Saϊd Business School (2016) The state of the debate on purpose in business. Report, EY Beacon Institute. https://kiteinsights.com/wp-content/uploads/2022/04/EY-the-state-of-the-debate-on-purpose-in-business-EXTERNAL-1.pdf.Google Scholar
• Fama E, French K (1993) Common risk factors in the returns on stocks and bonds. J. Financial Econom. 33:3–56.Crossref, Google Scholar
• Feldman ER, Hernandez E (2022) Synergy in mergers and acquisitions: Typology, lifecycles, and value. Acad. Management Rev. 47(4):549–578.Google Scholar
• Feldman ER, Gartenberg C, Wulf J (2018) Pay inequality and corporate divestitures. Strategic Management J. 39(11):2829–2858.Crossref, Google Scholar
• Felin T, Foss NJ, Ployhart RE (2015) The microfoundations movement in strategy and organization theory. Acad. Management Ann. 9(1):575–632.Crossref, Google Scholar
• Freeland RF, Zuckerman Sivan EW (2018) The problems and promise of hierarchy: Voice rights and the firm. Sociol. Sci. 5:143–181.Crossref, Google Scholar
• Fuller K, Netter J, Stegemoller M (2002) What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. J. Finance 57(4):1763–1793.Google Scholar
• Gantchev N, Sevilir M, Shivdasani A (2020) Activism and empire building. J. Financial Econom. 138(2):526–548.Crossref, Google Scholar
• Garrett J, Hoitash R, Prawitt DF (2014) Trust and financial reporting quality. J. Accounting Res. 52(5):1087–1125.Crossref, Google Scholar
• Gartenberg C (2022) Purpose-driven companies and sustainability. Handbook on the Business of Sustainability (Edward Elgar Publishing, Cheltenham, UK), 24–42.Google Scholar
• Gartenberg C, Serafeim G (2022) Corporate purpose in public and private firms. Management Sci., ePub ahead of print December 1, https://doi.org/10.1287/mnsc.2022.4618.Link, Google Scholar
• Gartenberg C, Prat A, Serafeim G (2019) Corporate purpose and financial performance. Organ. Sci. 30(1):1–18.Link, Google Scholar
• Gartenberg C, Zenger T (2022) The firm as a subsociety: Purpose, justice and theory of the firm. Organ. Sci., ePub ahead of print December 19, https://doi.org/10.1287/orsc.2022.1650.Link, Google Scholar
• Gast C, Illanes P, Probst N, Schaninger B, Simpson B (2020) Purpose: Shifting from why to how. McKinsey Quart. https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/purpose-shifting-from-why-to-how.Google Scholar
• Gelman A, Imbens G (2013) Why ask why? Forward causal inference and reverse causal questions. NBER Working Paper No. 19614, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• George G, Haas MR, McGahan AM, Schillebeeckx SJ, Tracey P (2021) Purpose in the for-profit firm: A review and framework for management research. J. Management, https://doi.org/10.1177/01492063211006450.Google Scholar
• Gibbons R (2005) Four formal (izable) theories of the firm? J. Econom. Behav. Organ. 58(2):200–245.Crossref, Google Scholar
• Gibbons R, Henderson R (2012) Relational contracts and organizational capabilities. Organ. Sci. 23(5):1350–1364.Link, Google Scholar
• Gibbons R, LiCalzi M, Warglien, M (2021a) What situation is this? Shared frames and collective performance. Strategy Sci. 6(2):124–140.Link, Google Scholar
• Gibbons R, Siegel J, Weber RA (2021b) Strategy meets culture (for breakfast): Understanding the relationship and highlighting its potential. Strategy Sci. 6(2):111–118.Link, Google Scholar
• Giessner SR, Ullrich J, van Dick R (2011) Social identity and corporate mergers. Soc. Personality Psych. Compass 5(6):333–345.Crossref, Google Scholar
• Goodman-Bacon A (2021) Difference-in-differences with variation in treatment timing. J. Econometrics 225(2):254–277.Crossref, Google Scholar
• Graebner ME, Eisenhardt KM, Roundy PT (2010) Success and failure in technology acquisitions: Lessons for buyers and sellers. Acad. Management Perspect. 24(3):73–92.Crossref, Google Scholar
• Graebner ME, Heimeriks KH, Huy QN, Vaara E (2017) The process of postmerger integration: A review and agenda for future research. Acad. Management Ann. 11(1):1–32.Crossref, Google Scholar
• Graebner ME, Knott AM, Lieberman MB, Mitchell W (2023) Empirical inquiry without hypotheses: A question‐driven, phenomenon‐based approach to strategic management research. Strategic Management J. 44(1):3–10.Crossref, Google Scholar
• Guiso L, Sapienza P, Zingales L (2015) The value of corporate culture. J. Financial Econom. 117(1):60–76.Crossref, Google Scholar
• Haleblian J, Finkelstein S (1999) The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Admin. Sci. Quart. 44(1):29–56.Crossref, Google Scholar
• Haleblian J, Kim JY, Rajagopalan N (2006) The influence of acquisition experience and performance on acquisition behavior: Evidence from the US commercial banking industry. Acad. Management J. 49(2):357–370.Crossref, Google Scholar
• Haleblian J, Devers CE, McNamara G, Carpenter MA, Davison RB (2009) Taking stock of what we know about mergers and acquisitions: A review and research agenda. J. Management 35(3):469–502.Crossref, Google Scholar
• Harford J (1999) Corporate cash reserves and acquisitions. J. Finance 54(6):1969–1997.Crossref, Google Scholar
• Hayward ML, Hambrick DC (1997) Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Admin. Sci. Quart. 42:103–127.Crossref, Google Scholar
• Heckman JJ, Singer B (2017) Abducting economics. Amer. Econom. Rev. 107(5):298–302.Crossref, Google Scholar
• Henderson R (2021) Innovation in the 21st century: Architectural change, purpose, and the challenges of our time. Management Sci. 67(9):5479–5488.Link, Google Scholar
• Henderson R, Van den Steen E (2015) Why do firms have “purpose?” The firm’s role as a carrier of identity and reputation. Amer. Econom. Rev. 105(5):326–330.Crossref, Google Scholar
• Henisz WJ (2023) The value of organizational purpose. Strategy Sci., ePub ahead of print May 9, https://doi.org/10.1287/stsc.2023.0195.Link, Google Scholar
• Hitt MA, Hoskisson RE, Kim H (1997) International diversification: Effects on innovation and firm performance in product-diversified firms. Acad. Management J. 40(4):767–798.Crossref, Google Scholar
• Hollensbe E, Wookey C, Hickey L, George G (2014) Organizations with purpose: From the editors. Acad. Management J. 57(5):1227–1234.Crossref, Google Scholar
• Kaplan SN, Weisbach MS (1992) The success of acquisitions: Evidence from divestitures. J. Finance 47(1):107–138.Crossref, Google Scholar
• Kim JY, Haleblian J, Finkelstein S (2011) When firms are desperate to grow via acquisition: The effect of growth patterns and acquisition experience on acquisition premiums. Admin. Sci. Quart. 56(1):26–60.Crossref, Google Scholar
• King A, Goldfarb B, Simcoe T (2021) Learning from testimony on quantitative research in management. Acad. Management Rev. 46(3):465–488.Crossref, Google Scholar
• King DR, Dalton DR, Daily CM, Covin JG (2004) Meta‐analyses of post‐acquisition performance: Indications of unidentified moderators. Strategic Management J. 25(2):187–200.Crossref, Google Scholar
• Kogut B, Zander U (1992) Knowledge of the firm, combinative capabilities, and the replication of technology. Organ. Sci. 3(3):383–397.Link, Google Scholar
• Kogut B, Zander U (1996) What firms do? Coordination, identity, and learning. Organ. Sci. 7(5):502–518.Link, Google Scholar
• Lin Z, Peng MW, Yang H, Sun SL (2009) How do networks and learning drive M&As? An institutional comparison between China and the United States. Strategic Management J. 30(10):1113–1132.Crossref, Google Scholar
• Lippman SA, Rumelt RP (2003) A bargaining perspective on resource advantage. Strategic Management J. 24(11):1069–1086.Crossref, Google Scholar
• Litov LP, Moreton P, Zenger TR (2012) Corporate strategy, analyst coverage, and the uniqueness paradox. Management Sci. 58(10):1797–1815.Link, Google Scholar
• Macher JT, Richman BD (2008) Transaction cost economics: An assessment of empirical research in the social sciences. Bus. Politics 10(1):1–63.Crossref, Google Scholar
• Marchetti A, Puranam P (2022) Organizational cultural strength as the negative cross-entropy of mindshare: A measure based on descriptive text. Humanities Soc. Sci. Comm. 9(1):1–14.Google Scholar
• Mayer C (2021) The future of the corporation and the economics of purpose. J. Management Stud. 58(3):887–901.Crossref, Google Scholar
• Meyer‐Doyle P, Lee S, Helfat CE (2019) Disentangling the microfoundations of acquisition behavior and performance. Strategic Management J. 40(11):1733–1756.Crossref, Google Scholar
• Michaelson C, Lepisto DA, Pratt MG (2020) Why corporate purpose statements often miss their mark. Strategy+Business (August 17), https://www.strategy-business.com/article/Why-corporate-purpose-statements-often-miss-their-mark.Google Scholar
• Michaelson C, Pratt MG, Grant AM, Dunn CP (2014) Meaningful work: Connecting business ethics and organization studies. J. Bus. Ethics 121(1):77–90.Crossref, Google Scholar
• Moeller SB, Schlingemann FP, Stulz RM (2004) Firm size and the gains from acquisitions. J. Financial Econom. 73(2):201–228.Crossref, Google Scholar
• Moeller SB, Schlingemann FP, Stulz RM (2005) Wealth destruction on a massive scale? A study of acquiring‐firm returns in the recent megivrger wave. J. Finance 60(2):757–782.Crossref, Google Scholar
• Nadella S (2017) Hit Refresh: The Quest to Rediscover Microsoft’s Soul and Imagine a Better Future for Everyone (Harper Business, New York).Google Scholar
• Nickerson JA, Zenger TR (2004) A knowledge-based theory of the firm—The problem-solving perspective. Organ. Sci. 15(6):617–632.Link, Google Scholar
• Nickerson JA, Zenger TR (2008) Envy, comparison costs, and the economic theory of the firm. Strategic Management J. 29(13):1429–1449.Crossref, Google Scholar
• Oehmichen J, Firk S, Wolff M, Maybuechen F (2021) Standing out from the crowd: Dedicated institutional investors and strategy uniqueness. Strategic Management J. 42(6):1083–1108.Crossref, Google Scholar
• O’Reilly CA III, Caldwell DF, Chatman JA, Doerr B (2014) The promise and problems of organizational culture: CEO personality, culture, and firm performance. Group Organ. Management 39(6):595–625.Crossref, Google Scholar
• Oster E (2019) Unobservable selection and coefficient stability: Theory and evidence. J. Bus. Econom. Statist. 37(2):187–204.Crossref, Google Scholar
• Peteraf MA (1993) The cornerstones of competitive advantage: A resource‐based view. Strategic Management J. 14(3):179–191.Crossref, Google Scholar
• Podolny JM, Khurana R, Hill-Popper M (2004) Revisiting the meaning of leadership. Res. Organ. Behav. 26:1–36.Crossref, Google Scholar
• Pollman E, Thompson RB, eds. (2021) Research Handbook on Corporate Purpose and Personhood (Edward Elgar Publishing, Cheltenham, UK).Crossref, Google Scholar
• Porter ME (1996) What is strategy? Harvard Bus. Rev. 74(6):61–78.Google Scholar
• Pratt MG, Hedden LN (2023) Accounts and accountability: On organizational purpose, organizational identity, and meaningful work. Strategy Sci., ePub ahead of print March 30, https://doi.org/10.1287/stsc.2023.0189.Link, Google Scholar
• Puranam P, Singh H, Zollo M (2006) Organizing for innovation: Managing the coordination-autonomy dilemma in technology acquisitions. Acad. Management J. 49(2):263–280.Crossref, Google Scholar
• Quinn RE, Thakor AV (2018) Creating a purpose-driven organization. Harvard Bus. Rev. 96(4):78–85.Google Scholar
• Rabier MR (2017) Acquisition motives and the distribution of acquisition performance. Strategic Management J. 38(13):2666–2681.Crossref, Google Scholar
• Rajan RG, Ramella P, Zingales L (2022) What purpose do corporations purport? Evidence from letters to shareholders. NBER Working Paper No. 31054, NBER, Cambridge, MA.Google Scholar
• Rey C, Bastons M, Sotok P (2019) Purpose-Driven Organizations: Management Ideas for a Better World (Springer Nature), 138.Crossref, Google Scholar
• Riad S (2005) The power of ‘organizational culture’ as a discursive formation in merger integration. Organ. Stud. 26(10):1529–1554.Crossref, Google Scholar
• Rosso BD, Dekas KH, Wrzesniewski A (2010) On the meaning of work: A theoretical integration and review. Res. Organ. Behav. 30:91–127.Crossref, Google Scholar
• Selznick P (1957) Leadership in Administration (Quid Pro Books).Google Scholar
• Shi W, Zhang Y, Hoskisson RE (2017) Ripple effects of CEO awards: Investigating the acquisition activities of superstar CEOs’ competitors. Strategic Management J. 38(10):2080–2102.Crossref, Google Scholar
• Siggelkow N (2002) Evolution toward fit. Admin. Sci. Quart. 47(1):125–159.Crossref, Google Scholar
• Simon HA (1951) A formal theory of the employment relationship. Econometrica 19:293–305.Crossref, Google Scholar
• Singh H, Montgomery CA (1987) Corporate acquisition strategies and economic performance. Strategic Management J. 8(4):377–386.Crossref, Google Scholar
• Stahl GK, Voigt A (2008) Do cultural differences matter in mergers and acquisitions? A tentative model and examination. Organ. Sci. 19(1):160–176.Link, Google Scholar
• Teerikangas S, Very P (2006) The culture–performance relationship in M&A: From yes/no to how. British J. Management 17(S1):S31–S48.Crossref, Google Scholar
• Tracy JL, Robins RW (2007) Emerging insights into the nature and function of pride. Current Directions Psych. Sci. 16(3):147–150.Crossref, Google Scholar
• Ullrich J, Wieseke J, Dick RV (2005) Continuity and change in mergers and acquisitions: A social identity case study of a German industrial merger. J. Management Stud. 42(8):1549–1569.Crossref, Google Scholar
• Vaara E (2003) Post‐acquisition integration as sensemaking: Glimpses of ambiguity, confusion, hypocrisy, and politicization. J. Management Stud. 40(4):859–894.Crossref, Google Scholar
• Vaara E, Junni P, Sarala RM, Ehrnrooth M, Koveshnikov A (2014) Attributional tendencies in cultural explanations of M&A performance. Strategic Management J. 35(9):1302–1317.Crossref, Google Scholar
• Van Knippenberg D, Van Leeuwen E (2001) Organizational identity after a merger: Sense of continuity as the key to post-merger identification. Hogg MA, Terry DJ, eds. Social Identity Processes in Organizational Contexts (Psychology Press, London), 249–264.Google Scholar
• Villalonga B (2004) Does diversification cause the “diversification discount?” Financial Management 33:5–27.Google Scholar
• Villalonga B, McGahan AM (2005) The choice among acquisitions, alliances, and divestitures. Strategic Management J. 26(13):1183–1208.Crossref, Google Scholar
• Weber RA, Camerer CF (2003) Cultural conflict and merger failure: An experimental approach. Management Sci. 49(4):400–415.Link, Google Scholar
• Weber Y, Tarba SY (2012) Mergers and acquisitions process: The use of corporate culture analysis. Cross Cultural Management 19(3):288–303.Crossref, Google Scholar
• Wernerfelt B (1984) A resource‐based view of the firm. Strategic Management J. 5(2):171–180.Crossref, Google Scholar
• Westphal JD (2023) Systemic symbolic management, corporate social responsibility, and corporate purpose: A cautionary tale. Strategy Sci., ePub ahead of print April 13, https://doi.org/10.1287/stsc.2023.0188.Link, Google Scholar
• Williamson OE (1975) Markets and Hierarchies (New York), 2630.Google Scholar
• Yin X, Shanley M (2008) Industry determinants of the “merger versus alliance” decision. Acad. Management Rev. 33(2):473–491.Crossref, Google Scholar
• Zenger T (2013) Strategy: The uniqueness challenge. Harvard Bus. Rev. 91(11):52–58.Google Scholar
• Zollo M, Singh H (2004) Deliberate learning in corporate acquisitions: Post‐acquisition strategies and integration capability in US bank mergers. Strategic Management J. 25(13):1233–1256.Crossref, Google Scholar