Exploring Firm Characteristics that Differentiate Leaders from Followers in Industry Merger Waves: a Competitive Dynamics Perspective

Authors

Jerayr (John) Haleblian, University of California - Riverside
Gerry McNamara, Michigan State University
Kalin Kolev, Marquette UniversityFollow
Bernadine J. Dykes, Shenandoah University

Document Type

Article

Publication Date

9-2012

Publisher

Wiley

Source Publication

Strategic Management Journal

Source ISSN

0143-2095

Original Item ID

DOI: 10.1002/smj.1961

Abstract

Research in strategic management has shown that the timing of firm participation in a merger wave matters, as early movers have been shown to outperform later ones. However, while the consequences of the timing of action within a merger wave have been assessed, the causes that drive these timing effects remain unknown. We draw on the competitive dynamics perspective to investigate firm-level factors that influence the large-scale strategic behavior of leading or following within industry merger waves. We develop hypotheses based on the competitive dynamics argument that the awareness-motivation-capability of firms will influence the timing of competitive action. Consistent with this perspective, we show that a firm's strategic orientation, its structure, and its resource base influence the timing of firm entry in merger waves.

Comments

Accepted version. Strategic Management Journal, Vol. 33, No. 9 (September 2012): 1037-1052. DOI. © Wiley. Used with permission.

Kalin Kolev was affiliated with Michigan State University at the time of publication.

Recommended Citation

Haleblian, Jerayr (John); McNamara, Gerry; Kolev, Kalin; and Dykes, Bernadine J., "Exploring Firm Characteristics that Differentiate Leaders from Followers in Industry Merger Waves: a Competitive Dynamics Perspective" (2012). Management Faculty Research and Publications. 365.
https://epublications.marquette.edu/mgmt_fac/365