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Source Publication

Strategic Management Journal

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DOI: 10.1002/smj.1961


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.


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.

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