Internationalization process, impact of slack resources, and role of the CEO: The duality of structure and agency in evolution of cross-border acquisition decisions

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• 作者：Dev K. Dutta^a ; ^{dev.dutta@unh.edu" class="auth_mail" title="E-mail the corresponding author} ; Shavin Malhotra^b ; ^{shavinm@gmail.com" class="auth_mail" title="E-mail the corresponding author} ; PengCheng Zhu^c ; ^{pzhu@sandiego.edu" class="auth_mail" title="E-mail the corresponding author}
• 关键词：Internationalization over time ; Cross-border acquisition decisions ; Structuration theory ; Slack resources ; CEO overconfidence ; CEO tenure
• 刊名：Journal of World Business
• 出版年：2016
• 出版时间：February 2016
• 年：2016
• 卷：51
• 期：2
• 页码：212-225
• 全文大小：589 K

文摘

This paper examines how the internationalization process evolves. We do so by examining the cross-border acquisition (CBA) decisions of multinationals under the contingent impact of slack resources and CEO power and influence. Grounding our arguments in Giddens’ (1984) structuration theory, we identify how and why path-dependencies associated with CBA decisions give way to strategic change, demonstrating the duality of structure and agency in this evolutionary process. Further, we show that organizational slack and CEO overconfidence affect this relationship, albeit in dramatically different ways. Our hypotheses are tested on a large sample of 4812 CBAs of U.S. firms during 2000–2010, across 41 industries and in 44 target countries. The results hold for acquisition trajectories of multinationals in both categories of CBA decisions: majority as well as minority-owned.