Industry-Level Learning-by-Doing Rates and Corporate Development Activities

IF 9.3 1区 管理学 Q1 BUSINESS
Wonsang Ryu, B. McCann
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引用次数: 0

Abstract

Information economics and transaction cost economics are two prominent theoretical perspectives used by scholars to understand firms’ corporate development choices. Our study highlights the interplay of these two theories by examining how industry-level learning-by-doing (LBD) rates affect firms’ choices related to acquisitions and alliances. An industry LBD rate reflects the extent to which performance is dependent on own production experience. We argue that this rate also reflects the nature of knowledge in an industry: the higher the LBD rate, the more knowledge is created by own production experience and deeply embedded within routines in the industry. We explain how this suggests that while higher LBD rates might aggravate the overpayment risks emphasized by information economics, they might mitigate the misappropriation risks highlighted by transaction cost economics. We examine how these opposing effects can lead to complementary or opposing predictions about the relationship of LBD rates to several transaction decisions, including the likelihood of any transaction regardless of form, whether transactions that occur are more or less likely to be structured as acquisitions or alliances, and whether alliances that occur are more or less likely to be structured as joint ventures and with limited functional scope.
行业一级的边做边学率和企业发展活动
信息经济学和交易成本经济学是学者们用来理解企业发展选择的两个重要理论视角。我们的研究通过考察行业层面的 "边干边学"(LBD)率如何影响企业在收购和联盟方面的选择,强调了这两种理论的相互作用。行业的边干边学率反映了公司业绩在多大程度上依赖于自身的生产经验。我们认为,这一比率也反映了一个行业知识的性质:LBD 比率越高,说明由自身生产经验创造的知识越多,并深深嵌入该行业的日常工作中。我们解释了这一点,即较高的枸杞多糖率可能会加剧信息经济学所强调的超额支付风险,但也可能会减轻交易成本经济学所强调的挪用风险。我们研究了这些对立效应如何导致对枸杞多糖率与若干交易决策之间关系的互补或对立预测,包括无论何种形式的任何交易的可能性、已发生的交易是否更倾向于或更不倾向于以并购或联盟的形式进行,以及已发生的联盟是否更倾向于或更不倾向于以合资企业和有限功能范围的形式进行。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
22.40
自引率
5.20%
发文量
0
期刊介绍: The Journal of Management (JOM) aims to publish rigorous empirical and theoretical research articles that significantly contribute to the field of management. It is particularly interested in papers that have a strong impact on the overall management discipline. JOM also encourages the submission of novel ideas and fresh perspectives on existing research. The journal covers a wide range of areas, including business strategy and policy, organizational behavior, human resource management, organizational theory, entrepreneurship, and research methods. It provides a platform for scholars to present their work on these topics and fosters intellectual discussion and exchange in these areas.
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