How do networks and learning drive M&As? An institutional comparison between China and the United States
基于资源依赖视角，比较中美两国企业并购的驱动因素，发现网络和学习因素对并购有重要影响，且其作用因市场制度不同而显著差异。
Abstract What drives mergers and acquisitions (M&As) in different institutional environments? This article builds on the resource dependence perspective and argues that networks, learning, and institutions represent three building blocks that can enhance our understanding of the drivers behind M&As. Specifically, we consider firms as learning actors embedded in network relations and influenced by institutional development, and compare and contrast firms' acquisition activities across the United States and China. Our findings show that there are indeed important learning and network factors that lead to M&As. More interestingly, the impact of such learning and network factors varies sharply across countries with different market‐based institutions. Copyright © 2009 John Wiley & Sons, Ltd.