Performance Feedback, Slack, and The Timing of Acquisitions
研究了绩效与期望的差距、冗余资源和破产风险如何影响美国制造业企业的并购时机，发现绩效低于期望时并购增加，高于期望时减少，冗余促进并购，财务困境抑制并购。
Investigating behavioral explanations for the timing of corporate acquisitions, we focus on the effects of performance relative to aspiration level, slack, and proximity to bankruptcy. We used event history modeling to explain the hazard of acquisitions among U.S. manufacturing firms from 1980 to 2000. Results indicate acquisition activity increases as performance rises among firms performing below aspirations, but falls among firms performing above aspirations. Slack has a positive relation with acquisitions, and financial distress inhibits acquisitions. We also found support for shifts in firms' focus of attention between survival, aspirations, and slack.