Toward a Market/Ownership Constrained Theory of Merger Behavior
提出了一个企业并购行为的概念模型，明确了公司所有权、高管动机和市场约束在并购策略选择与绩效中的作用，并给出了不同所有权和市场条件下的并购策略与绩效预期。
This study presents a conceptual model of corporate merger behavior that specifies the roles of corporate ownership, executive motivation, and market constraints in determining merger strategy choices and performance. It is suggested that an understanding of both executive intent and competitive market conditions is necessary to predict the consequences of mergers for the acquiring firms. Propositions regarding expected merger strategy choices and performance under different ownership and market conditions are presented.