Strategic momentum: The effects of repetitive, positional, and contextual momentum on merger activity
研究了三种战略动量（重复性、位置性、情境性）对大型企业并购活动的影响，发现重复性动量和情境性动量显著影响并购行为，对战略管理学者和企业决策者有参考价值。
Abstract This paper defines and examines three types of strategic momentum. Repetitive momentum occurs when organizations repeat previous strategic actions. Postitional momentum occurs when organizations take actions that sustain or extend existing strategic positions. Contextual momentum occurs when general traits, such as organizational structure, shape strategic action in a consistent fashion. Event‐history analysis of 262 large firms over a 29‐year period indicates that: (1) the occurrence of mergers tends to increase the rate of mergers of the same type (repetitive momentum), and (2) organizational decentralization increases the rate of diversifying mergers (contextual momentum). Product market diversification was found to increase the probability of product extension mergers but not conglomerate mergers, only partly confirming positional momentum. The results indicate that internal momentum can affect merger activity, and suggest the importance of continuing research on the role of inertia in organizational adaptation.