Personal Versus Market Logics of Control: A Historically Contingent Theory of the Risk of Acquisition
利用1958-1990年高等教育出版市场数据，结合访谈和历史分析，识别两种资本主义形式（个人与市场）及其对应的制度逻辑（编辑逻辑与市场逻辑），发现收购风险的决定因素随资本主义演变和企业对主流制度逻辑的遵从而变化。
This paper develops and tests a theory of the historical contingency of the risk of acquisition using data from the higher education publishing market from 1958–1990. Interviews and historical analyses are combined to identify two forms of capitalism—personal and market, and in particular to publishing, to identify the institutional logics identified with each form of capitalism (an editorial and a market logic). Hazard-rate models are used to test for differences in the effects of these two logics on the organization and market determinants of acquisition. Publishers with relational network forms of organization in production and distribution were at a higher risk of acquisition in the market period but not in the editorial period. Competition in the product market increased the risk of acquisition in the market period, but not the editorial period. The covariates explaining the risk of acquisition change as a consequence of the evolution of capitalism and as a result of a firm's strategic and structural conformity with the institutional logic of the prevailing form of capitalism.