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Potential Sources of Value from Mergers and Their Indicators
In: The Antitrust bulletin: the journal of American and foreign antitrust and trade regulation, Band 63, Heft 2, S. 183-197
ISSN: 1930-7969
Firms engage in mergers for many reasons, some of which create value for both the firm's shareholders and society, some that create value only for the firm's shareholders, and some that fail even to do that. A considerable body of research concludes that most mergers do not create value for anyone, except perhaps the investment bankers who negotiated the deal. For a merger to create value, it will usually be necessary that one or both parties is below minimum efficient scale or has valuable underutilized assets. Furthermore, unless heavy coordination and long-term commitment are required, many sources of value from mergers can be achieved through collaboration agreements or other contracts, with less risk to the firms and to economic efficiency. This article outlines the major sources of potential value in mergers, and indicators that can give us insight into a merger's true motives and its likelihood of creating value.
The Cognitive Foundations of Visionary Strategy
In: Strategy Science (Forthcoming)
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Towards Dynamic Efficiency: Innovation and its Implications for Antitrust
In: The Antitrust bulletin: the journal of American and foreign antitrust and trade regulation, Band 60, Heft 3, S. 191-207
ISSN: 1930-7969
There is growing consensus that the goal of antitrust enforcement should be to manage for dynamic efficiency, that is, an appropriate balance between short-run static efficiencies such as reducing costs and maximizing consumer surplus, and the longer-term gains that arise from innovation. However, determining how to incorporate innovation into efficiency goals is complicated; innovation typically entails great uncertainty, long time horizons, and interdependencies across projects. This means there are no easy solutions for estimating the welfare impact of any given innovation investment or strategy. We can, however, use what we know about how firms manage the innovation process, including how they choose and value projects and ration their capital to meet their short- and long-term needs, to gain insight into how we can best foster firms' incentives to innovate in ways that improve long-run economic welfare. I provide some illustrative examples for how these insights can be incorporated into antitrust enforcement.
Technology Shocks, Technological Collaboration, and Innovation Outcomes
In: Organization science, Band 26, Heft 3, S. 668-686
ISSN: 1526-5455
In the early to mid-1990s, technology alliances suddenly surged to unprecedented levels—roughly 300% growth per year from 1990 to 1995—and then declined just as precipitously. This massive increase in alliance activity caused the crystallization of a giant component in the global technology network that connected a large portion of the world's firms, government labs, universities, and other organizations. However, when alliance activity declined, the component disintegrated. What caused this spike in alliance activity? And did this large-but-transient change in collaboration activity leave any enduring effect? The data here suggest that a major technology shock may have provoked this alliance surge. A technology shock may simultaneously unleash significant innovation opportunities while creating great uncertainty in the economic environment. Though it is well known that firms often use alliances both to respond to uncertainty and facilitate innovation, little is known about how technology shocks affect the collaboration behavior of firms and how these two factors separately influence innovation outcomes. I integrate an inductive study of collaboration activity and a technology shock with existing research on economics, alliances, and networks to build a set of arguments about how technology shocks will influence alliance behavior, how changes in alliance behavior will influence the global technology collaboration network, and about how each of these changes is likely to influence the innovative outcomes of firms. I then explore the separate and joint effects of the technology shock and collaboration activity on innovation using a large sample panel study of patenting by North American firms.
Understanding the Alliance Data
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Working paper
Book Review
In: Administrative science quarterly: ASQ, Band 49, Heft 3, S. 485-487
ISSN: 1930-3815
Towards a General Modular Systems Theory and its Application to Inter-Firm Product Modularity
In: Schilling, M.A. 2000. Towards a general modular systems theory and its application to inter-firm product modularity. Academy of Management Review, Vol 25:312-334.
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Platform Competition: A Systematic and Interdisciplinary Review of the Literature
In: Journal of Management, 47(6): 1528–1563.
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Working paper
Technology S-Curves in Renewable Energy Alternatives: Analysis and Implications for Industry and Government
In: Schilling, M.A. & Esmundo, M. 2009. Technology S-curves in renewable energy alternatives: Analysis and implications for industry and government. Energy Policy, 37:1767-1781
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Recombinant search and breakthrough idea generation: An analysis of high impact papers in the social sciences
In: Research Policy, Band 40, Heft 10, S. 1321-1331
BOOK REVIEWS - Other Reviews - How Breakthroughs Happen: The Surprising Truth about How Companies Innovate
In: Administrative science quarterly: ASQ ; dedicated to advancing the understanding of administration through empirical investigation and theoretical analysis, Band 49, Heft 3, S. 485-486
ISSN: 0001-8392
Improving the Organization of Environmental Management: Ecosystem Management, External Interdependencies, and Agency Structures
In: Public Productivity & Management Review, Band 21, Heft 3, S. 293
Mapping the technological landscape: Measuring technology distance, technological footprints, and technology evolution
In: Research policy: policy, management and economic studies of science, technology and innovation, Band 45, Heft 1, S. 81-96
ISSN: 1873-7625
Disentangling the Theories of Firm Boundaries: A Path Model and Empirical Test
In: Organization science, Band 13, Heft 4, S. 387-401
ISSN: 1526-5455
Theories on the motivation underlying firm boundaries have recently sparked renewed debate. What best explains whether a firm relies on market control or hierarchical control to secure required resources? How do the characteristics of the resources come into play? In this study, we consider a comprehensive path model of the governance mode decision for sourcing technological know-how. By integrating different perspectives on firm boundaries, including transaction cost economics, a resource-based view, and an options perspective, we link characteristics of the technology (i.e., uniqueness, barriers to imitation, commercial uncertainty, technological dynamism) to the perceived threat of opportunism, the potential for sustainable advantage, and the pursuit of a licensing agreement vis-à-vis the outright acquisition of the firm that possesses the desired know-how. We use structural equation modeling to analyze 127 sourcing arrangements. Our results show that technological dynamism and barriers to imitation indirectly influence the governance mode decision by increasing the perceived threat of opportunism. Commercial uncertainty directly influences the governance mode and decreases the likelihood of an acquisition vis-à-vis a licensing agreement. Although uniqueness and barriers to imitation are also positively associated with the perceived potential for sustainable advantage, the potential for sustainable advantage had no direct effect on governance mode. Implications and suggestions for further research are offered.