Stakeholder orientation and experiential learning
evidence from corporate acquisitions
Informazioni aggiuntive
Autori
Bettinazzi E.,
Zollo M.
Tipo
Articolo pubblicato in rivista scientifica
Anno
2022
Lingua
Inglese
Sommario
This article examines how stakeholder orientation influences managers’ ability to
learn from prior experience in corporate acquisitions. We argue that increased attention to primary stakeholders’ signals affects both positively and negatively managers’ capacity to analyze causal mechanisms in past acquisitions, draw inferences from them, and apply these inferences to subsequent acquisitions. On the one hand, attention to stakeholders’ inputs may enhance managers’ ability to interpret prior experience by giving voice to unnoticed details of past acquisitions. On the other hand, it may divert managers’ attention away from inferential mechanisms, reinforce confidence in existing practices, and limit managers’ ability to learn from acquisitions experience. We combine these theoretical effects to propose an inverted U-shaped influence of stakeholder orientation on the relationship between acquisition experience and focal acquisition
performance. We also propose that experience homogeneity and proximity to the knowledge domain of the focal firm act as boundary conditions on this influence. Analyses of a sample of 4619 corporate acquisitions by 504 US firms support our predictions.
Parole chiave
Experiential learning, M&A, Organizational learning, Stakeholder orientation, Stakeholder theory
Periodico
Journal of Management Studies
Volume
59
Numero ( Mese )
6
Pagine (o numero dell’articolo)
1422-1459
Diffusione
Licenza
CC BY-NC-ND
Visibilità
Pubblico
Status open access
Hybrid
