The effects of strategic and market complementarity on acquisition performance: evidence from the U.S. commercial banking industry, 1989–2001

Most traditional research on mergers and acquisitions tends to focus on the role of similarity in explaining acquisition performance. While scholars have recently begun to examine acquisition complementarity, there is still little evidence concerning how complementarity influences acquisition performance. Further, previous research has not drawn the connections between related contexts and the potential benefits from complementarity. In this article, we move the study of acquisition complementarity forward by investigating the effects of strategic and market complementarity on acquisition performance in the context of related horizontal acquisitions. We also propose that two key attributes of acquirers—strategic focus and out‐of‐market acquisition experience—will moderate this relationship. We investigate our research questions in the context of all 2,204 acquisitions made by publicly traded U.S. commercial banks during the 12‐year period from 1989 to 2001. Our findings are generally supportive, suggesting complementarity is an important antecedent of acquisition performance, and raising important issues on the nature of acquisition research in general. Copyright © 2009 John Wiley & Sons, Ltd.     

Dynamic strategic groups: deriving spatial evolutionary paths

Recent theoretical developments in the domain of strategic groups, specifically those related to cognitive groups and strategic group identity, seem to suggest that strategic group membership is likely to be relatively stable over time and that firms in a strategic group co‐evolve. Yet appropriate data analytic approaches that use information about firms over time to identify stable strategic groups and their evolutionary paths have been lacking. To overcome such limitations, this research proposes a new clusterwise bilinear multidimensional scaling model that can simultaneously identify (1) the number of strategic groups, (2) the dimensions on which the strategic groups are based, and (3) the evolution of the strategy of these groups over time. Our discussion encompasses various alternative model specifications, together with model selection heuristics based on statistical information criteria. An illustration of the proposed methodology using data pertaining to strategic variables for a sample of public banks in the tristate area of New York, Ohio, and Pennsylvania across three time periods (1995, 1999, and 2003) identifies two underlying dimensions with five strategic groups that display very different evolutionary paths over time. Post hoc analysis shows pronounced differences in firm performance across the five derived strategic groups. This article concludes with a discussion of the implications of the findings, as well as potential future research directions. John Wiley & Sons, Ltd. Copyright © 2009 John Wiley & Sons, Ltd.     

Product‐market strategy and the marketing capabilities of the firm: impact on market effectiveness and cash flow performance

We report on two studies (a single and a multi‐industry) that empirically investigate a nomological network of relationships between strategic business unit product‐market strategy (differentiation, cost‐focus, and product‐market scope), marketing capabilities (architectural and specialized capabilities, as well as their integration), and business unit performance (market effectiveness and subsequent one‐year objective cash flow), along with a series of controls. Addressing important lacunae in the resource‐based view our main research objective is to augment understanding of how critical firm‐level marketing capabilities enable the realization of strategy, thus, further advancing both the resource‐based view and more recent capabilities theorizing. Specifically, we test seven hypotheses and find strong evidence that both architectural and specialized marketing capabilities, and their integration, positively mediate the product‐market strategy and derived business unit performance relationship. In contrast to many extant studies, both survey and objectively measured data are combined, and because the secondary data collected contains both resource‐level (input) data and subsequent one‐year financial data, a higher level of confidence may be attributable to our findings. Copyright © 2009 John Wiley & Sons, Ltd.     

Heavy tails versus long-range dependence in self-similar network traffic

Empirical studies of the traffic in computer networks suggest that network traffic exhibits self-similarity and long-range dependence. The ON/OFF model considered in this paper gives a simple 'physical explanation' for these observed phenomena. The superposition of a large number of ON/OFF sources, such as workstations in a computer lab, with strictly alternating and heavy-tailed ON- and OFF-periods, can produce a cumulative workload which converges, in a certain sense, to fractional Brownian motion. Fractional Brownian motion exhibits both self-similarity and long-range dependence. However, there are two sequential limits involved in this limiting procedure, and if they are reversed, the limiting process is stable Levy motion, which is self-similar but exhibits no long-range dependence. We study simulations limit regimes and provide conditions under which either fractional Brownian motion or stable Levy motion appears as limiting process.     

Unraveling the Genetic Component of Multifactorial Diseases: Dream or Reality

The etiology of many human diseases is complex and very likely involves a combination of genetic and environmental risk factors. A popular strategy to detect genetic risk factors is to perform a systematic screening of the genome searching for linkage. The power of such and approach depends very much on the unknown characteristics of the genetic factors and the main difficulty is to establish a good trade-off between false positives and false negatives. Besides, a precise localisation of the risk factor will generally not be obtained. The set up of a candidate gene stratery is necessary to go further in genetic factor identification. It is likely that for multicfactorioal diseases the only genetic risk factors that can be detected are those with fairly strong effect. Even in that case, it is important to design strategies which increase the power of detection and provide for a better evaluation of the associated risks.     

浅谈企业会计管理存在的问题及对策

当前,我国部分企业在会计管理方面存在着诸多问题,制约了企业健康、持续的发展。现针对这些问题,进行分析并提出可行性对策。     

跨国公司在华物流外包对企业绩效影响的实证研究——以企业战略为调节变量

在现有理论文献和调查的基础上,提出假设,利用问卷统计分析,对跨国公司在华实施的企业战略在物流外包与企业绩效的调节作用进行了实证检验,研究结果表明,跨国公司在华实施的成本领先战略会促进物流外包对财务绩效、市场绩效和运作绩效的正向影响;跨国公司在华实施的差异化战略对物流外包与企业绩效间的关系不产生影响。     

多能互补发电系统抽水蓄能模型及运行策略探讨

在我国社会主义市场经济不断发展的大环境下,发电企业将面临资源紧张的问题。为了缓解我国部分地区自然资源匮乏的现状,多功能互补发电系统抽水蓄能模型已在我国广泛应用。本文主要从多功能互补发电系统抽水蓄能模型的优势和作用等方面,对该模型的运行策略做了简单介绍。     

关于西部城镇化发展的思考

本文通过对我国西部地区城镇化发展现状的研究,分析了西部城镇化发展滞后的因素和城镇化过程中存在的问题,提出了加快西部城镇化发展的对策:充分发挥西部资源优势,以科学发展观为指导构建长期稳定的绿色城镇发展战略;改善城镇发展的软硬环境,加大城镇经营力度;注重城镇化发展中的制度创新。     

我国电视产业发展现状及其对策

我国电视行业的发展在新世纪挑战与机遇并存。高端电视的出现和发展给传统电视带来了巨大的挑战,同时由于技术和其他方面的原因,目前还无法完全替代传统电视。文章分析了中国电视行业的发展现状,在此基础上,提出了加快我国电视行业发展的几点战略建议。