Internationalization process,impact of slack resources,and role of the CEO: The duality of structure and agency in evolution of cross-border acquisition decisions |
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| Affiliation: | 1. Peter T. Paul College of Business & Economics, University of New Hampshire, 10 Garrison Avenue, Durham, NH 03824, United States;2. Conrad Business, Entrepreneurship and Technology Centre, University of Waterloo, Waterloo, Ontario, Canada N2L 6R5;3. School of Business Administration, University of San Diego, 5998 Alcala Park, San Diego, CA 92110, United States;1. Management Department, Strome College of Business, Old Dominion University, 2038 Constant Hall, Norfolk, VA 23529, United States;2. Department of Management and International Business, Merrick School of Business, University of Baltimore, Baltimore, MD 21201, United States;1. Department of Management, Clemson University, 100 Sirrine Hall, Clemson, SC 29634-1305, United States;2. Instituto de Empresa, Maria de Molina, 11, 28006 Madrid, Spain;3. Ivey Business School, Western University, 1255 Western Road, London, Ontario, Canada N6G 0N1;4. ESADE Business School, Ramon Llull University, Av. Pedralbes, 60-62, 08034 Barcelona, Spain;1. Institute of Innovation Research, Hitosubashi University, 2-1 Naka, Kunitachi, Tokyo 186-8603, Japan;2. Department of Strategic Management & Entrepreneurship, Carlson School of Management & Law School, University of Minnesota, 3-424 CarlSMgmt, 321 19th Avenue South, Minneapolis, MN 55455, USA;1. Centre for International Business, Leeds University Business School, University of Leeds, Leeds, LS2 9JT, United Kingdom;2. Auckland University of Technology, Auckland, New Zealand;3. University of Exeter Business School, Exeter, EX4 4PU, United Kingdom;4. Director, James E. Lynch India and South Asia Business Centre, Leeds University Business School, University of Leeds, Leeds, LS2 9JT, United Kingdom;1. Department of Management and Marketing, University of Melbourne, 198 Berkeley Street, Melbourne, VIC 3010, Australia;2. Research School of Management, Australian National University, LF Crisp, Building 26, ACT 0200, Australia |
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| Abstract: | This paper examines how the internationalization process evolves. We do so by examining the cross-border acquisition (CBA) decisions of multinationals under the contingent impact of slack resources and CEO power and influence. Grounding our arguments in Giddens’ (1984) structuration theory, we identify how and why path-dependencies associated with CBA decisions give way to strategic change, demonstrating the duality of structure and agency in this evolutionary process. Further, we show that organizational slack and CEO overconfidence affect this relationship, albeit in dramatically different ways. Our hypotheses are tested on a large sample of 4812 CBAs of U.S. firms during 2000–2010, across 41 industries and in 44 target countries. The results hold for acquisition trajectories of multinationals in both categories of CBA decisions: majority as well as minority-owned. |
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| Keywords: | Internationalization over time Cross-border acquisition decisions Structuration theory Slack resources CEO overconfidence CEO tenure |
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