學術產出-Theses
Article View/Open
Publication Export
-
題名 董監連結與策略聯盟之關聯性研究
An Empirical Study of the Association between Board Interlock and Strategic Alliances作者 許銘珈 貢獻者 梁嘉紋
許銘珈關鍵詞 董監連結
策略聯盟
社會資本
Board Interlock
Strategic Alliance
Social Capital日期 2016 上傳時間 22-Aug-2016 10:41:53 (UTC+8) 摘要 董監連結為社交網絡的一種型態,扮演著不同公司間其中一種相互溝通、交流的管道,一般而言任職於不同公司的董監事將獲得公司資訊,透過兼任不同公司的董監事之交流,公司資訊將藉由此種社交網絡散佈傳遞於公司間,並影響公司的商業行為與策略。本研究主要探討此種社交網絡是否影響公司策略聯盟之形成,以及是否提升形成策略聯盟之可能性;此外本研究亦反向探討公司間正式的策略聯盟是否會影響公司間董監連結之形成,以及是否提升董監連結之可能性。本研究以 2004 年至 2013 年間美國的上市櫃公司為樣本,研究結果顯示公司的董監連結對於公司策略聯盟形成有正向影響,顯示當公司間過去擁有董監連結則公司將會提升其形成策略聯盟及形成越多策略聯盟之可能性;此外公司擁有策略聯盟亦將對董監連結有正向影響,顯示公司間擁有策略聯盟亦將會提升公司形成董監連結之可能性。透過本文之額外測試,發現產業總體環境形成策略聯盟之多寡提升形成策略聯盟之可能性。
This study examines the association between board interlock and strategicalliances. Board interlock is considered as important social networks and it is achannel of mutual communication and interaction among different companies. Ingeneral, directors appointed by different companies can potentially acquireinformation about the business conduct. Through board interlock, corporateinformation then spreads and influences business practices and strategies amongcompanies in the business social network. This study investigates whether boardinterlock has an impact on the formation of strategic alliance among companies andincreases the possibility of forming strategic alliances and whether strategic alliancesamong companies would facilitate the formation of board interlock. Based on asample of listed companies in the United States from 2004 to 2013, the result showsthat board interlock has positive impact on the formation of strategic alliances,indicating that board interlock among companies increases the likelihood and thenumber of strategic alliances. Besides, the results show that companies with strategicalliances are more likely to facilitate board interlock.參考文獻 一、 中文部分吳克,2011.02,策略聯盟的兩難,聯經出版事業公司。汪海波、羅莉、吳為、孟玲、楊世宏、汪海玲,2015.03,上奇資訊股份有限公司。黃台心,2009.07,計量經濟學,新陸書局股份有限公司。林祖嘉、徐美,工作轉換、工資差異、與學用配合:Two-stage switching regression模型之應用,國立政治大學經濟系教授、國立台北大學經濟系副教授。譚寧,2013,法人說明會與董監事連結之關聯,國立政治大學會計學系碩士。王文伶,2010,台灣電子業董監事及高階管理者連結與公司績效之關聯研究,國立政治大學會計學系碩士。經濟日報,2014.09.25,聯手攻 4G 鴻海將與台灣大策略聯盟。自立晚報,2014.06.30,三信銀行攜手第一銀行邁向黃金百年。詹文男,經濟日報,2014.10.08,透視鏡/三新策略提升競爭力。陳曉莉,2013.06.05,甲骨文與 Dell 策略聯盟共同發展整合式系統。2013.06.18,Accenture and GE Form Global Strategic Alliance to Develop AdvancedApplications that Leverage Industrial Strength Big Data to Drive Efficiency andProductivity。二、 英文部分Aaker, D. A. (1992).Developing business strategies, 26. Wiley.Ahuja, G. (2000a). Collaboration networks, structural holes, and innovation: A longitudinalstudy. Administrative science quarterly, 45(3), 425-455.Ahuja, G. (2000b). The duality of collaboration: Inducements and opportunities in theformation of interfirm linkages. Strategic management journal, 21(3), 317-343.Amburgey, T. L., & Miner, A. S. (1992). Strategic momentum: The effects of repetitive,positional, and contextual momentum on merger activity. Strategic managementjournal, 13(5), 335-348.Amburgey, T. L., Kelly, D., & Barnett, W. P. (1990, August). Resetting the Clock: Thedynamics of organizational change and failure. Academy of managementproceedings, 1990(1), 160-164. Academy of Management.Amburgey, T. L., Dacin, T., & Singh, J. V. (1996). Learning races, patent races, and capitalraces: Strategic interaction and embeddedness within organizational fields. Advances instrategic management, 13, 303-322.Anand, B. N., & Khanna, T. (2000). Do firms learn to create value? The case ofalliances. Strategic management journal, 21(3), 295-315.Andrews, K. R. (1980). Directors’ responsibility for contingency model of corporatestrategy. Harvard business review, 30.Arregle, J. L., Amburgey, T., & Dacin, T. (1997). Strategic alliances and firm capabilities:Strategy and structure. Strategic management society conference, Phoenix, AZ.Baker, W. E. (1984). The social structure of a national securities market. American journal ofsociology, 775-811.Balakrishnan, S., & Koza, M. P. (1993). Information asymmetry, adverse selection andjoint-ventures: Theory and evidence. Journal of economic behavior &organization, 20(1), 99-117.Barnea, A., & Guedj, I. (2006). `But, Mom, All the Other Kids Have One!`-CEOCompensation and Director Networks. McCombs business research paper No.FIN-04-06.Barley, S. R., Freeman, J., & Hybels, R. C. (1992). Strategic alliances in commercialbiotechnology. Networks and organizations: Structure, form, and action, 311-347.Barney, J. (1991). Firm resources and sustained competitive advantage. Journal ofmanagement, 17(1), 99-120.Bizjak, J., Lemmon, M., & Whitby, R. (2009). Option backdating and boardinterlocks. Review of financial studies, 22(11), 4821-4847.Boeker, W. (1997). Executive migration and strategic change: The effect of top managermovement on product-market entry. Administrative science quarterly, 213-236.Berg, S. V., Duncan, J., & Friedman, P. (1982). Joint venture strategies and corporateinnovation. Oelgeschlager, Gunn & Hain.Burt, R. S. (1982). Toward a structural theory of action: network models of social Structure,Perception, and Action.Burt, R. S. (1983). Corporate profits and cooptation: Networks of market constraints anddirectorate ties in the American economy. New York: Academic Press.Burt, R. S., & Knez, M. (1995). Kinds of third-party effects on trust. Rationality andsociety, 7(3), 255-292.Chan, S. H., Kensinger, J. W., Keown, A. J., & Martin, J. D. (1997). Do strategic alliancescreate value?. Journal of financial economics, 46(2), 199-221.Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: a new perspective on learningand innovation. Administrative science quarterly, 128-152.Combs, J. G., & Ketchen, D. J. (1999). Can capital scarcity help agency theory explainfranchising? Revisiting the capital scarcity hypothesis. Academy of managementjournal, 42(2), 196-207.Contractor, F. J., & Lorange, P. (1988). Why should firms cooperate? The strategy andeconomics basis for cooperative ventures. Cooperative strategies in internationalbusiness, 3-30.Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chiefexecutive officer compensation, and firm performance. Journal of financialeconomics, 51(3), 371-406.Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directorsand financial performance: A meta-analysis. Academy of management journal, 42(6),674-686.Davis, G. F. (1991). Agents without principles? The spread of the poison pill through theintercorporate network. Administrative science quarterly, 583-613.Davis, G. F., & Greve, H. R. (1997). Corporate elite networks and governance changes in the1980s. American journal of sociology, 103(1), 1-37.DeFond, M. L., & Park, C. W. (1999). The effect of competition on CEO turnover. Journal ofaccounting and economics, 27(1), 35-56.Demirkan, S., & Demirkan, I. (2014). Implications of strategic alliances for earnings qualityand capital market investors. Journal of business research,67(9), 1806-1816.Dierickx, I., & Cool, K. (1989). Asset stock accumulation and sustainability of competitiveadvantage. Management science, 35(12), 1504-1511.Dore, R. (1983). Goodwill and the spirit of market capitalism. British journal of sociology,459-482.Doz, Y. L. (1996). The evolution of cooperation in strategic alliances: Initial conditions orlearning processes?. Strategic management journal, 17(S1), 55-83.Dyer, J. H. (1996). Specialized supplier networks as a source of competitive advantage:Evidence from the auto industry. Strategic management journal, 17(4), 271-291.Dyer, J. H., & Singh, H. (1998). The relational view: Cooperative strategy and sources ofinterorganizational competitive advantage. Academy of management review, 23(4),660-679.Eccles, R. G. (1981). The quasifirm in the construction industry. Journal of economicbehavior & organization, 2(4), 335-357.Eisenhardt, K. M., & Schoonhoven, C. B. (1996). Resource-based view of strategic allianceformation: Strategic and social effects in entrepreneurial firms. OrganizationScience, 7(2), 136-150.Fich, E., & White, L. J. (2003). CEO compensation and turnover: The effects of mutuallyinterlocked boards. Wake Forest L. Rev., 38, 935.Fich, E. M., & Shivdasani, A. (2006). Are busy boards effective monitors? The journal offinance, 61(2), 689-724.Frazzini, A., Malloy, C. J., & Cohen, L. (2008). Sell side school ties. NBER Working Paper,(w13973).Freidheim Jr, C. F. (1999). The battle of the alliances. Management review, 88(8), 46.Fuller, M. B., & Porter, M. E. (1986). Coalitions and Global Strategy from. Competition inglobal industries, 315-344.Galaskiewicz, J. (1985). Interorganizational relations. Annual review of sociology, 281-304.Galaskiewicz, J., & Wasserman, S. (1989). Mimetic processes within an interorganizationalfield: An empirical test. Administrative science quarterly, 454-479.Garvey, G., & Milbourn, T. (2003). Incentive compensation when executives can hedge themarket: Evidence of relative performance evaluation in the cross section. The journal offinance, 58(4), 1557-1582.Granovetter, M. (1985). Economic action and social structure: the problem ofembeddedness. American journal of sociology, 481-510.Gulati, R., Khanna, T., & Nohria, N. (1994). Unilateral commitments and the importance ofprocess in alliances. MIT Sloan Management Review, 35(3), 61.Gulati, R. (1995a). Does familiarity breed trust? The implications of repeated ties forcontractual choice in alliances. Academy of management journal, 38(1), 85-112.Gulati, R. (1995b). Social structure and alliance formation patterns: A longitudinalanalysis. Administrative science quarterly, 619-652.Gulati, R., & Singh, H. (1998). The architecture of cooperation: Managing coordination costsand appropriation concerns in strategic alliances.Administrative science quarterly,781-814.Gulati, R. (1999). Network location and learning: The influence of network resources andfirm capabilities on alliance formation. Strategic management journal, 20(5), 397-420.Gulati, R., & Westphal, J. D. (1999). Cooperative or controlling? The effects of CEO-boardrelations and the content of interlocks on the formation of joint ventures. AdministrativeScience Quarterly, 44(3), 473-506.Hagedoorn, J. (1993). Interorganizational modes of cooperation. Strategic managementjournal, 14, 371-385.Hallock, K. F. (1997). Reciprocally interlocking boards of directors and executivecompensation. Journal of financial and Quantitative Analysis, 32(3), 331-344.Hamel, G., Doz, Y. L., & Prahalad, C. K. (1989). Collaborate with your competitors andwin. Harvard business review, 67(1), 133-139.Hamel, G. (1991). Competition for competence and inter-partner learning within internationalstrategic alliances. Strategic management journal, 12(4), 83-103.Harrigan, K. R. (1988). Joint ventures and competitive strategy. Strategic managementjournal,9(2), 141-158.Harrigan, K. R. (1986). Managing for joint venture success. Simon and Schuster.Harrison, J. S., Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (2001). Resourcecomplementarity in business combinations: Extending the logic to organizationalalliances. Journal of management, 27(6), 679-690.Haunschild, P. R. (1993). Interorganizational imitation: The impact of interlocks on corporateacquisition activity. Administrative science quarterly, 564-592.Jones, T. M., & Goldberg, L. D. (1982). Governing the large corporation: More arguments forpublic directors. Academy of management review, 7(4), 603-611.Khanna, T., Gulati, R., & Nohria, N. (1994, August). Alliances as learning races. Academyof management proceedings,1994(1), 42-46. Academy of Management.Khanna, T., Gulati, R., & Nohria, N. (1998). The dynamics of learning alliances:Competition, cooperation, and relative scope. Strategic management journal,19(3),193-210.Khurana, R. (2004). Searching for a corporate savior: The irrational quest for charismaticCEOs. Princeton University Press.Kogut, B. (1988). Joint ventures: Theoretical and empirical perspectives. Strategicmanagement journal, 9(4), 319-332.Kogut, B. (1989). The stability of joint ventures: Reciprocity and competitive rivalry. TheJournal of Industrial Economics, 183-198.Kogut, B., Shan, W., & Walker, G. (1992). The make-or-cooperate decision in the context ofan industry network. Networks and organizations, 348-365.Koka, B. R., & Prescott, J. E. (2002). Strategic alliances as social capital: A multidimensionalview. Strategic management journal, 23(9), 795-816.Kramarz, F., & Thesmar, D. (2013). Social networks in the boardroom. Journal of theEuropean Economic Association, 11(4), 780-807.Kreps, D. M. (1996). Corporate culture and economic theory. Firms, organizations andcontracts, Oxford University Press, Oxford, 221-275.Krishnan, G. V., Raman, K. K., Yang, K., & Yu, W. (2011). CFO/CEO-board social ties,Sarbanes-Oxley, and earnings management. Accounting Horizons,25(3), 537-557.Larcker, D. F., Richardson, S. A., Seary, A., & Tuna, A. (2005). Back door links betweendirectors and executive compensation. Back Door Links Between Directors andExecutive Compensation (February 2005).Levinthal, D. A., & March, J. G. (1993). The myopia of learning. Strategic managementjournal, 14(S2), 95-112.Lyles, M. A. (1987). Learning among joint venture sophisticated firms. BEBR faculty workingpaper; no. 1366.Madhavan, R., Koka, B. R., & Prescott, J. E. (1998). Networks in transition: How industryevents (re) shape interfirm relationships. Strategic management journal, 19(5), 439-459.Mariti, P., & Smiley, R. H. (1983). Co-operative agreements and the organization ofindustry. The journal of industrial economics, 437-451.McKelvey, R. D., & Zavoina, W. (1975). A statistical model for the analysis of ordinal leveldependent variables. Journal of mathematical sociology, 4(1), 103-120.Mintz, B., & Schwartz, M. (1981). Interlocking directorates and interest groupformation. American Sociological Review, 851-869.Mizruchi, M. S. (1982). The American corporate network, 1904-1974 (Vol. 138). SagePublications, Inc.Mizruchi, M. S. (1992). The structure of corporate political action: Interfirm relations andtheir consequences. Harvard University Press.Mizruchi, M. S., & Stearns, L. B. (1988). A longitudinal study of the formation ofinterlocking directorates. Administrative Science Quarterly, 194-210.Mowery, D. C. (Ed.). (1988). International collaborative ventures in US manufacturing.Ballinger Publishing Company.Nelson, R. R., & Winter, S. G. (2009). An evolutionary theory of economic change. HarvardUniversity Press.Palmer, D. (1983). Broken ties: Interlocking directorates and intercorporatecoordination. Administrative science quarterly, 40-55.Parkhe, A. (1993). Strategic alliance structuring: A game theoretic and transaction costexamination of interfirm cooperation. Academy of management journal, 36(4), 794-829.Pennings, J. M. (1980). Interlocking directorates Jossey-Bass San Francisco California USA.Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations New York.Portes, A., & Sensenbrenner, J. (1993). Embeddedness and immigration: Notes on the socialdeterminants of economic action. American journal of sociology, 1320-1350.Powell, W. W. (1990). Neither market nor hierarchy: network forms of organization, 295-336.Greenwich, CT.Powell, W. W., & Brantley, P. (1992). Competitive cooperation in biotechnology: Learningthrough networks. Networks and organizations, 366-394.Powell, W. W., Koput, K. W., & Smith-Doerr, L. (1996). Interorganizational collaborationand the locus of innovation: Networks of learning in biotechnology. Administrativescience quarterly, 116-145.Raub, W., & Weesie, J. (1990). Reputation and efficiency in social interactions: An exampleof network effects. American journal of sociology, 626-654.Rechner, P. L. Dalton. DR (1991). Board composition and shareholders’ wealth: An empiricalassessment. Strategic management journal, 12(2), 155-160.Rosenkopf, L., & Schleicher, T. (2008). Below the tip of the iceberg: the co‐evolution offormal and informal interorganizational relations in the wireless telecommunicationsindustry. Managerial and decision economics, 29(5), 425-441.Ring, P. S., & Van de Ven, A. H. (1994). Developmental processes of cooperativeinterorganizational relationships. Academy of management review,19(1), 90-118.Shane, S. A. (1996). Hybrid organizational arrangements and their implications for firmgrowth and survival: A study of new franchisors. Academy of managementjournal, 39(1), 216-234.Stuart, T. E. (1998). Network positions and propensities to collaborate: An investigation ofstrategic alliance formation in a high-technology industry. Administrative sciencequarterly, 668-698.Stuart, T. E., & Yim, S. (2010). Board interlocks and the propensity to be targeted in privateequity transactions. Journal of financial economics, 97(1), 174-189.Useem, M. (1982). Classwide rationality in the politics of managers and directors of largecorporations in the United States and Great Britain. Administrative science quarterly,199-226.Useem, M. (1984). The inner circle, 617. New York: Oxford University Press.Vance, S. C. (1983). Corporate leadership: Boards, directors, and strategy. McGraw-HillCompanies.Venkatraman, N., Loh, L., & Koh, J. (1994). The adoption of corporate governancemechanisms: a test of competing diffusion models. Management science, 40(4),496-507.Walker, G., Kogut, B., & Shan, W. (1997). Social capital, structural holes and the formationof an industry network. Organization science, 8(2), 109-125.Zaheer, A., & Venkatraman, N. (1995). Relational governance as an interorganizationalstrategy: An empirical test of the role of trust in economic exchange. Strategicmanagement journal, 16(5), 373-392.Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance:A review and integrative model. Journal of management, 15(2), 291-334.Zajac, E. J. (1988). Interlocking directorates as an interorganizational strategy: A test ofcritical assumptions. Academy of management journal, 31(2), 428-438. 描述 碩士
國立政治大學
會計學系
102353104資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102353104 資料類型 thesis dc.contributor.advisor 梁嘉紋 zh_TW dc.contributor.author (Authors) 許銘珈 zh_TW dc.creator (作者) 許銘珈 zh_TW dc.date (日期) 2016 en_US dc.date.accessioned 22-Aug-2016 10:41:53 (UTC+8) - dc.date.available 22-Aug-2016 10:41:53 (UTC+8) - dc.date.issued (上傳時間) 22-Aug-2016 10:41:53 (UTC+8) - dc.identifier (Other Identifiers) G0102353104 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/100448 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 102353104 zh_TW dc.description.abstract (摘要) 董監連結為社交網絡的一種型態,扮演著不同公司間其中一種相互溝通、交流的管道,一般而言任職於不同公司的董監事將獲得公司資訊,透過兼任不同公司的董監事之交流,公司資訊將藉由此種社交網絡散佈傳遞於公司間,並影響公司的商業行為與策略。本研究主要探討此種社交網絡是否影響公司策略聯盟之形成,以及是否提升形成策略聯盟之可能性;此外本研究亦反向探討公司間正式的策略聯盟是否會影響公司間董監連結之形成,以及是否提升董監連結之可能性。本研究以 2004 年至 2013 年間美國的上市櫃公司為樣本,研究結果顯示公司的董監連結對於公司策略聯盟形成有正向影響,顯示當公司間過去擁有董監連結則公司將會提升其形成策略聯盟及形成越多策略聯盟之可能性;此外公司擁有策略聯盟亦將對董監連結有正向影響,顯示公司間擁有策略聯盟亦將會提升公司形成董監連結之可能性。透過本文之額外測試,發現產業總體環境形成策略聯盟之多寡提升形成策略聯盟之可能性。 zh_TW dc.description.abstract (摘要) This study examines the association between board interlock and strategicalliances. Board interlock is considered as important social networks and it is achannel of mutual communication and interaction among different companies. Ingeneral, directors appointed by different companies can potentially acquireinformation about the business conduct. Through board interlock, corporateinformation then spreads and influences business practices and strategies amongcompanies in the business social network. This study investigates whether boardinterlock has an impact on the formation of strategic alliance among companies andincreases the possibility of forming strategic alliances and whether strategic alliancesamong companies would facilitate the formation of board interlock. Based on asample of listed companies in the United States from 2004 to 2013, the result showsthat board interlock has positive impact on the formation of strategic alliances,indicating that board interlock among companies increases the likelihood and thenumber of strategic alliances. Besides, the results show that companies with strategicalliances are more likely to facilitate board interlock. en_US dc.description.tableofcontents 壹、 緒論.............. 1第一節 研究動機與目的 ................ 1第二節 研究問題 ........... 4貳、 文獻探討.............. 5第一節 策略聯盟 ......... 5第二節 董監連結 ......... 7第三節 策略聯盟形成與董監連結 ........ 10參、 研究方法............. 13第一節 研究假說 .......... 13第二節 資料來源 .......... 17第三節 變數定義 .......... 19第四節 研究方法 .......... 28肆、 實證結果............. 38第一節 敘述性統計與相關係數分析 ...... 38第二節 列聯表分析 ...... 46第三節 迴歸分析 ........ 51第四節 額外測試 ........ 60伍、 結論與建議........... 63第一節 研究結論 .......... 63第二節 研究限制 .......... 66第三節 研究建議 .......... 67參考文獻 ................... 69一、 中文部分........... 69二、 英文部分........... 69 zh_TW dc.format.extent 1371053 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102353104 en_US dc.subject (關鍵詞) 董監連結 zh_TW dc.subject (關鍵詞) 策略聯盟 zh_TW dc.subject (關鍵詞) 社會資本 zh_TW dc.subject (關鍵詞) Board Interlock en_US dc.subject (關鍵詞) Strategic Alliance en_US dc.subject (關鍵詞) Social Capital en_US dc.title (題名) 董監連結與策略聯盟之關聯性研究 zh_TW dc.title (題名) An Empirical Study of the Association between Board Interlock and Strategic Alliances en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 中文部分吳克,2011.02,策略聯盟的兩難,聯經出版事業公司。汪海波、羅莉、吳為、孟玲、楊世宏、汪海玲,2015.03,上奇資訊股份有限公司。黃台心,2009.07,計量經濟學,新陸書局股份有限公司。林祖嘉、徐美,工作轉換、工資差異、與學用配合:Two-stage switching regression模型之應用,國立政治大學經濟系教授、國立台北大學經濟系副教授。譚寧,2013,法人說明會與董監事連結之關聯,國立政治大學會計學系碩士。王文伶,2010,台灣電子業董監事及高階管理者連結與公司績效之關聯研究,國立政治大學會計學系碩士。經濟日報,2014.09.25,聯手攻 4G 鴻海將與台灣大策略聯盟。自立晚報,2014.06.30,三信銀行攜手第一銀行邁向黃金百年。詹文男,經濟日報,2014.10.08,透視鏡/三新策略提升競爭力。陳曉莉,2013.06.05,甲骨文與 Dell 策略聯盟共同發展整合式系統。2013.06.18,Accenture and GE Form Global Strategic Alliance to Develop AdvancedApplications that Leverage Industrial Strength Big Data to Drive Efficiency andProductivity。二、 英文部分Aaker, D. A. (1992).Developing business strategies, 26. Wiley.Ahuja, G. (2000a). Collaboration networks, structural holes, and innovation: A longitudinalstudy. Administrative science quarterly, 45(3), 425-455.Ahuja, G. (2000b). The duality of collaboration: Inducements and opportunities in theformation of interfirm linkages. Strategic management journal, 21(3), 317-343.Amburgey, T. L., & Miner, A. S. (1992). Strategic momentum: The effects of repetitive,positional, and contextual momentum on merger activity. Strategic managementjournal, 13(5), 335-348.Amburgey, T. L., Kelly, D., & Barnett, W. P. (1990, August). Resetting the Clock: Thedynamics of organizational change and failure. Academy of managementproceedings, 1990(1), 160-164. Academy of Management.Amburgey, T. L., Dacin, T., & Singh, J. V. (1996). Learning races, patent races, and capitalraces: Strategic interaction and embeddedness within organizational fields. Advances instrategic management, 13, 303-322.Anand, B. N., & Khanna, T. (2000). Do firms learn to create value? The case ofalliances. Strategic management journal, 21(3), 295-315.Andrews, K. R. (1980). Directors’ responsibility for contingency model of corporatestrategy. Harvard business review, 30.Arregle, J. L., Amburgey, T., & Dacin, T. (1997). Strategic alliances and firm capabilities:Strategy and structure. Strategic management society conference, Phoenix, AZ.Baker, W. E. (1984). The social structure of a national securities market. American journal ofsociology, 775-811.Balakrishnan, S., & Koza, M. P. (1993). Information asymmetry, adverse selection andjoint-ventures: Theory and evidence. Journal of economic behavior &organization, 20(1), 99-117.Barnea, A., & Guedj, I. (2006). `But, Mom, All the Other Kids Have One!`-CEOCompensation and Director Networks. McCombs business research paper No.FIN-04-06.Barley, S. R., Freeman, J., & Hybels, R. C. (1992). Strategic alliances in commercialbiotechnology. Networks and organizations: Structure, form, and action, 311-347.Barney, J. (1991). Firm resources and sustained competitive advantage. Journal ofmanagement, 17(1), 99-120.Bizjak, J., Lemmon, M., & Whitby, R. (2009). Option backdating and boardinterlocks. Review of financial studies, 22(11), 4821-4847.Boeker, W. (1997). Executive migration and strategic change: The effect of top managermovement on product-market entry. Administrative science quarterly, 213-236.Berg, S. V., Duncan, J., & Friedman, P. (1982). Joint venture strategies and corporateinnovation. Oelgeschlager, Gunn & Hain.Burt, R. S. (1982). Toward a structural theory of action: network models of social Structure,Perception, and Action.Burt, R. S. (1983). Corporate profits and cooptation: Networks of market constraints anddirectorate ties in the American economy. New York: Academic Press.Burt, R. S., & Knez, M. (1995). Kinds of third-party effects on trust. Rationality andsociety, 7(3), 255-292.Chan, S. H., Kensinger, J. W., Keown, A. J., & Martin, J. D. (1997). Do strategic alliancescreate value?. Journal of financial economics, 46(2), 199-221.Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: a new perspective on learningand innovation. Administrative science quarterly, 128-152.Combs, J. G., & Ketchen, D. J. (1999). Can capital scarcity help agency theory explainfranchising? Revisiting the capital scarcity hypothesis. Academy of managementjournal, 42(2), 196-207.Contractor, F. J., & Lorange, P. (1988). Why should firms cooperate? The strategy andeconomics basis for cooperative ventures. Cooperative strategies in internationalbusiness, 3-30.Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chiefexecutive officer compensation, and firm performance. Journal of financialeconomics, 51(3), 371-406.Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directorsand financial performance: A meta-analysis. Academy of management journal, 42(6),674-686.Davis, G. F. (1991). Agents without principles? The spread of the poison pill through theintercorporate network. Administrative science quarterly, 583-613.Davis, G. F., & Greve, H. R. (1997). Corporate elite networks and governance changes in the1980s. American journal of sociology, 103(1), 1-37.DeFond, M. L., & Park, C. W. (1999). The effect of competition on CEO turnover. Journal ofaccounting and economics, 27(1), 35-56.Demirkan, S., & Demirkan, I. (2014). Implications of strategic alliances for earnings qualityand capital market investors. Journal of business research,67(9), 1806-1816.Dierickx, I., & Cool, K. (1989). Asset stock accumulation and sustainability of competitiveadvantage. Management science, 35(12), 1504-1511.Dore, R. (1983). Goodwill and the spirit of market capitalism. British journal of sociology,459-482.Doz, Y. L. (1996). The evolution of cooperation in strategic alliances: Initial conditions orlearning processes?. Strategic management journal, 17(S1), 55-83.Dyer, J. H. (1996). Specialized supplier networks as a source of competitive advantage:Evidence from the auto industry. Strategic management journal, 17(4), 271-291.Dyer, J. H., & Singh, H. (1998). The relational view: Cooperative strategy and sources ofinterorganizational competitive advantage. Academy of management review, 23(4),660-679.Eccles, R. G. (1981). The quasifirm in the construction industry. Journal of economicbehavior & organization, 2(4), 335-357.Eisenhardt, K. M., & Schoonhoven, C. B. (1996). Resource-based view of strategic allianceformation: Strategic and social effects in entrepreneurial firms. OrganizationScience, 7(2), 136-150.Fich, E., & White, L. J. (2003). CEO compensation and turnover: The effects of mutuallyinterlocked boards. Wake Forest L. Rev., 38, 935.Fich, E. M., & Shivdasani, A. (2006). Are busy boards effective monitors? The journal offinance, 61(2), 689-724.Frazzini, A., Malloy, C. J., & Cohen, L. (2008). Sell side school ties. NBER Working Paper,(w13973).Freidheim Jr, C. F. (1999). The battle of the alliances. Management review, 88(8), 46.Fuller, M. B., & Porter, M. E. (1986). Coalitions and Global Strategy from. Competition inglobal industries, 315-344.Galaskiewicz, J. (1985). Interorganizational relations. Annual review of sociology, 281-304.Galaskiewicz, J., & Wasserman, S. (1989). Mimetic processes within an interorganizationalfield: An empirical test. Administrative science quarterly, 454-479.Garvey, G., & Milbourn, T. (2003). Incentive compensation when executives can hedge themarket: Evidence of relative performance evaluation in the cross section. The journal offinance, 58(4), 1557-1582.Granovetter, M. (1985). Economic action and social structure: the problem ofembeddedness. American journal of sociology, 481-510.Gulati, R., Khanna, T., & Nohria, N. (1994). Unilateral commitments and the importance ofprocess in alliances. MIT Sloan Management Review, 35(3), 61.Gulati, R. (1995a). Does familiarity breed trust? The implications of repeated ties forcontractual choice in alliances. Academy of management journal, 38(1), 85-112.Gulati, R. (1995b). Social structure and alliance formation patterns: A longitudinalanalysis. Administrative science quarterly, 619-652.Gulati, R., & Singh, H. (1998). The architecture of cooperation: Managing coordination costsand appropriation concerns in strategic alliances.Administrative science quarterly,781-814.Gulati, R. (1999). Network location and learning: The influence of network resources andfirm capabilities on alliance formation. Strategic management journal, 20(5), 397-420.Gulati, R., & Westphal, J. D. (1999). Cooperative or controlling? The effects of CEO-boardrelations and the content of interlocks on the formation of joint ventures. AdministrativeScience Quarterly, 44(3), 473-506.Hagedoorn, J. (1993). Interorganizational modes of cooperation. Strategic managementjournal, 14, 371-385.Hallock, K. F. (1997). Reciprocally interlocking boards of directors and executivecompensation. Journal of financial and Quantitative Analysis, 32(3), 331-344.Hamel, G., Doz, Y. L., & Prahalad, C. K. (1989). Collaborate with your competitors andwin. Harvard business review, 67(1), 133-139.Hamel, G. (1991). Competition for competence and inter-partner learning within internationalstrategic alliances. Strategic management journal, 12(4), 83-103.Harrigan, K. R. (1988). Joint ventures and competitive strategy. Strategic managementjournal,9(2), 141-158.Harrigan, K. R. (1986). Managing for joint venture success. Simon and Schuster.Harrison, J. S., Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (2001). Resourcecomplementarity in business combinations: Extending the logic to organizationalalliances. Journal of management, 27(6), 679-690.Haunschild, P. R. (1993). Interorganizational imitation: The impact of interlocks on corporateacquisition activity. Administrative science quarterly, 564-592.Jones, T. M., & Goldberg, L. D. (1982). Governing the large corporation: More arguments forpublic directors. Academy of management review, 7(4), 603-611.Khanna, T., Gulati, R., & Nohria, N. (1994, August). Alliances as learning races. Academyof management proceedings,1994(1), 42-46. Academy of Management.Khanna, T., Gulati, R., & Nohria, N. (1998). The dynamics of learning alliances:Competition, cooperation, and relative scope. Strategic management journal,19(3),193-210.Khurana, R. (2004). Searching for a corporate savior: The irrational quest for charismaticCEOs. Princeton University Press.Kogut, B. (1988). Joint ventures: Theoretical and empirical perspectives. Strategicmanagement journal, 9(4), 319-332.Kogut, B. (1989). The stability of joint ventures: Reciprocity and competitive rivalry. TheJournal of Industrial Economics, 183-198.Kogut, B., Shan, W., & Walker, G. (1992). The make-or-cooperate decision in the context ofan industry network. Networks and organizations, 348-365.Koka, B. R., & Prescott, J. E. (2002). Strategic alliances as social capital: A multidimensionalview. Strategic management journal, 23(9), 795-816.Kramarz, F., & Thesmar, D. (2013). Social networks in the boardroom. Journal of theEuropean Economic Association, 11(4), 780-807.Kreps, D. M. (1996). Corporate culture and economic theory. Firms, organizations andcontracts, Oxford University Press, Oxford, 221-275.Krishnan, G. V., Raman, K. K., Yang, K., & Yu, W. (2011). CFO/CEO-board social ties,Sarbanes-Oxley, and earnings management. Accounting Horizons,25(3), 537-557.Larcker, D. F., Richardson, S. A., Seary, A., & Tuna, A. (2005). Back door links betweendirectors and executive compensation. Back Door Links Between Directors andExecutive Compensation (February 2005).Levinthal, D. A., & March, J. G. (1993). The myopia of learning. Strategic managementjournal, 14(S2), 95-112.Lyles, M. A. (1987). Learning among joint venture sophisticated firms. BEBR faculty workingpaper; no. 1366.Madhavan, R., Koka, B. R., & Prescott, J. E. (1998). Networks in transition: How industryevents (re) shape interfirm relationships. Strategic management journal, 19(5), 439-459.Mariti, P., & Smiley, R. H. (1983). Co-operative agreements and the organization ofindustry. The journal of industrial economics, 437-451.McKelvey, R. D., & Zavoina, W. (1975). A statistical model for the analysis of ordinal leveldependent variables. Journal of mathematical sociology, 4(1), 103-120.Mintz, B., & Schwartz, M. (1981). Interlocking directorates and interest groupformation. American Sociological Review, 851-869.Mizruchi, M. S. (1982). The American corporate network, 1904-1974 (Vol. 138). SagePublications, Inc.Mizruchi, M. S. (1992). The structure of corporate political action: Interfirm relations andtheir consequences. Harvard University Press.Mizruchi, M. S., & Stearns, L. B. (1988). A longitudinal study of the formation ofinterlocking directorates. Administrative Science Quarterly, 194-210.Mowery, D. C. (Ed.). (1988). International collaborative ventures in US manufacturing.Ballinger Publishing Company.Nelson, R. R., & Winter, S. G. (2009). An evolutionary theory of economic change. HarvardUniversity Press.Palmer, D. (1983). Broken ties: Interlocking directorates and intercorporatecoordination. Administrative science quarterly, 40-55.Parkhe, A. (1993). Strategic alliance structuring: A game theoretic and transaction costexamination of interfirm cooperation. Academy of management journal, 36(4), 794-829.Pennings, J. M. (1980). Interlocking directorates Jossey-Bass San Francisco California USA.Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations New York.Portes, A., & Sensenbrenner, J. (1993). Embeddedness and immigration: Notes on the socialdeterminants of economic action. American journal of sociology, 1320-1350.Powell, W. W. (1990). Neither market nor hierarchy: network forms of organization, 295-336.Greenwich, CT.Powell, W. W., & Brantley, P. (1992). Competitive cooperation in biotechnology: Learningthrough networks. Networks and organizations, 366-394.Powell, W. W., Koput, K. W., & Smith-Doerr, L. (1996). Interorganizational collaborationand the locus of innovation: Networks of learning in biotechnology. Administrativescience quarterly, 116-145.Raub, W., & Weesie, J. (1990). Reputation and efficiency in social interactions: An exampleof network effects. American journal of sociology, 626-654.Rechner, P. L. Dalton. DR (1991). Board composition and shareholders’ wealth: An empiricalassessment. Strategic management journal, 12(2), 155-160.Rosenkopf, L., & Schleicher, T. (2008). Below the tip of the iceberg: the co‐evolution offormal and informal interorganizational relations in the wireless telecommunicationsindustry. Managerial and decision economics, 29(5), 425-441.Ring, P. S., & Van de Ven, A. H. (1994). Developmental processes of cooperativeinterorganizational relationships. Academy of management review,19(1), 90-118.Shane, S. A. (1996). Hybrid organizational arrangements and their implications for firmgrowth and survival: A study of new franchisors. Academy of managementjournal, 39(1), 216-234.Stuart, T. E. (1998). Network positions and propensities to collaborate: An investigation ofstrategic alliance formation in a high-technology industry. Administrative sciencequarterly, 668-698.Stuart, T. E., & Yim, S. (2010). Board interlocks and the propensity to be targeted in privateequity transactions. Journal of financial economics, 97(1), 174-189.Useem, M. (1982). Classwide rationality in the politics of managers and directors of largecorporations in the United States and Great Britain. Administrative science quarterly,199-226.Useem, M. (1984). The inner circle, 617. New York: Oxford University Press.Vance, S. C. (1983). Corporate leadership: Boards, directors, and strategy. McGraw-HillCompanies.Venkatraman, N., Loh, L., & Koh, J. (1994). The adoption of corporate governancemechanisms: a test of competing diffusion models. Management science, 40(4),496-507.Walker, G., Kogut, B., & Shan, W. (1997). Social capital, structural holes and the formationof an industry network. Organization science, 8(2), 109-125.Zaheer, A., & Venkatraman, N. (1995). Relational governance as an interorganizationalstrategy: An empirical test of the role of trust in economic exchange. Strategicmanagement journal, 16(5), 373-392.Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance:A review and integrative model. Journal of management, 15(2), 291-334.Zajac, E. J. (1988). Interlocking directorates as an interorganizational strategy: A test ofcritical assumptions. Academy of management journal, 31(2), 428-438. zh_TW