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1、OrganizationTheoryandtheMarketforCorporateControl:ADynamicAnalysisoftheCharacteristicsofLargeTakeoverTargets,1980-1990Author(s):GeraldF.DavisandSuzanneK.StoutSource:AdministrativeScienceQuarterly,Vol.37,No.4(Dec.,1992),pp.605-633Publishedby:SagePublications,Inc.onbehalfofth
2、eJohnsonGraduateSchoolofManagement,CornellUniversityStableURL:http://www.jstor.org/stable/2393474.Accessed:12/12/201323:40YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisano
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4、r.org..SagePublications,Inc.andJohnsonGraduateSchoolofManagement,CornellUniversityarecollaboratingwithJSTORtodigitize,preserveandextendaccesstoAdministrativeScienceQuarterly.http://www.jstor.orgThiscontentdownloadedfrom113.108.133.58onThu,12Dec201323:40:20PMAllusesubjecttoJ
5、STORTermsandConditionsOrganizationTheoryandThispaperdescribeshowtakeoversareaccomplishedtheMarketforandwhytheyarenotreadilyaccommodatedbyexistingCorporateControl:organizationaltheories.WeexaminedthefactorsthatmadeorganizationsvulnerabletotakeoversduringtheADynamicAnalysisof
6、1980s,usingevent-historytechniquesontime-seriesdatatheCharacteristicsofcoveringalltakeoverbidsforFortune500firmsbetweenLargeTakeoverJanuary1980andDecember1990.ThepapershowsthatTargets,1980-1990greaterorganizationalslack,age,andhavingafinancechiefexecutiveofficerincreasedthe
7、riskoftakeover;familycontrolandfinancialcharacteristicssuchasaGeraldF.Davishighermarket-to-bookratioloweredtherisk;whilebankNorthwesternUniversitycontrolandintercorporatenetworktieshadnoSuzanneK.Stoutdiscernableeffect.Theresultsindicateanirony:LargeUniversityofTexasatDallas
8、corporationsthatweremostsuccessfulbythestandardsoforganizationtheoryweremostlikely
