主 题： ACQUIRER’S BOARD INTERLOCKS AND M&AS
主讲人：JOYCE (CONGYING) WANG（The University of Texas at Dallas）
We extend the research inquiry on the strategic implications of boards of directors to those of board interlocks, which are considered either as loci of relational capital stemming from interfirm ties or as sources of agency issues and inefficiency due to multiple directorships. This suggests that board interlocks may facilitate or impede strategic choices and outcomes. We propose that a relational capital lens emphasizes opportunity identification, whereas a multiple directorship lens stresses opportunity realization. We test the distinction by investigating how firms initiate and make acquisitions, which are demarcated by public announcement and resolution (completion or abandonment). Leveraging a sample of domestic mergers and acquisitions (M&As) in the United States, we find that more board interlocks are associated with more acquisitions announced, but a lower likelihood of completion for each deal. Additionally, the roles of board interlocks are more consequential when those ties formed by executive directors increase, but less so when CEOs have more power. Overall, our findings provide a nuanced understanding of the effects of board interlocks on firm strategies.
2019 Ph.D. expected in International Management Studies University of Texas at Dallas
2012 M.E. in World Economics Fudan University
2011 M.S. in Globalization Université Paris 1 Panthéon-Sorbonne
2012 - 2014 Research Assistant China Europe International Business School
Strategic Management: Corporate Governance, Mergers and Acquisitions
International Business: Emerging Multinationals, OFDI
. Peng, M. W., Nguyen, H., Wang, J. C., Hasenhuttl, M., & Shay, J. Bringing institutions into strategy teaching. Academy of Management Learning & Education, forthcoming.
. Wang, J. C., Markóczy, L. Sun, S. L., & Peng, M. W. She’-E-O compensation gap: A role congruity view. Journal of Business Ethics, forthcoming.
. Chng, D. H. M., & Wang, J. C. 2016. An experimental study of the interaction effects of incentive compensation, career ambition, and task attention on Chinese managers’ strategic risk behaviors. Journal of Organizational Behavior, 37: 719-737.
. Peng, M. W., & Wang, J. C. Board interlocks and M&As. Invited book chapter. In S., Finkelstein, and C., Cooper. 2018eds. Advances in Mergers and Acquisitions.
. Peng, M. W., Lebedev, S., Vlas, C., Wang, J. C., & Shay, J. The growth of the firm in (and out of) EE. R&R at Asia Pacific Journal of Management.
. Peng, M. W., Xie, E., Lebedev, S., & Wang, J. C. Property rights and emerging multinationals. Target at Academy of Management Review.
. Wang, J. C., Peng, M. W., & Lin, J. Z. Target board interlocks and acquisition premiums. Target at Strategic Management Journal.
Academy of Management (AOM)
. Wang, J. C. Target board interlocks and M&A outcomes: An information economics perspective. 2018. Scheduled. Chicago, IL, US.
. Wang, J. C., & Peng, M. W. The coevolution of SOE internationalization and state ownership reduction. 2018. Scheduled. Chicago, IL, US.
. Wang, J. C., Markcozy, L., Sun, S. L., & Peng, M. W. She'-E-O Compensation and Role Congruity. 2017. Atlanta, GA, US.