RESEARCH NOTES AND COMMUNICATIONS OWNERSHIP STRUCTURE AND CORPORATE STRATEGY:ONE QUESTION VIEWED FROM TWO DIFFERENT WORLDS

摘要

In their response to our paper, Amihud and Lev (1999) and Denis, and Sarin (1999) clain that discoplinary8 difference don't mater and that methods and evience should speak for themselves. In contrast, we argue that important differences exist between finanical economics and strategic management, leading to differeing beliefs, norms, methods, and interpretations of empirical results. Using a strategic management perspective to review the evidence presented by Amihud and Lev in their earlier study (1981) and in their and Denis et al.'s critiques of our work (1999), we find no reason to revise our orginal conclusion: there is little theoretical or empirical basis for believing that monitoring by a firm's principlas influences its diversification strategy and acquisition decisions.