Acquisitions as exaptation: The legacy of founding institutions in the U.S. commercial banking industry

Christopher Marquis, Zhi Huang

Research output: Contribution to journalArticlepeer-review

96 Scopus citations

Abstract

This study focuses on how founding institutions impact intraorganizational capabilities and how such imprints may have different external manifestations in subsequent historical eras. We introduce the concept of exaptation to organizational theory, identifying an important process whereby the historical origin of a capability differs from its current usefulness. Three founding conditions-branching policy, modernization, and political culture-influenced banks' development of capabilities for managing dispersed branches, and these capabilities subsequently led to variation in banks' propensity to engage in acquisitions.

Original languageEnglish
Pages (from-to)1441-1473
Number of pages33
JournalAcademy of Management Journal
Volume53
Issue number6
DOIs
StatePublished - Dec 1 2010

Bibliographical note

Funding Information:
The experimental data presented in this paper have been obtained during first author's doctoral study at Nanyang Technological University in Singapore. The research scholarship provided by Nanyang Technological University is gratefully acknowledged.

Funding Information:
The experimental data presented in this paper have been obtained during first author’s doctoral study at Nanyang Technological University in Singapore. The research scholarship provided by Nan-yang Technological University is gratefully acknowledged.

ASJC Scopus subject areas

  • Business and International Management
  • Business, Management and Accounting (all)
  • Strategy and Management
  • Management of Technology and Innovation

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