Extending the proposition that boards of directors influence firms’ mergers and acquisitions (M&As), studies have investigated how board interlocks – network ties formed by directors — may shape M&A processes and outcomes. While board interlocks and M&As are two streams of research, each underpinned by voluminous studies, their cross-fertilization has been relatively limited. In this chapter, the authors take stock of prior research investigating the relationship between board interlocks and M&As. Specifically, emphasizing the network features of board interlocks, the authors highlight a connection aspect and a structure aspect of board interlocks in appreciating their effects during pre-acquisition and post-acquisition phases. Based on this framework, the authors then lay out a research agenda that can further bridge board interlocks with M&As. Overall, this chapter endeavors to integrate and expand our knowledge on the acquisition implications of board interlocks.
Peng, M.W. and Wang, J.C. (2019), "Board Interlocks and M&As", Cooper, C.L. and Finkelstein, S. (Ed.) Advances in Mergers and Acquisitions (Advances in Mergers & Acquisitions, Vol. 18), Emerald Publishing Limited, Bingley, pp. 15-26. https://doi.org/10.1108/S1479-361X20190000018002
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