Cyert and March 於1963年出版的經典著作 “ 廠商行為理論 (A Behavioral Theory of the Firm)” 中提出，基於以下兩種情形，廠商會改變現有策略而啟動組織蒐尋行為。第一，組織的實際績效表現低於期望水準 (aspiration level)。當組織的實際績效低於預期，決策者會認知現行的營運模式正遭遇問題，為了尋找有效的解決方案以改善低於預期的績效，組織會啟動蒐尋行為。此類因為問題而引發的蒐尋行為，稱之問題誘發蒐尋( Problematic Search)。第二種蒐尋行為來自於組織透過在過去營運表現而累積足夠的寬裕資源，因為有寬裕資源做為強大的後盾，組織可以利用寬裕資源進行新技術的蒐尋或者新市場的開發。此類因為組織寬裕資源而誘發的蒐尋行為，稱之寬裕資源蒐尋(Slack Search)行為。
本研究根據廠商行為理論，分別深入探討: 一，組織實際績效與期望水準之間的落差(Performance relative to aspiration level) 是否影響公司投入研究發展費用，亦即，問題蒐尋(Problematic Search)是否影響組織研發支出的投入。二，不同類型的寬裕資源(已吸收及未吸收)是否影響組織研發支出的投入，亦即，組織寬裕資源蒐尋行為(Slack Search)是否會受到所擁有不同類型的寬裕資源而對組織研發投入產生不同影響。三，更進一步探究組織蒐尋行為與研發支出的關係，是否受到，一: 制度環境，亦即，組織是否隸屬於集團企業與否。二:管理者的決策傾向是否有自利行為，亦即主要決策者的控制權與所有權的偏離程度所影響。本研究對象涵蓋了274家台灣電子產業上市公司，研究區間為1999-2008年。
實證結果顯示，組織實際績效與期望水準之間的落差(Performance relative to aspiration level) 確實為決策者判定是否改變現有策略一項重要指標。二，寬裕資源蒐尋行為會依據組織所擁有的不同類型，而也不同影響。結果顯示，未吸收寬裕資源對組織研發支出有正向影響，而已吸收寬裕資源則為負向影響。三，集團企業隸屬子公司對於問題蒐尋以及寬裕資源蒐尋行為表現比起獨立公司都來的積極。四，決策者之所有權與控制權的偏離程度對於蒐尋行為與研發支出確實會帶來調和作用。
綜合以上實證結果發現，本研究期望能夠補足過去研究不足的部份，並對廠商行為理論能有更進一步的貢獻。

Cyert and March’s classic 1963 work A Behavioral Theory of the Firm proposed that firms will initiate search behavior in order to change their current situation when they have problems, such as a performance that is below their aspiration level, or possess abundant slack, and these processes are known as problematic and slack searches, respectively. The current study examines search behavior with regard to corporate R&D investments, and develops specific hypotheses to investigate how firms adjust their R&D strategy in response to poor performance. It also considers how such adjustments differ for two types of slack resources, an issue that has been neglected in previous studies.

This study examines a sample of Taiwanese firms and draws on the concept of institutional logic to investigate how search behaviors may differ between business-group affiliated and unaffiliated firms. It also consider the moderating role of the divergence between the control exercised by controlling owners and cash flow rights, as this is a common feature of corporate governance among business groups in Taiwan. Our sample includes 274 Taiwanese electronics firms listed on the Taiwan Stock Exchange (TSE) over the period 1999-2008, and the empirical evidence from this panel data is consistent with our theoretical predictions.

In particular, the results show that when firm’s face performance discrepancies, they will increase R&D investment. However, when a firm faces a severe threat to its survival point, such as bankruptcy, it will need to cut R&D spending. Moreover, the results also show that unabsorbed and absorbed slack have different impacts, positively and negatively affecting R&D investment, respectively. In addition, the results also show that both business group-affiliated and unaffiliated firms will increase R&D investment in response to negative performance feedback, but only business group-affiliated firms will increase R&D activity when facing positive performance feedback. Furthermore, the results also show that only business group-affiliated firms have a greater tendency to invest in R&D when there is unabsorbed slack. Finally, the findings show that the divergence between the control of controlling owners and cash flow rights has a significantly positive moderating effect on R&D strategy when the firm’s actual performance is under its aspiration level. However, the divergence in control and cash flow rights has different moderating effects on affiliated and unaffiliated firms when there is negative performance feedback, with the former being positive and the latter negative. The findings on this work extend the claims of behavioral theory in newly industrialized economies, and identify the important factors that need to be considered in future studies.

Altman, E. I. (1983). Corporate distress: a complete guide to predicting, avoiding, and dealing with bankruptcy. New York: Wiley.

Ahuja, G. & Katila, R. 2004. Where do resources come from? The role of idiosyncratic situations. Strategic Management Journal, 25: 887-907.

Amsden, A. & Chu, W. W. 2003. Beyond Late Development -Taiwan's Upgrading Policies: MIT Press, Cambridge, MA.

Amsden, A. H. & Hikino, T. 1998. East Asia's financial woes. World Policy Journal (MIT Press), 15(3): 43.

Anderson, P. & Tushman, M. L. 1990. Technological discontinuities and dominant designs: A cyclical model of technological change. Administrative Science Quarterly, Vol. 35: 604-633.

Anderson, R. C., Mansi, S. A., & Reeb, D. M. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics, Vol. 68: 263.

Anderson, R. C. & Reeb, D. M. 2003. Founding-Family Ownership and Firm Performance: Evidence from the S&P 500, Journal of Finance, Vol. 58: 1301-1328: Wiley-Blackwell.

Argote, L. & Greve, H. R. 2007. A Behavioral Theory of the Firm - 40 Years and Counting: Introduction and Impact. Organization Science, Vol. 18: 337-349.

Audia, P. G., Locke, E. A., & Smith, K. G. 2000. The paradox of success: An archival and a laboratory study of strategic persistence following radical environment change. Academy of Management Journal, Vol. 43: 837-853.

Audia, P. G. & Greve, H. R. 2006. Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry. Management Science, Vol. 52: 83-94.

Baltagi, B. 1995. Econometric Analysis of Panel Data. New York:Wiley.

Barney, J. 1991. Firm resources and sustained competitive advantage. Journal of Management, 17: 99-120.

Baumol, W.J. 1959. Business Behavior, Value and Growth. New York:Macmillan, 45-53.

Baysinger, B. D., Kosnik, R. D., & Turk, T. A. 1991. Effects of board and ownership structure on corporate R&D strategy. Academy of Management Journal, 34: 205-214.

Bolton, M. K. 1993. Organizational innovation and substandard performance: Where is necessity the mother of innovation? Organization Science, 4: 57-75.

Bourgeois, L. J. 1981. On the measurement of organizational slack. Academy of Management Review, Vol. 6: 29-39.

Bourgeois, L. J. & Singh, J. V. 1983. Organizational slack and political behavior among top management teams. Academy of Management Proceedings 43-47.

Bradley, S. W., Aldrich, H., Shepherd, D. A., and Wiklund, J. (2011). Resources, environmental change, and survival: asymmetric paths of young independent and subsidiary organizations, Strategic Management Journal, Vol. 32: 486-509.

Breusch, T. S. & Pagan, A. R. 1980. The Lagrange Multiplier Test and its applications to model specifications in Econometrics. Review of Economic Studies, Vol. 47: 239.

Bromiley, P. 1991. Testing a causal model of corporate risk taking and performance. Academy of Management Journal, Vol. 34: 37-59.

Brookfield, J. 2010. The network structure of big business in Taiwan. Asia Pacific Journal of Management, Vol. 27: 257-279.

Burgelman, R. A. 1983. A process model of internal corporate venturing in the diversified major firm. Administrative Science Quarterly, Vol. 28: 223-244.

Burgstahler, D. and I. Dichev. 1997. Earnings management to avoid earnings decreases and losses, Journal of Accounting and Economics, 24 (1): 99-126.

Chang, S.J., Chung, C.N., & Mahmood, I. P. 2006. When and how does business group affiliation promote firm innovation? A tale of two emerging economies. Organization Science, Vol. 17: 637-656.

Chang, S. J. & Hong, J. 2000. Economic performance of group-affiliated companies in Korea: Intragroup-resource sharing and internal business transactions. Academy of Management Journal, Vol. 43: 429-448.

Chang, S. J. 2003. Ownership structure, expropriation, and performance of group-affiliated companies in Korea. Academy of Management Journal, Vol. 46: 238-253.

Chen, C. J. 2004. The effects of knowledge attribute, alliance characteristics, and absorptive capacity on knowledge transfer performance. R&D Management, Vol. 34: 311-321.

Chen, W. R. & Miller, K. D. 2007. Situational and institutional determinants of firms' R&D search intensity. Strategic Management Journal, Vol. 28: 369-381.

Chen, W. R. 2008. Determinants of firms' backward- and forward-looking R&D search behavior. Organization Science, Vol. 19: 609-622.

Cheng, J. L. C. & Kesner, I. F. 1997. Organizational slack and response to environmental shifts: The impact of resource allocation patterns. Journal of Management, 23: 1-18.

Chin, C.L., Chen, Y.-J., Kleinman, G., & Lee, P. 2009a. Corporate Ownership Structure and Innovation: Evidence from Taiwan's Electronics Industry. Journal of Accounting, Auditing & Finance, Vol. 24: 145-175.
Chin, C.-L., Chen, Y.-J., & Hsieh, T.-J. 2009. International Diversification, Ownership Structure, Legal Origin, and Earnings Management: Evidence from Taiwan, Journal of Accounting, Auditing & Finance, Vol. 24: 233-362

Choi, Y. R. & Shepherd, D. A. 2004. Entrepreneurs' decisions to exploit opportunities. Journal of Management, Vol. 30: 377-395.

Chung, C.N. 2001. Markets, culture and institutions: The emergence of large business groups in Taiwan, 1950s-1970s. Journal of Management Studies, Vol. 38: 719-745.

Chung, C.N. & Luo, X.W. 2008a. Institutional logics or agency costs: The influence of corporate governance models on business group restructuring in emerging economies. Organization Science, Vol. 19: 766-784.

Chung, C. N. & Luo, X.W. 2008b. Human agents: Contexts, and institutional change: The decline of family in the leadership of business groups. Organization Science, Vol. 19: 124-142.

Claessens, S., Djankov, S., & Lang, L. H. P. 2000. The separation of ownership and control in East Asian Corporations, Journal of Financial Economics, Vol. 58: 81-112.

Cohen, W. M. & Levinthal, D. A. 1990. Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, Vol. 35: 128-152.

Cool, K., Roller, L. H., & Leleux, B. 1999. The relative impact of actual and potential rivalry on firm profitability in the pharmaceutical. Strategic Management Journal, 20: 1-14.

Cyert, R. M. & March, J. G. 1963. A Behavioral Theory of the Firm. Englewood Cliffs, NJ:Prentice-Hall.

Cyert, R. M. and March, J. G. (1992). A Behavioral Theory of the Firm.2nd ed. Cambridge, Mass., USA : Blackwell Business.

D'Aveni, R. A. 1989. The aftermath of organizational decline: A longitudinal study of the strategic and managerial characteristics of declining firms. Academy of Management Journal, Vol. 32: 577-605.

Damanpour, F. 1987. The adoption of technological, administrative, and ancillary innovations: Impact of organizational factors. Journal of Management, 13: 675-688.

Damanpour, F. 1991. Organizational innovation: A meta-analysis of effects of determinants and moderators. Academy of Management Journal, Vol. 34: 555-590.

Daniel, F., Lohrke, F. T., Fornaciari, C. J., & Turner Jr, R. A. 2004. Slack resources and firm performance: a meta-analysis, Journal of Business Research, Vol. 57: 565.

David, P., O'Brien, J. P., & Yoshikawa, T. 2008. The implications of debt heterogeneity for R&D investment and firm performance. Academy of Management Journal, Vol. 51: 165-181.

Deephouse, D. L. & Wiseman, R. M. 2000. Comparing alternative explanations for accounting risk-return relations. Journal of Economic Behavior & Organization, 42(4): 463-482.

Demsetz, H. & Villakaga, B. 2001. Ownership structure and corporate performance. Journal of Corporate Finance 7:209-233.

Donaldson, L. (1999). Performance-driven organizational change: The organizational portfolio. Thousand Oaks, CA:Sage.

Dougherty, D. & Bowman, E. H. 1995. The effects of organizational downsizing on product innovation. California Management Review, Vol. 37: 28-44.

Ernst, D. 1998. Catching up, crisis and industrial upgrading: Evolutionary aspects of technological learning in Korea's electronics industry. Asia Pacific Journal of Management, 15(2): 247.

Ernst, D. 2000. Inter-organizational knowledge outsourcing: What permits small Taiwanese firms to compete in the computer industry? Asia Pacific Journal of Management, 17(2): 223-255.

Fisher, G., Lee, J., & Johns, L. (2004). An Exploratory Study of Company Turnaround in Australia and Singapore Following the Asia Crisis. Asia Pacific Journal of Management, 21(1/2): 149-170.

Fombrun, C. J. & Ginsberg, A. 1990. Shifting gears: Enabling change in corporate aggressiveness. Strategic Management Journal, Vol. 11: 297-308.

Francis, J., Schipper, K. & Vincent, L. 2005. "Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics 39:329-360.

Ghemawat, P. & Khanna, T. 1998. The nature of diversified business groups: A research design and two case studies. Journal of Industrial Economics, Vol. 46: 35-61.
Giarratana, M. S. & Fosfuri, A. 2007. Product strategies and survival in Schumpeterian environments: Evidence from the US Security Software Industry. Organization Studies, Vol. 28: 909-929.

Gilson, S. C. (1989). Management turnover and financial distress. Journal of Financial Economics , 25, pp. 241-262.

Gilson, S. C. (1990). Bankruptcy, boards, banks, and blockholders: Evidence on changes in corporate ownership and control when firms default. Journal of Financial Economics, 27, pp. 355-387

Granovetter, M. 1995. Coase revisited: Business groups in the modern economy. Industrial & Corporate Change, 4(1): 93-130.
Greene, W. H. 2002. Econometric Analysis (5th ed). Prentice-Hall:Upper Saddle River, NJ.

Greve, H. R. 1998. Performance, aspirations and risky organizational change. Administrative Science Quarterly, Vol. 43: 58-86.

Greve, H. R. 2003a. Investment and the behavioral theory of the firm: evidence from shipbuilding. Industrial & Corporate Change, Vol. 12: 1051-1076.

Greve, H. R. 2003b. A behavioral theory of R&D expenditures and innovations: Evidence from shipbuilding. Academy of Management Journal, 46: 685-702.

Greve, H. R. 2007. Exploration and exploitation in product innovation. Industrial & Corporate Change, Vol. 16: 945-975.

Greve, H. R. 2011. Positional rigidity: low performance and resource acquisition in large and small firms, Strategic Management Journal, Vol. 32: 103-114.

Hambrick, D. C. & Snow, C. C. 1977. A contextual model of strategic decision making in organizations. Academy of Management Proceedings 109-112.

Hannan, M. T. & Freeman, J. 1984. Structure inertia and organizational change. American Sociological Review, Vol. 49: 149-164.

Harris, J. & Bromiley, P. 2007. Incentives to cheat: The influence of executive compensation and firm performance on financial misrepresentation. Organization Science, Vol. 18: 350-367.

Hay, D. A. & Morris, D. J. 1979. Industrial Economics:Theory and Evidence. Oxford University Press, Oxford.

He, Z. L. & Wong, P. K. 2004. Exploration vs. Exploitation: An empirical test of the ambidexterity hypothesis. Organization Science, Vol. 15: 481-494.

Herold, D. M., Jayaraman, N., & Narayanaswamy, C. R. 2006. What is the relationship between organizational slack and innovation?. Journal of Managerial Issues, Vol. 18: 372-392.

Hicheon, K., Heechun, K., & Lee, P. M. 2008. Ownership structure and the relationship between financial slack and R&D Investments: Evidence from Korean Firms. Organization Science, Vol. 19: 404-418.

Hill, C. W. L. & Snell, S. A. 1988. External control, corporate strategy, and firm performance in research-intensive industries. Strategic Management Journal, Vol. 9: 577-590.

Hofstede, G. 1984. Cultural dimensions in management and planning. Asia Pacific Journal of Management, Vol. 1: 81-99.

Hofstede, G. 2009. Business goals for a new world order: beyond growth, greed and quarterly results. Asia Pacific Business Review, Vol. 15: 481-488.

Holmstrom, B. 1989. Agency costs and innovation. Journal of Economic Behavior and Organization. 12(December): 305-327.

Hoskisson, R. E., Cannella, A. A., Jr, Tihanyl, L., & Faraci, R. 2004. Asset restructuring and business group affiliation in French Civil Law countries. Strategic Management Journal, Vol. 25: 525-539.

Huang, C. C. and Jiang, P.C. (2012). Exploring the psychological safety of R&D teams: an empirical analysis in Taiwan. Journal of Management & Organization, 18(2), pp.175-192.
Huergo, E. & Jaumandreu, J. 2004. How does probability of innovation change with firm age?. Small Business Economics, 22(3/4): 193-207.

Iyer, D. N. & Miller, K. D. 2008. Performance feedback, slack, and the timing of acquisitions. Academy of Management Journal, Vol. 51: 808-822.

Jensen, M. C. & Meckling, W. H. 1976. Theory of the Firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, Vol. 3: 305-360.

Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2): 323.

Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, Vol. 48: 831-880.

Ju, M. & Zhao, H. 2009. Behind organizational slack and firm performance in China: The moderating roles of ownership and competitive intensity, Asia Pacific Journal of Management, Vol. 26: 701-717.

Kahneman, D. & Tversky, A. 1979. Prospect Theory: An analysis of decision under risk., Econometrica, Vol. 47: 263-291.

Kang, M. H. 1996. The Korean Business Conglomerates, Institute of East Asian Studies.: University of California, Berkerley,CA.

Kang,M.P., Mahoney, J.T. and Tan, D.C. (2009). Why firms make unilateral investments specific to other firms: the case of OEM suppliers. Strategic Management Journal, 30, pp. 117-135.

Katila, R. & Ahuja, G. 2002. Something old, something new: A longitudinal study of search behavior and new product introduction. Academy of Management Journal, Vol. 45: 1183-1194.

Katila, R. & Shane, S. 2005. When does lack of resources make new firms innovative?. Academy of Management Journal, Vol. 48: 814-829.

Khanna, T. & Palepu, K. 1999. Policy shocks, market intermediaries, and corporate strategy: The evolution of business groups in Chile and India. Journal of Economics & Management Strategy, Vol. 8: 271-310.

Khanna, T. & Palepu, K. 2000. Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, Vol. 55: 867-891.

Khanna, T. & Rivkin, J. W. 2001. Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, Vol. 22: 45.

Khanna, T. & Rivkin, J. W. 2006. Interorganizational ties and business group boundaries: Evidence from an emerging Economy. Organization Science, Vol. 17: 333-352.
Khanna, T. & Yafeh, Y. 2007. Business groups in emerging markets: Paragons or Parasites?, Journal of Economic Literature, Vol. 45: 331-372.

Kim, H., Kim, H., & Lee, P. M. 2008. Ownership structure and the relationship between financial slack and R&D Investments: Evidence from Korean firms. Organization Science, Vol. 19: 404-418.

Lant, T. K. 1992. Aspiration level adaptation: An empirical exploration. Management Science, Vol. 38: 623-644.

La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. 1999. Corporate Ownership Around the World, Journal of Finance, Vol. 54: 471-517.

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. 2000. Investor protection and corporate governance. Journal of Financial Economics, Vol. 58: 3-27.

Leibenstein, H. 1969. Organizational or frictional equilibria, X-efficiency, and the rate of innovation. Quarterly Journal of Economics, 83(4): 600-623.

Levinthal, D. & March, J. G. 1981. A model of adaptive organizational search. Journal of Economic Behavior and Organization, 2(4): 307-333.

Leuz, C., Nanda, D. & Wysocki, P. 2003. Earnings Management and institutional factors: An international comparison. Journal of Financial Economics 69 (3): 505-527.

Li, J. & Tang, Y. I. 2010. CEO hubris and firm risk taking in China: The moderating role of managerial discretion. Academy of Management Journal, Vol. 53: 45-68.

Lie, E. (2005). Operating performance following open market share repurchase announcements. Journal of Accounting & Economics, 39, pp.411-436.

Lins, K. V. 2003. Equity Ownership and Firm Value in Emerging Markets. Journal of Financial & Quantitative Analysis, Vol. 38: 159-184.

Love, E. G. & Nohria, N. 2005. Reducing slack: The performance consequences of downsizing by large industrial firms, 1977-93. Strategic Management Journal, Vol. 26: 1087-1108.

Luo, X. W. & Chung, C. N. 2005. Keeping it all in the family: The role of particularistic relationships in business group performance during institutional transition. Administrative Science Quarterly, Vol. 50: 404-439.

Mahmood, I. P. & Mitchell, W. 2004. Two faces: Effects of business groups on innovation in emerging economies. Management Science, Vol. 50: 1348-13651.

Mahmood, I. P., Zhu, H., & Zajac, E. J. 2011. Where can capabilities come from? network ties and capability acquisition in business groups. Strategic Management Journal, Vol. 32: 820-848.

March, J. G. & Shapira, Z. 1987. Managerial perspectives on risk and risk taking. Management Science, Vol. 33: 1404-1418.

March, J. G. 1988. Variable risk preferences and adaptive aspiration. Journal of Economic Behavior & Organization, 9: 5-24.

March, J. G. 1991. Exploration and exploitation in organizational learning. Organization Science, Vol. 2: 71-87.

March, J. G. & Shapira, Z. 1992. Variable risk preferences and the focus of attention. Journal of Risk & Insurance, Vol. 59: 328-328.
Maury, B. (2006), “Family ownership and firm performance: Empirical evidence from Western European corporations”, Journal of Corporate Finance 12, 321-341.

McGrath, R. G. & Nerkar, A. 2004. Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms. Strategic Management Journal, Vol. 25: 1-21.

Mezias, S. J., Chen, Y. R. and Murphy, P. R. (2002). Aspiration-level adaptation in an American financial services organization: A field study. Management Science, 48, 1285-1300.

Miller, D. & Chen, M.J. 1994. Sources and consequences of competitive Inertia: A study of the U.S. airline industry. Administrative Science Quarterly, Vol. 39: 1-23.

Miller, K. D. & Leiblein, M. J. 1996. Corporate risk-return relations: Returns variability versus downside risk. Academy of Management Journal, Vol. 39: 91-122.

Miller, K. D. & Chen, W. R. 2004. Variable organizational risk preferences: Test of the March-Shapira model. Academy of Management Journal, Vol. 47: 105-115.

Moses, O. D. 1992. Organizational slack and risk-taking behaviour: Tests of product pricing strategy. Journal of Organizational Change Management, 5(3): 38.

Nelson, R. R. & Winter, S. G. 1982. An Evolutionary Theory of Economic Change. Harvard University Press, Cambridge,MA.

Nelson, R. R. 1994. The Co-evolution of technology, industrial structure, and supporting institutions. Industrial & Corporate Change, Vol. 3: 47-63.

Nohria, N. & Gulati, R. 1996. Is slack good or bad for innovation?. Academy of Management Journal, Vol. 39: 1245-1264.

Ocasio, W. 1997. Towards an attention-based view of the firm. Strategic Management Journal, Vol. 18: 187-206.

Park, K. M. 2007. Antecedents of convergence and divergence in strategic positioning: The effects of performance and aspiration on the direction of strategic change. Organization Science, 18(3): 386-402.

Peng, M. W. & Luo, Y. 2000. Managerial ties and firm performance in a transition economy: The nature of micro-macro link. Academy of Management Journal, Vol. 43: 486-501.

Peng, M. W. 2002. Towards an institution-based view of business strategy. Asia Pacific Journal of Management, 19(2/3): 251.

Peng, M. W., Lee, S. H., & Wang, D. Y. L. 2005. What determines the scope of the firm over time? A focus on institutional relatedness. Academy of Management Review, Vol. 30: 622-633.

Peng, M. W., Li, Y., Xie, E., & Su, Z. F. 2010. CEO duality, organizational slack, and firm performance in China, Asia Pacific Journal of Management, Vol. 27: 611-624.

Penrose, (1959) The Theory of the Growth of the Fir’. Oxford University Press, Oxford, UK.

Phan, P. H. & Hill, C. W. L. 1995. Organizational restructuring and economic performance in leveraged buyouts: An ex post study. Academy of Management Journal, Vol. 38: 704-739.

Phelps, C. C. 2010. A longitudinal study of the influence of alliance network structure and composition on firm exploratory innovation. Academy of Management Journal, Vol. 53: 890-913.

Pitelis, C. N. 2007. A behavioral resource-based view of the firm: The synergy of Cyert and March (1963) and Penrose (1959). Organization Science, Vol. 18: 478-490.

Rajagopalan, N. & Prescott, J. E. 1990. Determinants of top management compensation: Explaining the impact of economic, behavioral, and strategic constructs and the moderating effects of industry. Journal of Management, Vol. 16: 515.

Rice, J., Liao, T.S., Martin, N., and Galvin, P. (2012). The Role of Strategic Alliances in Complementing Firm Capabilities, Journal of Management & Organization, Vol. 18, No. 6: 858–869.
Roberts, P. W. 1999. Product innovation, product-market competition and persistent profitability in the U.S. Strategic Management Journal, Vol. 20: 655-670.

Rosenkopf, L. & Nerkar, A. 2001. Beyond local search: boundary-spanning, exploration and impact in the optical disc industry. Strategic Management Journal, 22: 287-306.

Rothschild, K.W. 1947. Price theory and oligopoly. Economic Journal, 42:297-320.

Sachs, J.D. and A.M. Warner. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, 1995:1, pp. 1-118.
Sadowski, M. & Roth, A. 1999. Technology leadership can pay off. Research Technology Management, 42(6): 32-33.

Schendel, D., Patton, G. R., & Riggs, J. 1976. Corporate turnaround strategies: A study of profit decline and recovery. Journal of General Management, 3(3): 3-12.

Scherer, F. M. 1984. Innovation and Growth: Schumpeterian perspectives. MIT Press, Cambridge,MA.

Schneider, S. L. 1992. Framing and conflict - Aspiration level contingency, the status quo, and current theories of risky choice. Journal of Experimental Psychology: Learning, Memory, and Cognition(18): 1040-1057.

Sharfman, M. P., Wolf, G., Chase, R. B., & Tansik, D. A. 1988. Antecedents of organizational slack. Academy of Management Review, Vol. 13: 601-614.

Shimizu, K. & Hitt, M. A. 2005. What constrains or facilitates divestitures of formerly acquired firms? The effects of organizational inertia. Journal of Management, Vol. 31: 50-72.

Shleifer, A. & Vishny, R. 1997. A survey of corporate governance. Journal of Financial Economics. 53:737-783

Shimizu, K. 2007. Prospect theory, behavioral theory, and the threat-rigidity thesis: Combinative effects on organizational decisions to divest formerly acquired units. Academy of Management Journal, Vol. 50: 1495-1514.

Simon, H.A. 1947: “Administrative Behavior”, NY: Macmillan, New York.

Singh, J. V. 1986. Performance, slack and risk taking in organizational decision making. Academy of Management Journal, Vol. 29: 562-585.

Sorensen, J. B. & Stuart, T. E. 2000. Aging, obsolescence, and organizational innovation. Administrative Science Quarterly, Vol. 45: 81-112.
Starbuck, W. H. 1992. Learning by knowledge-intensive firms. Journal of Management Studies, 29(6): 713-740.

Staw, B. M., Sandelands, L. E., & Dutton, J. E. 1981. Threat-rigidity effects in organizational behavior: A multilevel analysis. Administrative Science Quarterly, Vol. 26: 501-524.

Tan, J. & Peng, M. W. 2003. Organizational slack and firm performance during economic transitions: Two studies from an emerging economy. Strategic Management Journal. Vol. 24: 1249-1263.

Teece, D. J. 1996. Firm organization, industrial structure, and technological innovation. Journal of Economic Behavior & Organization, 31(2): 192.

Tushman, M. L. & Anderson, P. 1986. Technological discontinuities and organizational environments. Administrative Science Quarterly, Vol. 31: 439-465.

Vissa, B., Greve, H. R., & Chen, W. R. 2010. Business group affiliation and firm search sehavior in India: Responsiveness and focus of Attention. Organization Science, Vol. 21: 696-712.

Voss, G. B., Sirdeshmukh, D., & Voss, Z. G. 2008. The effects of slack resources and environment threat on product exploration and exploitation. Academy of Management Journal, Vol. 51: 147-164.

Wiseman, R. M. & Bromiley, P. 1996. Toward a model of risk in declining organizations: An empirical examination of risk, performance and decline. Organization Science, Vol. 7: 524-543.

Wefald, A,J, Katz, J.P., Downey, R.G. & Rust, K.G. 2010. Organizational slack, firm performance, and the role of industry. Journal of Management Issues. Vol.XXII, number 1 Spring: 70-87

Wiseman, R. M. & Catanach, J. A. H. 1997. A longitudinal disaggregation of operation risk under changing regulations: Evidence from the savings and loan industry. Academy of Management Journal, Vol. 40: 799-830.

Wu, H. L. 2008. How do Board-CEO relationships influence the performance of new product introduction? Moving from single to interdependent explanations, Corporate Governance: An International Review, Vol. 16: 77-89.

Yeh, Y. H. 2003. Corporate ownership and control: New evidence from Taiwan. Corporate ownership and conrol. 1(!):87-101.

Yeh, Y.H. 2005. Do controlling shareholders enhance corporate value? Corporate Governance: An International Review 13(2): 313-325.

Yeh, Y.H., Lee, T.S. & Woidtke, T. 2001. Family control and corporate governance: Evidence from Taiwan. International Review of Finance, 2:21-48.

Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. 2008. Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective, Journal of Management Studies, Vol. 45: 196-220.