Central Core

According to the initial core set we chose before, the extended core papers for

our research are met with additional criteria as follows:

(1)Articles which were cited by either the initial papers or by the references of the

initial papers after 1980.

(2)Articles which were published in the Strategic Management Journal (SMJ),

Academy of Management Journal (AMJ), Academy of Management Review

(AMR), Journal of Management (JOM), and Journal of Finance (JF) .

(3)Articles were listed within top ten citation times.

Finally, in order not to be left out some important articles, we used the same key

words to find the documents with significant citations in ISI database. In conclusion,

68 documents in total were selected out to be our core papers. The 68 articles with

total of 5359 citations are listed in Table 1.

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Table 1. Central Core Documents

Title Journal Year First Author ISI CT

A-01 Thirty Years of Mergers and Acquisitions Research: Recent Advances and Future Opportunities BJM 2006 Cartwright S 2 A-02 Meta-analyses of post-acquisition performance: indications of unidentified moderators SMJ 2004 King DR 20

A-03 When do acquirers earn abnormal returns? SMJ 2002 Capron L 20

A-04 The performance impact of strategic similarity in horizontal mergers: Evidence from the US banking industry AMJ 1997 Ramaswamy K 25 A-05 Diversification and top management team complementarity: Is performance improved by merging similar or d SMJ 1997 Krishnan HA 26 A-06 Foreign acquisitions in Central and Eastern Europe: Outcomes of privatization in transitional economies AMJ 2000 Uhlenbruck K 28 A-07 Resource complementarity in business combinations: Extending the logic to organizational alliances JM 2001 Harrison JS 28 A-08 Corporate-Mergers, stockholder diversification, and changes in systematic-risk SMJ 1990 Chatterjee S 29 A-09 What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions JF 2002 Fuller K 32 A-10 Relative standing and the performance of recently acquired European firms SMJ 1997 VERY P 36 A-11 When do firms learn from their acquisition experience? Evidence from 1990-1995 SMJ 2002 Hayward ML 37 A-12 The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership JF 1996 Martin KJ 38 A-13 Factors Influencing Wealth Creation from Mergers and Acquisitions: A Meta-Analysis SMJ 1992 Datta DK 39 A-14 Doing a Deal: Merger and Acquisition Negotiations and Their Impact Upon Target Company Top Managemen SMJ 1989 Walsh JP 40

A-15 Diversification strategy and systematic-risk SMJ 1984 Montgomery CA 44

A-16 Merger Motives and Merger Prescriptions SMJ 1990 Trautwein F 44

A-17 Curvilinearity in the diversification-performance linkage: An examination of over three decades of research SMJ 2000 Palich JE 45 A-18 Asset redeployment, acquisitions and corporate strategy in declining industries SMJ 1997 Anand J 46

A-19 The impact of merger bids on the participating firms security holders JF 1982 Asquith P 46

A-20 Synergies and Post-Acquisition Performance: Differences versus Similarities in Resource Allocations JM 1991 Harrison JS 47

A-21 Learning through Acquisitions AMJ 2001 Vermeulen F 52

A-22 Connecting diversification to performance - A Sociocognotive approach AMR 1990 Ginsberg A 51

A-23 Does Corporate Diversification Destroy Value? - JF 2002 Graham JR 52

A-24 Dicersification and performance - Areexamination usinf a new two - dimensional conceptualization of diversit AMJ 1987 Varadarajan P 53 A-25 Determinants of Acquisition Integration Level: A Decision-Making Perspective AMJ 1994 Pablo AL 55

Table 1 Central Core Documents (cont.)

Title Journal Year First Author ISI CT

A-26 Diversification strategies, business cycles and economic-performance SMJ 1988 AMIT R 54

A-27 Structure and process of diversification, compensation strategy, and firm performance SMJ 1992 Gomez-Mejia LR 54

A-28 The long-term performance of horizontal acquisitions SMJ 1999 Capron L 56

A-29 Value creation in acquisitions - A Reexamination of performance issues SMJ 1990 Seth A 59

A-30 Relative Standing: A Framework for Understanding Departures of Acquired Executives AMJ 1993 Hambrick DC 61 A-31 Resource redeployment following horizontal acquisitions in Europe and North America, 1988-1992 SMJ 1998 Capron L 61 A-32 Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study SMJ 2001 Ahuja G 67 A-33 The influence of organizational acquisition experience on acquisition performance: A behavioral learning pers ASQ 1999 Haleblian J 65

A-34 Explaining the diversification discount JF 2002 Campa JM 69

A-35 Do Long-Term Shareholders Benefit From Corporate Acquisitions? JF 1997 Loughran T 71

A-36 Organizational learning and diversification AMJ 1994 PENNINGS JM 70

A-37 The choice between mergers/acquisitions and joint ventures: The case of Japanese investors in the united state SMJ 1997 HENNART JF 70 A-38 Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration SMJ 1991 Datta DK 75 A-39 Conjectures on cognitive simplification in acquisition and divestment decision - making AMJ 1985 IRENE MD 78 A-40 Cultural Differences and Shareholder Value in Related Mergers: Linking Equity and Human Capital SMJ 1992 Chatterjee S 82

A-41 The value of diversification during the conglomerate merger wave JF 1996 Servaes H 83

A-42 Effects of acquisitions on research-and-development inputs and outputs AMJ 1991 HITT MA 83

A-43 The Success of Acquisitions: Evidence from Divestitures JF 1992 Kaplan SN 83

A-44 Returns to Bidding Firms in Mergers and Acquisitions: Reconsidering the Relatedness Hypothesis SMJ 1988 Barney JB 87 A-45 The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly JF 1992 Agrawal A 87

A-46 Acculturation in Mergers and Acquisitions AMJ 1988 Nahavandi A 92

A-47 Antecedents and Performance Outcomes of Diversification: A Review and Critique of Theoretical Perspective JM 1990 Hoskisson RE 95

A-48 Merger Strategies and Stockholder Value SMJ 1987 Lubatkin M 98

A-49 Top Management Turnover Following Mergers and Acquisitions SMJ 1988 Walsh JP 100

A-50 MERGERS AND THE PERFORMANCE OF THE ACQUIRING FIRM AMR 1983 Michael lubatkin 105

A-51 Diversification strategy, accounting determined risk, and accounting determined return AMJ 1982 BETTIS RA 112

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Table 1 Central Core Documents (cont.)

Title Journal Year First Author ISI CT

A-53 The measurement of firm diversification - some new empirical-evidence AMJ 1982 Montgomery CA 115 A-54 Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms SMJ 1986 Chatterjee S 116

A-55 The market for corporate control and firm innovation AMJ 1996 Hitt MA 125

A-56 Corporate acquisition strategies and economic performance SMJ 1987 Singh H 127

A-57 The link between resources and type of diversification: Theory and evidence SMJ 1991 Chatterjee S 127 A-58 Communication with Employees following a Merger: A Longitudinal Field Experiment AMJ 1991 Schweiger DW 129 A-59 The cost of diversity: The diversification discount and inefficient investment JF 2000 Rajan R 130 A-60 Corporate takeover bids, Methods of payment, and bidding firms stock returns JF 1987 Travlos NG 143

A-61 Performance differences in related and unrelated diversified firms SMJ 1981 Bettis RA 146

A-62 Corporate economic-performance-diversification strategy versus market-structure SMJ 1981 Christensen HK 151

A-63 Research on corporate diversification - A Synthesis SMJ 1989 Ramanujam V 156

A-64 Corporate Acquisitions: A Process Perspective AMR 1986 Jemison DB 171

A-65 Dicersification strategy and profitability SMJ 1982 RUMELT RP 205

A-66 Do managerial objectives drive bad acquisitions JF 1990 Morck R 230

A-67 Diversification strategy, Profit performance and the entropy measure SMJ 1985 PALEPU K 250

A-68 The dominant logic - A New linkage between diversity and performance SMJ 1986 Prahalad CK 353

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