TY - JOUR
T1 - The incumbent discount
T2 - Stock market categories and response to radical technological change
AU - Benner, Mary J.
PY - 2007/7
Y1 - 2007/7
N2 - I combine research from institutional theory and technological change to explore stock market reactions as firms respond to radical technological change and, further, how these reactions affect firms' subsequent responses. An incumbent firm's stock price will decrease to the extent that it is forced it to depart from its stock market identity. Negative reactions from the stock market, in turn, affect subsequent response efforts. Incumbent inertia or an inability to respond to technological change may arise from institutional pressures from financial markets during the uncertain period of technological change. Copyright of the Academy of Management, all rights reserved.
AB - I combine research from institutional theory and technological change to explore stock market reactions as firms respond to radical technological change and, further, how these reactions affect firms' subsequent responses. An incumbent firm's stock price will decrease to the extent that it is forced it to depart from its stock market identity. Negative reactions from the stock market, in turn, affect subsequent response efforts. Incumbent inertia or an inability to respond to technological change may arise from institutional pressures from financial markets during the uncertain period of technological change. Copyright of the Academy of Management, all rights reserved.
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U2 - 10.5465/AMR.2007.25275206
DO - 10.5465/AMR.2007.25275206
M3 - Review article
AN - SCOPUS:34547381073
SN - 0363-7425
VL - 32
SP - 703
EP - 720
JO - Academy of Management Review
JF - Academy of Management Review
IS - 3
ER -