Emanuele Bettinazzi is a PhD candidate at Bocconi University. His research interests lie at intersection between corporate strategy and sustainability. In particular, in his dissertation he applies a stakeholder-based view of the firm to study corporate acquisitions. His teaching experience at Bocconi University and SDA Business School include five courses over four years as a teaching assistant, and two courses as a Lecturer. Before joining the Phd program at Bocconi he received a MRes degree from ESADE Business school (Barcelona) and a M.S. in Business Administration from Bocconi University. He also spent three years as a consultant in M&A.
Stakeholders & Organizational Learning: Theory and Evidence from Corporate Acquisitions
The purpose of this paper is to study the interaction between experiential learning and the quality of stakeholder relationships in the context of complex strategic tasks such as corporate acquisitions. We argue that a firm’s stakeholder orientation can have both positive and negative effects on its ability to extract knowledge from previous experience and apply it to a focal task. To model these relationships, we propose a direct effect on the capability to make inferences from previous experience and an indirect effect on the influence that novelty (in terms of cognitive distance) of the focal task has on correct application of accumulated knowledge. We test these arguments on a sample of 1,718 corporate acquisitions by US listed firms and find evidence of a negative direct effect of stakeholder orientation on experiential learning. We also find evidence that problems associated with the application of accumulated experience to novel contexts increase with the level of stakeholder orientation of the firm.