Acquisitions as Exaptation: The Legacy of Founding Institutions in the US Commercial Banking Industry

Marquis, C., & Huang, Z. Acquisitions as exaptation: The legacy of founding institutions in the US commercial banking industry. Academy of Management Journal, 53(6), 1441-1473, 2010.

34 Pages Posted: 1 Jun 2015 Last revised: 3 May 2016

See all articles by Christopher Marquis

Christopher Marquis

Cornell University; Harvard University - Harvard Kennedy School (HKS)

Zhi Huang

University of Kentucky - Gatton College of Business and Economics

Date Written: May 31, 2015

Abstract

This study focuses on how founding institutions impact intraorganizational capabilities and how such imprints may have different external manifestations in subsequent historical eras. We introduce the concept of exaptation to organizational theory, identifying an important process whereby the historical origin of a capability differs from its current usefulness. Three founding conditions — branching policy, modernization, and political culture — influenced banks’ development of capabilities for managing dispersed branches, and these capabilities subsequently led to variation in banks’ propensity to engage in acquisitions.

Keywords: acquisition, exaptation, institution, founding condition, imprinting, political culture, banking

Suggested Citation

Marquis, Christopher and Huang, Zhi, Acquisitions as Exaptation: The Legacy of Founding Institutions in the US Commercial Banking Industry (May 31, 2015). Marquis, C., & Huang, Z. Acquisitions as exaptation: The legacy of founding institutions in the US commercial banking industry. Academy of Management Journal, 53(6), 1441-1473, 2010.. Available at SSRN: https://ssrn.com/abstract=2612709

Christopher Marquis

Cornell University ( email )

363 Sage Hall
Ithaca, NY 14853
United States

HOME PAGE: http://www.chrismarquis.com

Harvard University - Harvard Kennedy School (HKS) ( email )

79 John F. Kennedy Street
Cambridge, MA 02138
United States

Zhi Huang (Contact Author)

University of Kentucky - Gatton College of Business and Economics ( email )

550 South Limestone
Lexington, KY 40506
United States

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