IDEAS home Printed from https://ideas.repec.org/a/eee/jbrese/v202y2026ics0148296325005727.html

Experience schedules: unpacking experience accumulation and its consequences

Author

Listed:
  • Bingham, Christopher B.
  • Kolev, Kalin D.
  • Haleblian, Jerayr (John)
  • Heimeriks, Koen

Abstract

Accumulated experience impacts organizational outcomes. Prior work suggests superior outcomes when firms follow a regular pattern of experience accumulation in which time is equally spaced between successive events. However, this prior work does not consider whether other regular patterns of experience accumulation exist and whether they matter. We examine two novel patterns of experience accumulation in the context of acquisitions: contracting practice in which time between acquisitions shrinks over time and expanding practice in which time between acquisitions increases over time. Moreover, we offer qualitative data from senior executives to provide intuition for our statistical results. Overall, our pattern of results reveals an expanding practice experience schedules may positively impact firm performance.

Suggested Citation

  • Bingham, Christopher B. & Kolev, Kalin D. & Haleblian, Jerayr (John) & Heimeriks, Koen, 2026. "Experience schedules: unpacking experience accumulation and its consequences," Journal of Business Research, Elsevier, vol. 202(C).
    • Handle: RePEc:eee:jbrese:v:202:y:2026:i:c:s0148296325005727
    DOI: 10.1016/j.jbusres.2025.115749
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0148296325005727
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jbusres.2025.115749?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Maurizio Zollo & Harbir Singh, 2004. "Deliberate learning in corporate acquisitions: post‐acquisition strategies and integration capability in U.S. bank mergers," Strategic Management Journal, Wiley Blackwell, vol. 25(13), pages 1233-1256, December.
    2. James J. Heckman, 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 475-492, National Bureau of Economic Research, Inc.
    3. James G. March, 1991. "Exploration and Exploitation in Organizational Learning," Organization Science, INFORMS, vol. 2(1), pages 71-87, February.
    4. Toxvaerd, Flavio, 2008. "Strategic merger waves: A theory of musical chairs," Journal of Economic Theory, Elsevier, vol. 140(1), pages 1-26, May.
    5. Jacquemin, Alexis P & Berry, Charles H, 1979. "Entropy Measure of Diversification and Corporate Growth," Journal of Industrial Economics, Wiley Blackwell, vol. 27(4), pages 359-369, June.
    6. Andrew H. Van de Ven & Douglas Polley, 1992. "Learning While Innovating," Organization Science, INFORMS, vol. 3(1), pages 92-116, February.
    7. Marvin B. Lieberman & David B. Montgomery, 1988. "First‐mover advantages," Strategic Management Journal, Wiley Blackwell, vol. 9(S1), pages 41-58, June.
    8. Koen H. Heimeriks & Mario Schijven & Stephen Gates, 2012. "Manifestations of Higher-Order Routines: The Underlying Mechanisms of Deliberate Learning in the Context of Postacquisition Integration," Post-Print hal-00859930, HAL.
    9. Christopher B. Bingham & Koen H. Heimeriks & Mario Schijven & Stephen Gates, 2015. "Concurrent learning: How firms develop multiple dynamic capabilities in parallel," Strategic Management Journal, Wiley Blackwell, vol. 36(12), pages 1802-1825, December.
    10. Will Mitchell & J. Myles Shaver & Bernard Yeung, 1994. "Foreign entrant survival and foreign market share: Canadian companies' experience in united states medical sector markets," Strategic Management Journal, Wiley Blackwell, vol. 15(7), pages 555-567, September.
    11. William Ocasio, 2011. "Attention to Attention," Organization Science, INFORMS, vol. 22(5), pages 1286-1296, October.
    12. Maurizio Zollo, 2009. "Superstitious Learning with Rare Strategic Decisions: Theory and Evidence from Corporate Acquisitions," Organization Science, INFORMS, vol. 20(5), pages 894-908, October.
    13. Timothy D. Hubbard & Dane M. Christensen & Scott D. Graffin, 2017. "Higher Highs and Lower Lows: The Role of Corporate Social Responsibility in CEO Dismissal," Strategic Management Journal, Wiley Blackwell, vol. 38(11), pages 2255-2265, November.
    14. Timothy J. Quigley & Donald C. Hambrick, 2012. "When the former ceo stays on as board chair: effects on successor discretion, strategic change, and performance," Strategic Management Journal, Wiley Blackwell, vol. 33(7), pages 834-859, July.
    15. Henk W. Volberda & Nicolai J. Foss & Marjorie A. Lyles, 2010. "PERSPECTIVE---Absorbing the Concept of Absorptive Capacity: How to Realize Its Potential in the Organization Field," Organization Science, INFORMS, vol. 21(4), pages 931-951, August.
    16. Tomi Laamanen & Thomas Keil, 2008. "Performance of serial acquirers: toward an acquisition program perspective," Strategic Management Journal, Wiley Blackwell, vol. 29(6), pages 663-672, June.
    17. Samina Karim & Will Mitchell, 2000. "Path‐dependent and path‐breaking change: reconfiguring business resources following acquisitions in the U.S. medical sector, 1978–1995," Strategic Management Journal, Wiley Blackwell, vol. 21(10‐11), pages 1061-1081, October.
    18. Daniel A. Levinthal & James G. March, 1993. "The myopia of learning," Strategic Management Journal, Wiley Blackwell, vol. 14(S2), pages 95-112, December.
    19. George P. Huber, 1991. "Organizational Learning: The Contributing Processes and the Literatures," Organization Science, INFORMS, vol. 2(1), pages 88-115, February.
    20. Maurizio Zollo & Sidney G. Winter, 2002. "Deliberate Learning and the Evolution of Dynamic Capabilities," Organization Science, INFORMS, vol. 13(3), pages 339-351, June.
    21. Schriber, Svante & Degischer, Daniel, 2020. "Disentangling acquisition experience: A multilevel analysis and future research agenda," Scandinavian Journal of Management, Elsevier, vol. 36(2).
    22. S. Trevis Certo & John R. Busenbark & Hyun‐soo Woo & Matthew Semadeni, 2016. "Sample selection bias and Heckman models in strategic management research," Strategic Management Journal, Wiley Blackwell, vol. 37(13), pages 2639-2657, December.
    23. Sartori, Anne E., 2003. "An Estimator for Some Binary-Outcome Selection Models Without Exclusion Restrictions," Political Analysis, Cambridge University Press, vol. 11(2), pages 111-138, April.
    24. Prashant Kale & Harbir Singh, 2007. "Building firm capabilities through learning: the role of the alliance learning process in alliance capability and firm‐level alliance success," Strategic Management Journal, Wiley Blackwell, vol. 28(10), pages 981-1000, October.
    25. William Ocasio, 1997. "Towards An Attention‐Based View Of The Firm," Strategic Management Journal, Wiley Blackwell, vol. 18(S1), pages 187-206, July.
    26. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science, INFORMS, vol. 35(12), pages 1504-1511, December.
    27. de Holan Pablo Martin & Nelson Phillips, 2004. "Organizational forgetting as Strategy," Post-Print hal-02312934, HAL.
    28. Christopher B. Bingham & Koen H. Heimeriks & Mario Schijven & Stephen Gates, 2015. "Concurrent learning: How firms develop multiple dynamic capabilities in parallel," Post-Print hal-01252834, HAL.
    29. Travlos, Nickolaos G, 1987. "Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns," Journal of Finance, American Finance Association, vol. 42(4), pages 943-963, September.
    30. Jerayr (John) Haleblian & Gerry McNamara & Kalin Kolev & Bernadine J. Dykes, 2012. "Exploring firm characteristics that differentiate leaders from followers in industry merger waves: a competitive dynamics perspective," Strategic Management Journal, Wiley Blackwell, vol. 33(9), pages 1037-1052, September.
    31. van den Bosch, F.A.J. & van Wijk, R.A.J.L. & Volberda, H.W., 2003. "Absorptive Capacity: Antecedents, Models and Outcomes," ERIM Report Series Research in Management ERS-2003-035-STR, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    32. Ilya R. P. Cuypers & Youtha Cuypers & Xavier Martin, 2017. "When the target may know better: Effects of experience and information asymmetries on value from mergers and acquisitions," Strategic Management Journal, Wiley Blackwell, vol. 38(3), pages 609-625, March.
    33. Karen L. Fowler & Dennis R. Schmidt, 1989. "Determinants of tender offer post‐acquisition financial performance," Strategic Management Journal, Wiley Blackwell, vol. 10(4), pages 339-350, July.
    34. Anna Nadolska & Harry G. Barkema, 2014. "Good learners: How top management teams affect the success and frequency of acquisitions," Strategic Management Journal, Wiley Blackwell, vol. 35(10), pages 1483-1507, October.
    35. David J. Teece & Gary Pisano & Amy Shuen, 1997. "Dynamic capabilities and strategic management," Strategic Management Journal, Wiley Blackwell, vol. 18(7), pages 509-533, August.
    36. Aktas, Nihat & de Bodt, Eric & Roll, Richard, 2013. "Learning from repetitive acquisitions: Evidence from the time between deals," Journal of Financial Economics, Elsevier, vol. 108(1), pages 99-117.
    37. Kathleen M. Eisenhardt & Jeffrey A. Martin, 2000. "Dynamic capabilities: what are they?," Strategic Management Journal, Wiley Blackwell, vol. 21(10‐11), pages 1105-1121, October.
    38. Sidney G. Winter & Gabriel Szulanski, 2001. "Replication as Strategy," Organization Science, INFORMS, vol. 12(6), pages 730-743, December.
    39. Herbert A. Simon, 1991. "Bounded Rationality and Organizational Learning," Organization Science, INFORMS, vol. 2(1), pages 125-134, February.
    40. Dennis Epple & Linda Argote & Kenneth Murphy, 1996. "An Empirical Investigation of the Microstructure of Knowledge Acquisition and Transfer Through Learning by Doing," Operations Research, INFORMS, vol. 44(1), pages 77-86, February.
    41. Gautam Ahuja & Riitta Katila, 2004. "Where do resources come from? The role of idiosyncratic situations," Strategic Management Journal, Wiley Blackwell, vol. 25(8‐9), pages 887-907, August.
    42. Francesco Castellaneta & Maurizio Zollo, 2015. "The Dimensions of Experiential Learning in the Management of Activity Load," Organization Science, INFORMS, vol. 26(1), pages 140-157, February.
    43. Francesco Castellaneta & Maurizio Zollo, 2015. "The Dimensions of Experiential Learning in the Management of Activity Load," Post-Print halshs-03902435, HAL.
    44. Jaideep Anand & Louis Mulotte & Charlotte R. Ren, 2016. "Does experience imply learning?," Strategic Management Journal, Wiley Blackwell, vol. 37(7), pages 1395-1412, July.
    45. Levinthal, Daniel & March, James G., 1981. "A model of adaptive organizational search," Journal of Economic Behavior & Organization, Elsevier, vol. 2(4), pages 307-333, December.
    46. Guilhem Bascle, 2008. "Controlling for endogeneity with instrumental variables in strategic management research," Post-Print hal-00576795, HAL.
    47. John B. Kusewitt, 1985. "An exploratory study of strategic acquisition factors relating to performance," Strategic Management Journal, Wiley Blackwell, vol. 6(2), pages 151-169, April.
    48. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and the Sustainability of Competitive Advantage: Reply," Management Science, INFORMS, vol. 35(12), pages 1514-1514, December.
    49. Strobl, Andreas & Bauer, Florian & Degischer, Daniel, 2022. "Contextualizing deliberate learning from acquisitions: The role of organizational and target contexts," Journal of Business Research, Elsevier, vol. 139(C), pages 194-207.
    50. J.P. Eggers, 2012. "All experience is not created equal: learning, adapting, and focusing in product portfolio management," Strategic Management Journal, Wiley Blackwell, vol. 33(3), pages 315-335, March.
    51. Daniel Z. Levin, 2000. "Organizational Learning and the Transfer of Knowledge: An Investigation of Quality Improvement," Organization Science, INFORMS, vol. 11(6), pages 630-647, December.
    52. Dennis Epple & Linda Argote & Rukmini Devadas, 1991. "Organizational Learning Curves: A Method for Investigating Intra-Plant Transfer of Knowledge Acquired Through Learning by Doing," Organization Science, INFORMS, vol. 2(1), pages 58-70, February.
    53. Anja Trichterborn & Dodo Zu Knyphausen-Aufseß & Lars Schweizer, 2016. "How to improve acquisition performance: The role of a dedicated M&A function, M&A learning process, and M&A capability," Strategic Management Journal, Wiley Blackwell, vol. 37(4), pages 763-773, April.
    54. Carolyn D. Egelman & Dennis Epple & Linda Argote & Erica R. H. Fuchs, 2017. "Learning by Doing in Multiproduct Manufacturing: Variety, Customizations, and Overlapping Product Generations," Management Science, INFORMS, vol. 63(2), pages 405-423, February.
    55. Melissa E. Graebner, 2004. "Momentum and serendipity: how acquired leaders create value in the integration of technology firms," Strategic Management Journal, Wiley Blackwell, vol. 25(8‐9), pages 751-777, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Schriber, Svante & Degischer, Daniel, 2020. "Disentangling acquisition experience: A multilevel analysis and future research agenda," Scandinavian Journal of Management, Elsevier, vol. 36(2).
    2. Barwinski, Roman W. & King, David R. & Chaturvedi, Tuhin & Bauer, Florian, 2025. "When does acquisition experience recency matter?," Journal of Business Research, Elsevier, vol. 201(C).
    3. Strobl, Andreas & Bauer, Florian & Degischer, Daniel, 2022. "Contextualizing deliberate learning from acquisitions: The role of organizational and target contexts," Journal of Business Research, Elsevier, vol. 139(C), pages 194-207.
    4. Linda Argote & Sunkee Lee & Jisoo Park, 2021. "Organizational Learning Processes and Outcomes: Major Findings and Future Research Directions," Management Science, INFORMS, vol. 67(9), pages 5399-5429, September.
    5. Philipp Meyer‐Doyle & Sunkee Lee & Constance E. Helfat, 2019. "Disentangling the microfoundations of acquisition behavior and performance," Strategic Management Journal, Wiley Blackwell, vol. 40(11), pages 1733-1756, November.
    6. Seungho Choi & Gerry McNamara, 2018. "Repeating a familiar pattern in a new way: The effect of exploitation and exploration on knowledge leverage behaviors in technology acquisitions," Strategic Management Journal, Wiley Blackwell, vol. 39(2), pages 356-378, February.
    7. Mavroudi, Eva & Kesidou, Effie & Pandza, Krsto, 2020. "Shifting back and forth: How does the temporal cycling between exploratory and exploitative R&D influence firm performance?," Journal of Business Research, Elsevier, vol. 110(C), pages 386-396.
    8. Ilaria Galavotti, 2019. "Firm-level recent profitability and acquisition performance: exploring competing theoretical perspectives," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 9(3), pages 319-345, September.
    9. Popli, Manish & Ahsan, Faisal Mohammad, 2024. "Springboarding and activity load: Constraints on managerial attention and dependency on advisory firms in cross-border acquisitions," Journal of International Management, Elsevier, vol. 30(2).
    10. Maria Chiara Di Guardo & Kathryn Rudie Harrigan & Elona Marku, 2019. "M&A and diversification strategies: what effect on quality of inventive activity?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(3), pages 669-692, September.
    11. Schriber, Svante & Löwstedt, Jan, 2015. "Tangible resources and the development of organizational capabilities," Scandinavian Journal of Management, Elsevier, vol. 31(1), pages 54-68.
    12. Li, Zhengyu, 2016. "Essays on knowledge sourcing and technological capability : A knowledge structure perspective," Other publications TiSEM b8ff31fc-c57b-4bc3-b5a4-0, Tilburg University, School of Economics and Management.
    13. Ang, Siah Hwee & Benischke, Mirko H. & Hooi, Andrea Wai-Leng, 2018. "Frequency of international expansion through high control market expansion modes and interlocked directorships," Journal of World Business, Elsevier, vol. 53(4), pages 493-503.
    14. Tuhin Chaturvedi & John E. Prescott, 2022. "Resource Reconfiguration During Technological Change," Strategy Science, INFORMS, vol. 7(3), pages 240-265, September.
    15. Yuan, Chun & Xue, Doudou & He, Xin, 2021. "A balancing strategy for ambidextrous learning, dynamic capabilities, and business model design, the opposite moderating effects of environmental dynamism," Technovation, Elsevier, vol. 103(C).
    16. Thomas Keil & Yuval Deutsch & Tomi Laamanen & Markku Maula, 2023. "Temporal Dynamics in Acquisition Behavior: The Effects of Activity Load on Strategic Momentum," Journal of Management Studies, Wiley Blackwell, vol. 60(1), pages 38-81, January.
    17. Bhussar, Manjot S. & Zorn, Michelle L. & Adams, Garry L. & Silvera, Geoffrey A., 2025. "Tug of war? Exploring the role of acquirer and target CEO-level acquisition experience in deal completion," Journal of Business Research, Elsevier, vol. 186(C).
    18. Francesco Castellaneta & Maurizio Zollo, 2015. "The Dimensions of Experiential Learning in the Management of Activity Load," Organization Science, INFORMS, vol. 26(1), pages 140-157, February.
    19. Mehmet Ali Köseoglu & John A. Parnell & Melissa Yan Yee Yick, 2021. "Identifying influential studies and maturity level in intellectual structure of fields: evidence from strategic management," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(2), pages 1271-1309, February.
    20. Wang, Tao, 2023. "Toward an understanding of innovation failure: The timing of failure experience," Technovation, Elsevier, vol. 125(C).

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jbrese:v:202:y:2026:i:c:s0148296325005727. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jbusres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.