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Towards a Post-Structural View of Competition: Three Cases of Horizontal Merger

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  • Michael H. Lubatkin
  • William S. Schulze
  • Avinash Mainkar
  • Ronald W. Cotterill

Abstract

We examine the question of adaptive firm conduct using longitudinal product-level data from three large horizontal mergers in the food manufacturing industry. Our model is grounded in a ?poststructural? view of competition that we deduce from recent writings from the fields of strategy, organizational ecology, and industrial organization. Consistent with this model, we find that the influence of horizontal merger on product performance (i.e., rent) varies with the product niche, time, the specific firms that merged, and dominance of the product, and its market scope.

Suggested Citation

  • Michael H. Lubatkin & William S. Schulze & Avinash Mainkar & Ronald W. Cotterill, 1998. "Towards a Post-Structural View of Competition: Three Cases of Horizontal Merger," Food Marketing Policy Center Research Reports 038, University of Connecticut, Department of Agricultural and Resource Economics, Charles J. Zwick Center for Food and Resource Policy.
  • Handle: RePEc:zwi:fpcrep:038
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    File URL: http://fmpc.uconn.edu/publications/rr/rr38.pdf
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    References listed on IDEAS

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    1. Connor, John M & Peterson, Everett B, 1992. "Market-Structure Determinants of National Brand-Private Label Price Differences of Manufactured Food Products," Journal of Industrial Economics, Wiley Blackwell, vol. 40(2), pages 157-171, June.
    2. Maloney, Michael T & McCormick, Robert E, 1983. "A Theory of Cost and Intermittent Production," The Journal of Business, University of Chicago Press, vol. 56(2), pages 139-153, April.
    3. Schmalensee, Richard, 1985. "Do Markets Differ Much?," American Economic Review, American Economic Association, vol. 75(3), pages 341-351, June.
    4. Ronald W. Cotterill & Lawrence E. Haller, 1997. "An Econometric Analysis of the Demand for RTE Cereal: Product Market Definition and Unilateral Market Power Effects," Food Marketing Policy Center Research Reports 035, University of Connecticut, Department of Agricultural and Resource Economics, Charles J. Zwick Center for Food and Resource Policy.
    5. Levy, David T & Reitzes, James D, 1992. "Anticompetitive Effects of Mergers in Markets with Localized Competition," Journal of Law, Economics, and Organization, Oxford University Press, vol. 8(2), pages 427-440, April.
    6. Lawrence E. Haller & Ronald W. Cotterill, 1996. "Evaluating Traditional Share-Price and Residual Demand Measures of Market Power in the Catsup Industry," Food Marketing Policy Center Research Reports 031, University of Connecticut, Department of Agricultural and Resource Economics, Charles J. Zwick Center for Food and Resource Policy.
    7. Cotterill, Ronald W, 1986. "Market Power in the Retail Food Industry: Evidence from Vermont," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 379-386, August.
    8. Eckbo, B Espen, 1985. "Mergers and the Market Concentration Doctrine: Evidence from the Capital Market," The Journal of Business, University of Chicago Press, vol. 58(3), pages 325-349, July.
    9. Milgrom, Paul & Roberts, John, 1990. "The Economics of Modern Manufacturing: Technology, Strategy, and Organization," American Economic Review, American Economic Association, vol. 80(3), pages 511-528, June.
    10. Ravenscraft, David J, 1983. "Structure-Profit Relationships at the Line of Business and Industry Level," The Review of Economics and Statistics, MIT Press, vol. 65(1), pages 22-31, February.
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    Keywords

    Industrial Organization;

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