구조적 통제와 조직 밀도가 가격 경쟁력에 미치는 영향 = 미국투자은행들의 사례

다국어 초록 (Multilingual Abstract)

This paper analyzes how U.S. investment banks employ structural control of transaction network of taking structurally dominant positions, and the network embedding strategy of fortifying weak ties with important other banks in order to suppress opportunistic behaviors of partner banks in syndicates for common stock offerings, and obtain social capital items of information, visibility and social recognition. On the other hand, since the banks are in competition with other banks when organizational density among the banks is high, the density should affect the price of service. An analysis of offering data for the years 1985 and 1986 shows that structural dominance and network embedding both lower spread level. It is also revealed that freedom from organizational density-based competition raises the spread level. The article discusses implication of the findings on social network theory and organizational ecology.