Neoinstitutional organization theory contains an important message for strategic management: A firm's existence and competitive advantage is strongly affected by its institutional environment. However, the strategic management literature disregards the role of the institutional environment when...

We examine the dependence of the performance effects of firms' network positions on the ages of the ties comprising them. Our analysis of Canadian investment banks' underwriting syndicate ties indicates that the performance benefits of closure increase with tie age, while benefits of bridging...