ABSTRACT
Research has shown that a business relationship between two companies is connected to other business relationships (e.g., Håkansson and Snehota 1989, 1995; Johanson and Mattsson 1988). In this way, for example, customers' customers and suppliers' suppliers may have an impact on a business relationship (e.g., Gadde and Mattsson 1987). This, in turn, means that companies are connected, both directly and indirectly, to each other and form networks of business relationships (Anderson, Håkansson, and Johanson 1994). These networks are constantly changing as a result of the continuous interaction between the business parties. Sometimes they may even change in a more radical way, for example, through mergers and acquisitions (Halinen, Salmi, and Havila 1999). Mergers and acquisitions may influence not only the merging/acquiring companies themselves, such as their employees, but also directly and indirectly other connected companies, such as the companies' suppliers and customers (e.g., Anderson, Havila, and Salmi 2001). Thus, many parties may affect, or become affected, by a merger or acquisition, that is, have a stake in it. In stake we include both claims of interest and influence of different kinds (Mitchell, Agle, and Wood 1997).
