Edward Zajac
Edward Zajac

James F. Bere Professor of Management & Organizations

Print Overview

Ed Zajac joined the faculty of the Kellogg School of Management after completing his Ph.D. in organization and strategy at the Wharton School, University of Pennsylvania.  At Kellogg, he received the James F. Bere Chair and the Sidney J. Levy Teaching Award.  He was a Fulbright Scholar at the University of Cologne and a visiting scholar at Erasmus University in Rotterdam, the Free University of Berlin, Hong Kong University of Science and Technology, the National University of Singapore, and the University of Zurich.  He is an elected Fellow of both the Academy of Management and the Strategic Management Society. 

Professor Zajac's research, teaching, and consulting focuses on strategy, alliances, and corporate governance.  His award-winning research has been published widely in major academic journals, such as the Strategic Management Journal, Administrative Science Quarterly, Organization Science, Academy of Management Journal, American Sociological Review, and the Proceedings of the National Academy of Arts and Sciences.  He has repeatedly been recognized in the Institute of Scientific Information's yearly list of "most highly cited researchers" worldwide (representing less than one-half of one percent of all published researchers), and his published work has garnered over 18000 citations over his Kellogg career. He received the Distinguished Scholar Award from the Organization and Management Theory Division of the Academy of Management, the Outstanding Scholar Award from the Western Academy of Management, and was also awarded an honorary doctorate from the Free University of Berlin. He also served for many years as Co-Editor of the Strategic Management Journal.

Professor Zajac has developed several popular courses at Kellogg in his areas of expertise: Creating and Managing Strategic Alliances addresses the design and management of strategic alliances such as joint ventures, licensing agreements, consortia, and other structures for cooperation. Advanced Strategic Management examines how organizations can more effectively adapt to changing environments (with an emphasis on integrating strategy formulation and implementation challenges). Organizational Design examines the contribution that structure and systems can make in the implementation of an organization's strategy. Corporate Governance analyzes the interdependent roles of the CEO, board of directors, shareholders and other stakeholders in the modern public corporation, both in the U.S. and abroad.

Professor Zajac is also active in executive education and consulting in North America, Europe, Asia, and Latin America in the areas of strategy formulation and implementation, strategic alliances, and corporate governance.  He has worked with organizations such as Abbott, AstraZeneca, Baxter, Blue Cross/Blue Shield (the Association, HCSC, and the Michigan, Minnesota, Illinois, North Carolina, and North Dakota plans), Brady, Bristol-Meyers Squibb, Brunswick, Cargill, Caterpillar, Cigna, Commonwealth Edison, ConocoPhillips, Cooper Tire & Rubber, Copersucar, R.R. Donnelly, Edwards Lifesciences,  the FBI, FTI Ringtail, General Mills, W.W. Grainger, Harnischfeger, Hearst, Healthways, Hollister, Hu-Friedy, IBM, Idealease, the Institute for Corporate Directors (Canada), Johnson & Johnson, Land O'Lakes, Libbey, Eli Lilly, MARKEM, Merck, Monsanto, Novo Nordisk, Pfizer, Premier, Procter & Gamble, Public Service Company of New Mexico, O'Melveny & Myers, Rockwell Automation, Rockwell Collins, Sanofi-Aventis, Savoy Brands Internacional, Schering-Plough, Siemens, Topco, Toyota, Zurich Insurance, several governmental agencies, and numerous professional associations (particularly in health care).  He is currently a board member at Scot Forge (an ESOP company), and he formerly served as board chair at Pioneer Surgical Technology, and as a board member at PeopleFlo Manufacturing, Roberts Industries and The Wetlands Initiative.

Areas of Expertise
Competitive Analysis
Corporate Governance
Organizational Structure and Relationships
Strategic Management and Implementation

Print Vita
PhD, Organization and Strategy, University of Pennsylvania

Academic Positions
Professor, Management & Organizations, Kellogg School of Management, Northwestern University, 1995-present
James F. Bere Distinguished Professor of Management and Organizations, Kellogg School of Management, Northwestern University, 1993-present
Professor, Sociology (by Courtesy), Weinberg College of Arts of Sciences, Northwestern University, 1995-present
Professor, Health Enterprise Management, Kellogg School of Management, Northwestern University, 1995-present
Associate Professor, Kellogg School of Management, Northwestern University, 1991-1995
Assistant Professor, Kellogg School of Management, Northwestern University, 1986-1991

Honors and Awards
Best Published Paper Award, Oxford University Center for Corporate Reputation, 2014
Outstanding Scholar Award, Western Academy of Management, 2015
Distinguished Scholar Award, Organization and Management Division of the Academy of Management, 2013
Honorary Doctorate from the School of Business and Economics, Free University of Berlin, 2012
Recognized as one of the "most highly cited researchers" worldwide in the Institute of Scientific Information's yearly list of highly cited researchers, Institute of Scientific Information, 2012

Editorial Positions
Consulting Editor, Strategic Management Journal, 2013-Present
Co-Editor, Strategic Management Journal, 2007-2013
Editorial Board, Asia Pacific Journal of Management, 2015-2016

Print Research
Research Interests

Strategic management issues, particularly the integration of economic and behavioral perspectives on:  (1) strategic alliances, (2) corporate governance, and (3) organizational adaptation to environmental change.

Lungeanu, Razvan and Edward Zajac. Forthcoming. Venture Capital Ownership as a Contingent Resource: How Owner/Firm Fit Influences IPO Outcomes. Academy of Management Journal.
Piao, Ming and Edward Zajac. Forthcoming. How Expoitation Impedes and Impels Exploration: Theory and Evidence. Strategic Management Journal.
Levine, Sheen, Evan Apfelbaum, Mark Bernard, Valerie Bartelt, Edward Zajac and David Stark. 2014. Ethnic Diversity Deflates Price Bubbles. Proceedings of the National Academy of Sciences. 111: 18524-18529.
Lungeanu, Razvan, Ithai Stern and Edward Zajac. Forthcoming. When Do High-Technology Firms Change Strategic Vehicles? The Role of Poor Performance and Financial Slack. Strategic Management Journal.
Albers, Sascha, Franz Wohlgezogen and Edward Zajac. 2016. Strategic Alliance Structures: An Organization Design Perspective. Journal of Management. 42: 582-614.
Zajac, Edward, I. Naumovska, H.W. Volderba and F.A.J. Van den Bosch. 2015. Power and Paradigms: The Dutch Response to Pressures for Shareholder Value. Corporate Governance: An International Review. 23: 60-75.
Bermiss, Sekou Y, Edward Zajac and Brayden King. 2014. Under Construction: How Commensuration, Sensegiving, and Management Fashions Impact Corporate Reputation Rankings. Organization Science. 25: 591-608.
Stern, Ithai, Janet Dukerich and Edward Zajac. 2014. Unmixed Signals: How Reputation and Status Affect Alliance Formation. Strategic Management Journal. 35: 512-531.
Karaevli, Ayse and Edward Zajac. 2013. When Do Outsider CEOs Generate Change: The Enabling Logic of Corporate Stability. Journal of Managerial Studies. 50: 1267-1294.
Westphal, James D. and Edward Zajac. 2013. A Behavioral Theory of Corporate Governance: Explicating the Mechanisms of Socially Situated and Socially Constituted Agency. Academy of Management Annals. 7: 605-659.
Mahmood, I., H Kim and Edward Zajac. 2011. Where Can Capabilities Come From: Network Ties and Capability Acquisition in Business Groups. Strategic Management Journal. 32: 820-848.
Ansari, Shazad, Peer C. Fiss and Edward Zajac. 2010. Made to Fit: How Practices Vary as They Diffuse. Academy of Management Review. 35: 67-92.
Li, Jing, Changhui Zhou and Edward Zajac. 2009. Control, Collaboration, and Productivity in International Joint Ventures: Theory and Evidence. Strategic Management Journal. 30: 865-884.
Hambrick, Donald, Axelvon Werder and Edward Zajac. 2008. New Directions in Corporate Governance Research. Organization Science. 19(1-5)
Wang, Lihua and Edward Zajac. 2007. Acquisition or Alliance? A Dyadic Perspective on Interfirm Resource Combinations.. Strategic Management Journal. 28(13): 1291 - 1317.
Fiss, Peer C. and Edward Zajac. 2006. The Symbolic Management of Strategic Change: Sensegiving via Framing and Decoupling. Academy of Management Journal. 49(6): 1173-1193.
Washington, Marvin and Edward Zajac. 2005. Status Evolution and Competition: Theory and Evidence. Academy of Management Journal. 48(2): 282-296.
Fiss, Peer C. and Edward Zajac. 2004. The Diffusion of Ideas over Contested Terrain: The (Non)Adoption of a Shareholder Value Orientation in German Firms. Administrative Science Quarterly. 49(4): 501-534.
Zajac, Edward and James D. Westphal. 2004. The Social Construction of Market Value: Institutionalization and Learning Perspectives on Stock Market Reactions. American Sociological Review. 69(3): 433-457.
Jensen, Michael and Edward Zajac. 2004. Corporate Elites and Corporate Strategy: How Demographic Preferences and Structural Position Shape the Scope of the Firm.. Strategic Management Journal. 25(6): 507-524.
Yin, Xiaoli and Edward Zajac. 2004. The Strategy/Governance Structure Fit Relationship: Theory and Evidence in Franchising Arrangements.. Strategic Management Journal. 25(4): 365-383.
Westphal, James D. and Edward Zajac. 2001. Explaining Institutional Decoupling: The Case of Stock Repurchase Programs. Administrative Science Quarterly. 46(2): 202-255.
Kraatz, Matthew S. and Edward Zajac. 2001. How Resources Affect Strategic Change and Performance in Turbulent Environments: Theory and Evidence. Organization Science. 12(5): 632-657.
Golden, Brian R. and Edward Zajac. 2001. When Will Boards Influence Strategy? Inclination X Power = Strategic Change. Strategic Management Journal. 22(12): 1087-1111.
Zajac, Edward, Matthew S. Kraatz and Rudi K.F. Bresser. 2000. Modelling the Dynamics of Strategic Fit: A Normative Approach to Strategic Change. Strategic Management Journal. 21(4): 429-453.
Westphal, James D. and Edward Zajac. 1998. Symbolic Management of Stockholders: Corporate Governance Reforms and Shareholder Reactions. Administrative Science Quarterly. 43(1): 127-153.
Westphal, James D. and Edward Zajac. 1997. Defections from the Inner Circle: Social Exchange, Reciprocity, and the Diffusion of Board Independence in U.S. Corporations. Administrative Science Quarterly. 42(1): 161-183.
Westphal, James D. and Edward Zajac. 1996. Director Reputation, CEO/Board Power, and the Dynamics of Board Interlocks. Administrative Science Quarterly. 41(3): 507-529.
Kraatz, Matthew S. and Edward Zajac. 1996. Exploring the Limits of the New Institutionalism: The Causes and Consequences of Illegitimate Organizational Change. American Sociological Review. 61(5): 812-836.
Zajac, Edward and James D. Westphal. 1996. Who Shall Succeed? How CEO/Board Preferences and Power Affect the Choice of New CEOs. Academy of Management Journal. 39(1): 64-90.
Beatty, Randolph P and Edward Zajac. 1995. Managerial Incentives, Monitoring, and Risk Bearing in Initial Public Offerings. Journal of Applied Corporate Finance. 8(2): 87-96.
Zajac, Edward and James D. Westphal. 1995. Accounting for the Explanations of CEO Compensation: Substance and Symbolism. Administrative Science Quarterly. 40(2): 283-308.
Westphal, James D. and Edward Zajac. 1995. Who Shall Govern? CEO/Board Power, Demographic Similarity, and New Director Selection. Administrative Science Quarterly. 40(1): 60-83.
Zajac, Edward. 1994. Top Management Incentives, Monitoring, and Risk-Bearing: A Study of Executive Compensation, Ownership, and Board Structure in Initial Public Offerings. Administrative Science Quarterly. 39: 313-336.
Zajac, Edward and James D. Westphal. 1994. The Costs and Benefits of Managerial Incentives and Monitoring in Large U.S. Corporations: When is More not Better?. Strategic Management Journal. 15(Special Issue: Competitive Organizational Behavior): 121-142.
Westphal, James D. and Edward Zajac. 1994. Substance and Symbolism in CEOs' Long-Term Incentive Plans. Administrative Science Quarterly. 39(3): 367-390.
Barney, J.B. and Edward Zajac. 1994. Competitive Organizational Behavior: Toward an Organizationally-Based Theory of Competitive Advantage. Strategic Management Journal. 15: 5-9.
Zajac, Edward and Matthew S. Kraatz. 1993. A Diametric Forces Model of Strategic Change: Assessing the Antecedents and Consequences of Restructuring in the Higher Education Industry. Strategic Management Journal. 14(Special Issue: Corporate Restructuring): 83-102.
Zajac, Edward and Cyrus P. Olsen. 1993. From Transaction Costs to Transactional Value Analysis: Implications for the Study of Interorganizational Strategies. Journal of Management Studies. 30(1): 131-145.
Bazerman, Max H, Margaret A. Neale, Kathleen L. Valley, Edward Zajac and YongMin Kim. 1992. The Effects of Agents and Mediators on Negotiation Outcomes. Organizational Behavior and Human Decision Processes. 53(1): 55-73.
Zajac, Edward. 1992. Relating Economic and Behavioral Perspectives in Strategy Research. Advances in Strategic Management. 8
Astley, Graham W and Edward Zajac. 1991. Intraorganizational Power and Organizational Design: Reconciling Rational and Coalitional Models of Organization. Organization Science. 2(4): 399-411.
Zajac, Edward, Brian R. Golden and Stephen M. Shortell. 1991. New Organizational Forms for Enhancing Innovation: The Case of Internal Corporate Joint Ventures. Management Science. 37(2): 170-184.
Zajac, Edward and Max H Bazerman. 1991. Blind Spots in Industry and Competitor Analysis: The Implications of Interfirm (Mis)perceptions for Strategic Decisions. Academy of Management Review. 16(1): 37-56.
S.M., Shortell and Edward Zajac. 1990. Health Care Organizations and the Development of Strategic Management Perspective. Innovations in Health Care Delivery: New Insights into Organization Theory.: 141-180.
Zajac, Edward. 1990. CEO Selection, Succession, Compensation, and Firm Performance: A Theoretical Integration and Empirical Analysis. Strategic Management Journal. 11(3): 217-230.
Shortell, Stephen M. and Edward Zajac. 1990. Perceptual and Archival Measures of Miles and Snow's Strategic Types: A Comprehensive Assessment of Reliability and Validity. Academy of Management Journal. 33(4): 817-832.
Astley, Graham W and Edward Zajac. 1990. Beyond Dyadic Exchange: Functional Interdependence and Subunit Power. Organization Studies. 11(4): 481-501.
Zajac, Edward and Stephen M. Shortell. 1989. Changing Generic Strategies: Likelihood, Direction, and Performance Implications. Strategic Management Journal. 10(5): 413-430.
Zajac, Edward. 1988. Interlocking Directorates as an Interorganizational Strategy: A Test of Critical Assumptions. Academy of Management Journal. 31(2): 428-438.
Shortell, Stephen M. and Edward Zajac. 1988. Internal Corporate Joint Ventures: Development Processes and Performance Outcomes. Strategic Management Journal. 9(6): 527-542.
Fombrun, Charles J. and Edward Zajac. 1987. Structural and Perceptual Influences on Intraindustry Stratification. Academy of Management Journal. 30(1): 33-50.
Beatty, Randolph P and Edward Zajac. 1987. CEO Change and Firm Performance in Large Corporations: Succession Effects and Manager Effects. Strategic Management Journal. 8(4): 305-317.
Kimberly, J. R. and Edward Zajac. 1985. Strategic Adaption in Health Care Organizations: Implications for Theory and Research. Medical Care Review. 42: 267-302.
Working Papers
Naumovska, I. and Edward Zajac. 2016. The Curious Case of Chinese Reverse Mergers: A Case of Stock Market Prejudice?.
Naumovska, I., Edward Zajac and P. Lee. 2016. From Sizzle to Fizzle: The Unusual Diffusion of Quasi-Institutionalized Practices.
Thomas, A., T. Mellewigt and Edward Zajac. 2016. My Once and Future Partner - or Acquiree? Unpacking the Impact of Partner-Specific Alliance Experience.
Perkins, Susan E. and Edward Zajac. 2016. Signal or Symbol? Interpreting Firms Strategic Response to Institutional Change in the Brazilian Stock Market.
Pozner, Jo-Ellen, I. Naumovska and Edward Zajac. 2016. Explaining Firm Performance: The Symbolic Management of Quarterly Earnings Announcements.
Giorgi, Simona, Edward Zajac and Massimo Maoret. 2016. Braking the Law: How The U.S. Auto Industry Symbolically Managed Product Safety.
Mauskapf, Michael, William Ocasio and Edward Zajac. 2016. Institutional Dissonance at the New York Philharmonic, 1842-1928: Emergence, Response, and Persistence.
Yin, Xiaoli, Edward Zajac and Razvan Lungeanu. 2015. The Role of Governance Structure in Strategic Change: The Case of Franchising.
Morris, Mary-Hunter, Franz Wohlgezogen and Edward Zajac. 2015. The Symbolic Management of Bankruptcy: A Mechanisms-Based Approach.
Book Chapters
Zajac, Edward, Thomas A D'Aunno and Lawton R Burns. 2011. "Managing Strategic Alliances." In Shortell and Kaluzny's Health Care Management: Organization, Design and Behavior, edited by L.R. Burns, E.H. Bradley, and B.J. Weiner, 321-346. Clifton Park, NY: Delmar.
Zajac, Edward and James D. Westphal. 2002. "Intraorganizational Economics." In The Blackwell Companion to Organizations, edited by Joel A.C. Baum, 233-255. Malden, MA: Blackwell Publishing.
Gulati, Ranjay and Edward Zajac. 2000. "Reflections on the Study of Strategic Alliances." In Cooperative Strategy: Economic, Business, and Organizational Issues, edited by David Faulkner, Marc de Rond, 365-374. New York, NY: Oxford University Press.
Zajac, Edward and James D. Westphal. 1998. "Toward a Behavioral Theory of the CEO/Board Relationship: How Research Can Enhance Our Understanding of Corporate Governance Practices." In Navigating change: How CEOs, Top Teams, and Boards Steer Transformation, edited by Donald C. Hambrick, David A. Nadler, Michael L. Tushman, 256-277. Harvard Business School Press.
Zajac, Edward and James D. Westphal. 1996. "Managerial Incentives in Organizations: Economic, Political, and Symbolic Perspectives." In Organizational Decision Making, edited by Z. Shapira, 133-157.
Zajac, Edward and John R. Kimberly. 1988. "The Dynamics of CEO/Board Relationships." In The Executive Effect: Concepts and Methods for Studying Top Managers, edited by D. Hambrick, 179-204. Greenwich, CT: JAI Press.
Loffler, Alicia, Markus Solf and Edward Zajac. 2004. Bayer & Millennium Pharmaceuticals. Case 5-104-014 (KEL068).

Print Teaching
Teaching Interests

Strategic alliances, corporate governance, strategy formulation, strategy implementation.

Organizations In Their Environments (MORS-425-2)
Analysis of organizations in their environments, focusing on cross-cultural and cross-institutional research, the ecology, the way internal characteristics condition external relations, and the way environments influence internal processes.

Special Topics in Management and Organizations (MORS-530-0)
Special Topics

Full-Time / Part-Time MBA
Creating and Managing Strategic Alliances (MORS-454-5)
This course was formerly known as MORS 454-A/MORS 454-B
Amid global competition, increased technological change and intense resource constraints, more firms are working cooperatively with other organizations their strategic objectives. But such alliances are often difficult to achieve. This course examines the theory and practice of creating and managing different types of strategic alliances such as joint ventures, licensing agreements, buyer-supplier partnerships and consortia. It will help students understand the costs and benefits of strategic alliances (and why such alliances may be preferred over other strategies such as internal development or mergers and acquisitions). In addition, the course covers how to design alliances, and how to avoid the many potential problems and complications in managing these relationships. It also provides a framework for managing multiple alliances at once.

Executive MBA
Creating & Managing Strategic Alliances (MORSX-454-0)
Creating and Managing Strategic Alliances examines the theory and practice of strategic alliances such as joint ventures, licensing agreements, buyer-supplier partnerships and consortia.

Corporate Governance (MORSX-913-A)
formerly MGMTX-913-A

Executive Education

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Advanced Management Program: The Global Experience

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Constructive Collaboration: Driving Performance in Teams, Organizations, and Partnerships
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Corporate Governance: Effectiveness and Accountability in the Boardroom

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Creating and Managing Strategic Alliances
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Merger Week: Creating Value Through Strategic Acquisitions and Alliances
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