Top management turnover following mergers and acquisitions

James P. Walsh

474 citations0/0 files storedStrategic Management Journal

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Corporate Finance and Governance International Business and FDI Human Resource and Talent Management

Abstract

Abstract Little is known about the effects of a merger or an acquisition on an acquired company's management team. This research follows the employment status of target companies' top managers for 5 years from the date of acquisition. Results indicate that turnover rates in acquired top management teams are significantly higher than ‘normal’ turnover rates, and that visible, very senior executives are likely to turn over sooner than their less‐visible colleagues. Variations in top management turnover rates, however, are not accounted for by type of acquisition (i.e. related or unrelated).

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References

1984Research in Organizational Behavior 1983Agency Problems and Residual Claims 1983The market for corporate control 1983Concepts of Culture and Organizational Analysis 1974Strategy, structure, and economic performance 1965Mergers and the Market for Corporate Control 1975Strategy, structure, and economic performance 1966A Behavioral Theory of Labor Negotiations.

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