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Postacquisition turnover among U.S. top management teams: an analysis of the effects of foreign vs. domestic acquisitions of U.S. targets

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  • Jeffrey A. Krug
  • W. Harvey Hegarty

Abstract

An analysis of postacquisition top management turnover among 168 cross‐border and 102 purely domestic acquisitions, and a control group of 120 nonacquired U.S. firms, revealed that turnover rates in firms acquired by non‐U.S. acquirers were significantly higher than in firms acquired by other U.S. firms or the control group. Further, the timing of postacquisition turnover differed in the foreign vs. domestic acquisitions. Finally, the nationality of the foreign acquirer was found to be an important predictor of turnover in certain acquisition categories. Theoretical and practical implications are discussed. © 1997 by John Wiley & Sons, Ltd.

Suggested Citation

  • Jeffrey A. Krug & W. Harvey Hegarty, 1997. "Postacquisition turnover among U.S. top management teams: an analysis of the effects of foreign vs. domestic acquisitions of U.S. targets," Strategic Management Journal, Wiley Blackwell, vol. 18(8), pages 667-675, September.
    • Handle: RePEc:bla:stratm:v:18:y:1997:i:8:p:667-675
    DOI: 10.1002/(SICI)1097-0266(199709)18:83.0.CO;2-E
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    1. Sawssen Khlifi & Ghazi Zouari, 2021. "The Impact of CEO Overconfidence on Real Earnings Management: Evidence from M&A Transactions," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 20(3), pages 402-424, September.
    2. Stefano Elia & Lucia Piscitello & Sergio Mariotti, 2013. "Industrial Districts, Core Cities And Ownership Strategy Of Multinational Firms Investing In Italy," ERSA conference papers ersa13p27, European Regional Science Association.
    3. Dong, Yizhe & Li, Chang & Li, Haoyu, 2021. "Customer concentration and M&A performance," Journal of Corporate Finance, Elsevier, vol. 69(C).
    4. Krishnan, Hema A., 2009. "What causes turnover among women on top management teams?," Journal of Business Research, Elsevier, vol. 62(11), pages 1181-1186, November.
    5. Ahammad, Mohammad Faisal & Tarba, Shlomo Yedidia & Liu, Yipeng & Glaister, Keith W., 2016. "Knowledge transfer and cross-border acquisition performance: The impact of cultural distance and employee retention," International Business Review, Elsevier, vol. 25(1), pages 66-75.
    6. Krishnan, Hema A. & Park, Daewoo, 2005. "A few good women--on top management teams," Journal of Business Research, Elsevier, vol. 58(12), pages 1712-1720, December.
    7. Strobl, Andreas & Bauer, Florian & Matzler, Kurt, 2020. "The impact of industry-wide and target market environmental hostility on entrepreneurial leadership in mergers and acquisitions," Journal of World Business, Elsevier, vol. 55(2).
    8. Marco Testoni & Mariko Sakakibara & M. Keith Chen, 2022. "Face‐to‐face interactions and the returns to acquisitions: Evidence from smartphone geolocational data," Strategic Management Journal, Wiley Blackwell, vol. 43(13), pages 2669-2702, December.
    9. Timothy Kiessling & Michael Harvey & Miriam Moeller, 2009. "Small and medium-sized firms top management teams’ decision making in global acquisitions," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 21(1), pages 95-117.
    10. Brian Rutherford, 2003. "Obfuscation, Textual Complexity and the Role of Regulated Narrative Accounting Disclosure in Corporate Governance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 7(2), pages 187-210, June.
    11. Dalton, Dan R. & Daily, Catherine M., 1998. "Executive briefing/corporate governance digest," Business Horizons, Elsevier, vol. 41(2), pages 6-7.
    12. Ilya R. P. Cuypers & Charmi Patel & Gokhan Ertug & Jiatao Li & Youtha Cuypers, 2022. "Top management teams in international business research: A review and suggestions for future research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(3), pages 481-515, April.
    13. Li, Yong & Aguilera, Ruth V., 2008. "Target Director Turnover in Acquisitions: A Conceptual Framework," Working Papers 08-0106, University of Illinois at Urbana-Champaign, College of Business.
    14. McCarthy, Killian J. & Aalbers, Hendrik Leendert, 2016. "Technological acquisitions: The impact of geography on post-acquisition innovative performance," Research Policy, Elsevier, vol. 45(9), pages 1818-1832.
    15. Tobias Kretschmer & Christoph Dehne, 2020. "Organisationsstruktur und Führungsstil nach Akquisitionen – eine empirische Untersuchung [Organizational Structure and Leadership Style after Acquisitions – an Empirical Study]," Schmalenbach Journal of Business Research, Springer, vol. 72(4), pages 479-512, December.
    16. Yong Li & Ruth V. Aguilera, 2008. "Target Director Turnover in Acquisitions: A Conceptual Framework," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(6), pages 492-503, November.
    17. Jing Xiao & Åsa Lindholm Dahlstrand, 2023. "Skill-biased acquisitions? Human capital and employee mobility in small technology firms," Small Business Economics, Springer, vol. 60(3), pages 1219-1247, March.
    18. Xiao, Jing & Lindholm Dahlstrand, Åsa, 2021. "Skill-biased acquisitions? Human capital and target employee mobility in small technology firms," Papers in Innovation Studies 2021/12, Lund University, CIRCLE - Centre for Innovation Research.
    19. Chen, Shih-Fen S. & Hennart, Jean-Francois, 2004. "A hostage theory of joint ventures: why do Japanese investors choose partial over full acquisitions to enter the United States?," Journal of Business Research, Elsevier, vol. 57(10), pages 1126-1134, October.
    20. Cho, Hyejin & Ahn, He Soung, 2017. "Stock payment and the effects of institutional and cultural differences: A study of shareholder value creation in cross-border M&As," International Business Review, Elsevier, vol. 26(3), pages 461-475.
    21. Günter K. Stahl & Andreas Voigt, 2008. "Do Cultural Differences Matter in Mergers and Acquisitions? A Tentative Model and Examination," Organization Science, INFORMS, vol. 19(1), pages 160-176, February.
    22. Colombo, Massimo G. & Rabbiosi, Larissa, 2014. "Technological similarity, post-acquisition R&D reorganization, and innovation performance in horizontal acquisitions," Research Policy, Elsevier, vol. 43(6), pages 1039-1054.
    23. Carretta, Alessandro & Farina, Vincenzo & Schwizer, Paola, 2007. "M&A and post merger integration in banking industry: the missing link of corporate culture," MPRA Paper 8300, University Library of Munich, Germany.
    24. Victor Ming Tak Ng & Emily Guohua Huang & Michael N. Young, 2019. "Should I stay or should I go? understanding employees’ decisions to leave after mergers in Hong Kong’s banking industry," Asia Pacific Journal of Management, Springer, vol. 36(4), pages 1023-1051, December.

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