Executive departure following acquisitions in Germany : an empirical analysis of its antecedents and consequences
- In this paper we analyze the relationship between executive departure in acquired companies and pre- as well as post-acquisition performance. Based on corporate control theory and human capital theory we derive hypotheses regarding this relationship and empirically test them using a sample of 44 German companies which were acquired between 1996 and 2004. The results of the study show that executive departure after an acquisition indeed constitutes a severe loss of human capital for a company, thus having a negative effect on post-acquisition performance. However, we could find no clear results to explain for a relationship between pre-acquisition success and executive departure.
| Document Type: | Working Paper |
|---|---|
| Language: | English |
| Author: | Torsten WulfORCiD, Stephan Stubner |
| Chairs and Professorships: | Chair of Strategic Management and Digital Entrepreneurship |
| Full text/ URN: | urn:nbn:de:0217-hhlap840 |
| Parent Title (English): | HHL-Arbeitspapier |
| ISSN: | 1864-4562 |
| Series (Serial Number): | HHL-Arbeitspapier / HHL Working paper (84) |
| Place of publication: | Leipzig |
| Publisher: | HHL Leipzig Graduate School of Management |
| Year of Completion: | 2008 |
| Page Number: | 22, I-XVII |
| Licence (German): |  Urheberrechtlich geschützt |