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Why Diverse Top Management Teams Break up in Post-acquisition Periods
KTH, Skolan för industriell teknik och management (ITM), Industriell ekonomi och organisation (Inst.), Nationalekonomi. Politecnico di Milano.
KTH, Skolan för industriell teknik och management (ITM), Industriell ekonomi och organisation (Inst.), Nationalekonomi.
KTH, Skolan för industriell teknik och management (ITM), Industriell ekonomi och organisation (Inst.), Nationalekonomi.ORCID-id: 0000-0003-0820-2769
2015 (engelsk)Konferansepaper, Oral presentation with published abstract (Annet vitenskapelig)
Abstract [en]

This paper proposes a complementary explanation behind the turnover of target’s top managers in post-acquisition periods. Although human capital and acquisition implementation literature describe managerial retention as desirable, empirical studies have reported significant managerial turnover in acquisition of high-tech and knowledge intensive firms. Borrowing some insights from the team diversity literature, the paper examines the ex-ante diversity among top managers of knowledge-intensive and high-tech firms as an antecedent of their turnover in post-acquisition. We argue that diversity reduces the coordination efficiency necessary to transfer knowledge and facilitate post-acquisition organizational integration, and managers belonging to such teams are more likely to be replaced. Empirical analysis drawing on 2164 top managers in 297 Swedish firms shows that managerial position diversity as a separation, pay disparity and industrial tenure diversity as a variety indeed are associated with managerial exit in three years after the acquisition.

sted, utgiver, år, opplag, sider
2015.
HSV kategori
Identifikatorer
URN: urn:nbn:se:kth:diva-238615OAI: oai:DiVA.org:kth-238615DiVA, id: diva2:1260911
Konferanse
DRUID, July 2015, Rome
Merknad

QC 20181106

Tilgjengelig fra: 2018-11-05 Laget: 2018-11-05 Sist oppdatert: 2018-11-06bibliografisk kontrollert
Inngår i avhandling
1. In Search for Greener Grass: Employee Mobility, Self-employment and Career Choices in the Wake of Consolidation
Åpne denne publikasjonen i ny fane eller vindu >>In Search for Greener Grass: Employee Mobility, Self-employment and Career Choices in the Wake of Consolidation
2018 (engelsk)Doktoravhandling, med artikler (Annet vitenskapelig)
Abstract [en]

In this environment of increasingly knowledge intensive economy, individuals with their embedded skills and knowledge are the main source of value for an organization. Both employers andemployees have strong reasons to consider the causes and consequences of job mobility. Suchconsiderations are accentuated in the context of an organizational change such as that broughtabout during mergers and acquisitions (M&As). This argumentation determines the startingpoint for the thesis. This dissertation explores employee mobility, the formed alliances and theirlabor market evaluation post M&As and firm closure.

The first paper investigates the increased employee mobility and the generated spin-outs postM&As. By distinguishing the pushed from the pulled forces, the results suggest that employeesare indeed pushed into self-employment after an M&A. Yet this force only partially explains themobility of employees and the generation of opportunities in association with M&As insinuatesthe presence of a pulled force. One of the contributions of this paper is the conceptualization ofthe push force through quantitative measures.

The second paper originates from the same argument as the previous paper. Employees arenot only the carrier of knowledge but they also determine the culture and the more informalvalues of the firms.It is argued that the detention of top-managers post-M&As facilitates theintegration and is critical for the transition of knowledge. Despite the provided evidences, thereis still a surprisingly high top manager turnover post-M&A. in this paper we argue that oneof the underlying motives for this turn-over is the structure of the top-management team pre-M&As. Our empirical analyses provides support for our hypotheses suggesting that a higherlevel of diversity in top-management teams pre-M&As increases the propensity of top-managerturn-over post-M&As.

In paper three, the teams are put in focus. As the composition of the founding team innew ventures determines the venture’s future performance and potential growth, it is relevant toexamine the factors shaping the structure of these teams. This paper empirically examines thedifference in the intensity of diversity in founders teams when formed under pushed and pulledcircumstances. The outcomes suggest that these teams are in general dominated by homogeneity.However, under pushed circumstances (lay-off post firm shutdowns), the heterogeneity increases.These results indicate that the general tendency to homogeneity of founding teams is related tothe restriction imposed by the individuals network rather than the result of their preferences forhomogeneous teams.

Finally the last paper studies the labor market evaluation of the studied employee mobil-ity and self-employment. Matching methods and treatment effects are applied to compare thefuture wages of employees with a temporary detour in self-employment after dismissal. As self-employment is in general a temporary employment and the experience is of short spell, it is im-portant to examine the outcome of such practice. In this paper we reveal a small wage premiumfor individuals with a detour into self-employment compared to those who stay in conventionalemployment.

The empirical work of the thesis is built on quantitative analyses and econometric regressionsapplied on extensive databases from Statistics Sweden.

sted, utgiver, år, opplag, sider
Stockholm: KTH Royal Institute of Technology, 2018
Serie
TRITA-ITM-AVL ; 2018:55
Emneord
Mergers and acquisitions; Employee mobility; Entrepreneurship; Self-employment; Teams; Managers; Homophily; Labor market
HSV kategori
Forskningsprogram
Nationalekonomi; Industriell ekonomi och organisation
Identifikatorer
urn:nbn:se:kth:diva-238637 (URN)978-91-7873-040-7 (ISBN)
Disputas
2018-11-30, Salongen, Osquars backe 31, KTHB, våningsplan2, KTH, Stockholm, 10:00 (engelsk)
Opponent
Veileder
Tilgjengelig fra: 2018-11-06 Laget: 2018-11-06 Sist oppdatert: 2018-11-06bibliografisk kontrollert

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