Endre søk
RefereraExporteraLink to record
Permanent link

Direct link
Referera
Referensformat
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annet format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annet språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf
The role of top managers in M&A: Reviewing thirty years of literature and setting directions for future research
KTH, Skolan för industriell teknik och management (ITM), Industriell ekonomi och organisation (Inst.), Entreprenörskap och Innovation.
KTH, Skolan för industriell teknik och management (ITM), Industriell ekonomi och organisation (Inst.), Entreprenörskap och Innovation.
Department of Management, Economics and Industrial Engineering, Politecnico di Milano.
(engelsk)Manuskript (preprint) (Annet vitenskapelig)
Abstract [en]

The present paper reviews the literature on the role of top management teams (TMT) in mergers and acquisitions (M&A). Given variety of theoretical lenses applied in this field - such as agency theory or upper echelon – and the plethora of on-going empirical studies in the last three decades, we believe this literature review has a crucial value for the existing strand of studies and future studies to come. In particular, it systematizes the extant knowledge by documenting the contradictory results of prior empirical studies, making argument on the sources of these contradictions, and pointing out future directions of research.

HSV kategori
Identifikatorer
URN: urn:nbn:se:kth:diva-176412OAI: oai:DiVA.org:kth-176412DiVA, id: diva2:866810
Merknad

QS 2015

Tilgjengelig fra: 2015-11-03 Laget: 2015-11-03 Sist oppdatert: 2015-11-12bibliografisk kontrollert
Inngår i avhandling
1. Predicting who stays or leaves after the acquisition:: Target’s top manager turnover
Åpne denne publikasjonen i ny fane eller vindu >>Predicting who stays or leaves after the acquisition:: Target’s top manager turnover
2015 (engelsk)Doktoravhandling, med artikler (Annet vitenskapelig)
Abstract [en]

In acquisition of high-tech and knowledge intensive firms, scholars have paid special attention to top managers’ status after the deal. Literature suggests that these managers in particular CEOs if kept in post-acquisition provide coordination capacity for the acquirer to transfer the knowledge and technology from the target to the acquirer while minimizing the disruptive effect of post-acquisition integration process. In addition, the acquirer benefits from human capital embedded in target’s managerial resources; especially in high-tech and knowledge intensive firms where top managers are founders or patent holders. Although the above mentioned argument have been validated by empirical studies showing that top manager’s turnover reduces the post-acquisition performance for the acquirers, multiple empirical studies have reported abnormal managerial turnover shortly after the acquisition. This thesis made an attempt to explain this puzzling phenomenon by investigating on the determinants of the top manager’s turnover of the target in the post-acquisition period. The study finds that in case of CEOs, acquirers do not rely always on coordinating capacity provided by them in post-acquisition. Indeed, the acquirer’s choice of provision of coordination is beyond the target’s CEO retention. The choice of coordination depends on the existing level of coordination capacities and the acquisition’s motivation. In addition, founder-CEOs are more likely to stay after the acquisition because of their valuable firm-specific human capital for the acquirer. However, this value diminishes by the maturity of the target. In addition, similarity in demographic characteristics of the two CEOs (of the acquirer and target) causes social attraction, collaboration and cooperation which ultimately increases the chance that the target’s CEO retention. Finally, diversity within the target’s top management team (TMT) directly increases their chance of departure after the deal. The diversity engenders social frictions, conflicts and coordination inefficiencies.

sted, utgiver, år, opplag, sider
Stockholm: KTH Royal Institute of Technology, 2015. s. 62
Serie
TRITA-IEO, ISSN 1100-7982 ; 2015:11
Emneord
Acquisition, CEO turnover, TMT turnover, coordination, Founder-CEO, Similarity attraction, Diversity
HSV kategori
Identifikatorer
urn:nbn:se:kth:diva-176417 (URN)978-91-7595-767-8 (ISBN)
Disputas
2015-12-14, Kollegiesalen, Brinellvägen 8, KTH, Stockholm, 10:00 (engelsk)
Opponent
Veileder
Merknad

The Doctoral Degrees issued upon completion of the programme are issued by KTH Royal Institute of Technology, Stockholm, Sweden, Politecnico de Milano, POLIMI, Milan, Italy and Universidad Politécnicade Madrid, UPM, Madrid, Spain respectively.

QC 20151112

Tilgjengelig fra: 2015-11-12 Laget: 2015-11-03 Sist oppdatert: 2015-11-12bibliografisk kontrollert

Open Access i DiVA

Fulltekst mangler i DiVA

Søk i DiVA

Av forfatter/redaktør
Aghasi, KeivanBrown, Terrence
Av organisasjonen

Søk utenfor DiVA

GoogleGoogle Scholar

urn-nbn

Altmetric

urn-nbn
Totalt: 958 treff
RefereraExporteraLink to record
Permanent link

Direct link
Referera
Referensformat
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annet format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annet språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf