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Post-merger restructuring of the labor force
Gehrke, Britta
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Maug, Ernst
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Obernberger, Stefan
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Schneider, Christoph
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URL:
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http://ssrn.com/abstract_id=3838865
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Dokumenttyp:
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Arbeitspapier
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Erscheinungsjahr:
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2021
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Titel einer Zeitschrift oder einer Reihe:
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ECGI Working Paper Series in Finance
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Band/Volume:
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753/2021
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Ort der Veröffentlichung:
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Brussels
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Verlag:
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European Corporate Governance Institute (ECGI)
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Fakultät für Betriebswirtschaftslehre > ABWL u. Corporate Finance (Maug 2006-)
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Fachgebiet:
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330 Wirtschaft
650 Management
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Fachklassifikation:
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JEL:
G30 , G34 , J24 , J31 , M51,
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Freie Schlagwörter (Englisch):
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M&A , Restructuring , Employment , Internal Labor Markets
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Abstract:
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We study the restructuring of the labor force after mergers and acquisitions. Overall restructuring is large. Net employment of targets declines by more than half within two years after acquisitions relative to a matched sample, and is concentrated in targets that close all establishments. There is a substantial increase in employee turnover. We place our analysis within a framework in which acquirers seek growth options from targets and provide managerial capabilities to organize production more efficiently. Consistent with this framework, we show that growth and turnover are both higher for managers, and that firms become more hierarchical if they grow and if they become more diversified. Acquirers have a better-educated, better-paid, and more qualified workforce than targets, and they adapt the workforce by hiring new employees who are much younger and less expensive. Mergers create internal labor markets, which are more active if firms have more managerial capacities. However, most hiring is external, especially for managers.
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 | Dieser Eintrag ist Teil der Universitätsbibliographie. |
 Suche Autoren in
BASE:
Gehrke, Britta
;
Maug, Ernst
;
Obernberger, Stefan
;
Schneider, Christoph
Google Scholar:
Gehrke, Britta
;
Maug, Ernst
;
Obernberger, Stefan
;
Schneider, Christoph
ORCID:
Gehrke, Britta, Maug, Ernst  ORCID: https://orcid.org/0000-0002-2866-6926, Obernberger, Stefan and Schneider, Christoph
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