Effects of M&A Type on Top Management Turnover: Moderating Role of Industry Similarity & Target Experience

Yiran Zhao and Jianfeng Cai

International Review of Economics & Finance, 2024, vol. 93, issue PB, 1130-1144

Abstract: Based on samples of domestic and inbound merger and acquisitions (M&A) in the United States from 2010 to 2020, this study explores whether different M&A types have differing effects on the turnover rates of CEOs and non-CEO top management teams (TMT) in target firms. The study contributes to the antecedent theory of top management turnover. The results showed that, compared with domestic M&As, cross-border M&As reduced the turnover rate of CEOs and non-CEO teams. Furthermore, in technology-intensive cross-border M&As, industry similarity had an obvious negative moderating effect on decreasing CEO turnover rates, and the M&A experience of the target firms had a positive moderating effect on reducing the overall turnover rate in the target TMT.

Keywords: Cross-border mergers and acquisitions; Domestic mergers and acquisitions; TMT turnover; CEO turnover; Industry similarity; Target M&A experience (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:93:y:2024:i:pb:p:1130-1144

DOI: 10.1016/j.iref.2024.05.035

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