The Effect of M&As on High-Performer Turnover

Andreas R. Schmid, Heidi E. Bodenmann and Fabio Arena

Die Unternehmung - Swiss Journal of Business Research and Practice, 2023, vol. 77, issue 2, 202-222

Abstract: This study investigates the question whether high performers are less likely to quit a family firm in the post-merger phase than if they were in non-family firms. We use Mobley’s (1977) Model of Employee Turnover as a cognitive framework and job embeddedness literature to examine how the distinguishing characteristics of family firms affect the distinctive stages of the high-performer turnover process. Using data from the Swiss CRANET survey 2014, with a sample of 245 family- and non-family firms in Switzerland, we find that M&A shocks lead to higher high-performer turnover, and that family firms show a lower level of high-performer turnover after an M&A than non-family firms. Our findings indicate that specific family business characteristics may buffer the detrimental impact of M&As on high-performer turnover.

Date: 2023
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DOI: 10.5771/0042-059X-2023-2-202

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Die Unternehmung - Swiss Journal of Business Research and Practice is currently edited by Prof. Dr. Artur Baldauf, Universität Bern, Prof. Dr. Manfred Bruhn, Universität Basel, Prof. Dr. Pascal Gantenbein, Universität Basel (geschäftsführend), Prof. Dr. Markus Gmür, Universität Fribourg, Prof. Dr. Klaus Möller, Universität St. Gallen, Prof. Dr. Günter Müller-Stewens, Universität St. Gallen, Prof. Dr. Dr. h.c. Margit Osterloh, Universität Zürich, Prof. Dr. Dieter Pfaff, Universität Zürich and Prof. Dr. Martin Wallmeier, Universität Fribourg

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