The Human Factor in Acquisitions: Cross-industry Labor Mobility and Corporate Diversification
成果类型：
Article
署名作者：
Tate, Geoffrey; Yang, Liu
署名单位：
University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhad056
发表日期：
2024
页码：
45
关键词：
internal capital-markets
CONGLOMERATE FIRMS
UNITED-STATES
relatedness
BOUNDARIES
mergers
COSTS
skill
performance
COMPETITION
摘要：
The benefits of internal labor markets are largest when they include industries that utilize similar worker skills, thereby facilitating cross-industry worker reallocation and collaboration. We show that diversifying acquisitions occur more frequently among industry pairs with higher human capital transferability. Such acquisitions result in larger labor productivity gains and are less often undone in subsequent divestitures. Moreover, acquirers retain more high-skill workers and more often transfer workers to jobs in other industries inside the merged firm. Overall, our results link human capital reallocation with the value created by corporate diversification and provide an explanation for seemingly unrelated acquisitions.Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online.