The role of human capital in postacquisition CEO departure

• 成果类型: Article
• 署名作者: Buchholtz, AK; Ribbens, BA; Houle, IT
• 署名单位: University System of Georgia; University of Georgia; Western Illinois University; Clark University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/30040642
• 发表日期: 2003
• 页码: 506-514
• 关键词: top management turnover; corporate takeovers; ORGANIZATION; performance; mergers

摘要

In this study, we examined the postacquisition departure of target firms' CEOs and found support for the predictions of Becker's (1962) human capital theory. Firms and CEOs appear to weigh the costs of firm-specific CEO human capital investment against (1) the window of time available for returns from that investment and (2) the perceived value of those returns. CEO age and acquisition relatedness were both significantly related to the rate of CEO postacquisition departure.