Management Practices and Mergers and Acquisitions

• 成果类型: Article
• 署名作者: Bai, John (Jianqiu); Jin, Wang; Serfling, Matthew
• 署名单位: Northeastern University; Massachusetts Institute of Technology (MIT); University of Tennessee System; University of Tennessee Knoxville
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2020.3946
• 发表日期: 2022
• 页码: 2141-2165
• 关键词: Mergers and acquisitions; Management practices; synergies; VALUE CREATION

摘要

Using a novel data set of establishment-level management practices from the U.S. Census Bureau, we show that firms with more specific, formal, frequent, or explicit (i.e., structured) management practices tend to acquire establishments with less structured management practices and, following the acquisition, adopt more structured practices at the target establishments. These changes are larger when acquirers have a greater incentive and ability to make changes and are also associated with improvements in establishment performance. Overall, our findings suggest that the adoption of more structured management practices constitutes an important source of value creation in mergers and acquisitions.