How Do Mergers Affect the Mental Health of Employees?

• 成果类型: Article
• 署名作者: Bach, Laurent; Baghai, Ramin P.; Bos, Marieke; Silva, Rui C.
• 署名单位: ESSEC Business School; Stockholm School of Economics; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Swedish House of Finance; Stockholm School of Economics; Vrije Universiteit Amsterdam; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Universidade Nova de Lisboa
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.04277
• 发表日期: 2026
• 关键词: Mergers and acquisitions; Corporate restructuring; Mental health; mental illness

摘要

We study employee mental health to assess the long-term nonmonetary consequences of mergers. Using employer-employee level data linked to individual health records, we document that the incidences of stress, anxiety, depression, and psychiatric medication usage increase following mergers. These effects are prevalent among employees from both targets and acquirers, in weak and in growing profitable firms. Employees who experience negative career developments within the merging firms, 'blue-collar' workers, and employees with lower skills are most affected. Mergers that generate more mental illness among employees perform worse after the transaction. A variety of tests address endogeneity concerns.