Post‐Acquisition Retention of Target Founder‐CEOs: Looking Beneath the Surface
| Autor: | Massimo G. Colombo, Cristina Rossi-Lamastra, Keivan Aghasi |
|---|---|
| Přispěvatelé: | Apollo - University of Cambridge Repository |
| Rok vydání: | 2021 |
| Předmět: |
ComputingMilieux_THECOMPUTINGPROFESSION
Strategy and Management ComputingMilieux_PERSONALCOMPUTING ComputingMilieux_LEGALASPECTSOFCOMPUTING target CEO retention GeneralLiterature_MISCELLANEOUS technology acquisitions Paleontology Management of Technology and Innovation acquisition implementation Business Business and International Management founder-CEO target CEO retention founder-CEO acquisition implementation technology acquisitions |
| Zdroj: | Journal of Management Studies. 59:958-997 |
| ISSN: | 1467-6486 0022-2380 |
| DOI: | 10.1111/joms.12762 |
| Popis: | This study investigates the retention of target CEOs in the aftermath of acquisitions by comparing target founder and professional CEOs. Considering insights from resource-based view, managerial rent perspective, studies on acquisition implementation, and the literature on founder-CEOs, we argue that target founder-CEOs are resourceful assets for acquirers for implementation purposes; ergo, they are more likely to be retained than target professional CEOs. Target founder-CEOs, owing to their unique firm-specific human capital, have greater acquisition implementation abilities than target professional CEOs. They also have greater monetary incentives to deploy their implementation abilities to the benefit of acquirers. Furthermore, we claim that these effects are stronger, thus contributing to a higher retention rate of target founder-CEOs than their professional peers when acquisitions are technology-driven, and target firms are young. Results from a sample of small high-tech firms acquired by large incumbent firms confirm our predictions. |
| Databáze: | OpenAIRE |
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