Doing a deal: Merger and acquisition negotiations and their impact upon target company top management turnover
研究了并购谈判对目标公司高层管理人员离职的影响，发现谈判的主要影响在交易完成四年后显现，当买方与曾受收购兴趣的无关公司达成协议时，目标公司管理团队四年后离职率异常高。
Abstract This research investigates the effects of merger and acquisition negotiations on subsequent target company top management turnover. Three attributes of the companies and seven attributes of the merger and acquisition transactions are examined. The results indicate that the primary impact of negotiations is evident in the fourth year after a settlement date. When a buyer approaches an unrelated company that has been subject to previous takeover interest with a merger proposal, and an agreement is reached, the target'S management team is likely to experience abnormally high turnover 4 years later. Additional research ideas are suggested to help explain the sizeable turnover rates in the 3 years immediately following a merger or acquisition.