Effects of executive departures on the performance of acquired firms
基于1980-1984年间96起收购案例，发现被收购公司高管离职会损害收购后绩效，尤其是最高层高管离职影响最严重；而让高管在新公司中保留高管地位则有助于提升绩效。
Using a sample of 96 acquisitions that occurred between 1980 and 1984, this study concludes that the departure of executives from acquired firms is harmful to post acquisition performance. The negative effects of departures of the highest ranking executives (such as CEOs, Presidents, and Chairmen) appear to be most severe. Acquisition relatedness, contrary to hypothesis, did not moderate the departure-performance relationship. Finally we find that providing one or more executives with top management team status in the newly combined firm leads to better postacquisition performance. Our study implies that executives from acquired firms are an intrinsic component of the acquired firm's resource base, and that their retention is an important determinant of postacquisition performance. Our evidence supports the view that executives are important to postacquisition performance, and we believe that this evidence extends to other restructuring contexts as well.