Executive retention and acquisition outcomes: A test of opposing views on the influence of organizational tenure
研究了收购后留任的被收购公司高管组织任期对收购结果的影响，检验了资源基础观与高层梯队理论的对立预测，发现长期任期高管更有利于成功。
This study considers the influence of retained acquired company top executives on the eventual outcome of corporate acquisitions. We test opposing views on how the organizational tenure of those executives could lead to the retention and divestiture of acquired companies. The Resource-based View (RBV) suggests that keeping acquired company top executives with longer organizational tenure will lead to more successful acquisition outcomes, as those executives have organization-specific knowledge that would facilitate effective implementation of the acquisition. By contrast, the Upper Echelons Perspective (UEP) suggests that retained top executives having short organizational tenure will lead to more successful outcomes, as they would have the adaptability to manage most effectively during the uncertainty and difficulty of the acquisition. Results of logistic regression analyses of 104 acquisitions followed over 5 years supported the RBV. Apparently, the benefits of long organizational tenure, such as more intimate understanding of the acquired company, lead to more successful outcomes than the benefits of short organizational tenure. The findings do not support the argument that drawbacks of long organizational tenure, such as commitment to the strategic status quo and rigidity, are detrimental after uncertainty and disruption. The results further suggest that one reason for the high frequency of acquisition failure might be because of the retention—and departures—of the wrong acquired company top executives.