An Empirical Analysis of Post‐Merger Organizational Integration
利用雇主-雇员关联数据研究并购后如何通过重新分配少数高技能员工（尤其是研发和管理人员）实现组织整合，发现整合成本高但聚焦关键员工即可达成。
Abstract We study post‐merger organizational integration using linked employer–employee data. Integration is implemented by reassigning a small number of high‐skilled workers, especially in R&D and management. Workforce mixing is concentrated to establishments set up after merger, rather than to previously existing establishments. Worker turnover is high after merger, but new hiring yields stable total employment. Target employees have higher turnover and reassignment, particularly if the target firm is small relative to the acquiring firm. These findings might suggest that integration is costly, but can be achieved by focusing on key employees. Alternatively, the reassignment of a few key employees is sufficient for achieving integration.