Management Practices and Mergers and Acquisitions
利用美国人口普查局的企业管理实践数据，研究发现收购方倾向于收购管理实践较不结构化的目标，并在收购后改善其管理，这成为并购价值创造的重要来源。
Using a novel data set of establishment-level management practices from the U.S. Census Bureau, we show that firms with more specific, formal, frequent, or explicit (i.e., “structured”) management practices tend to acquire establishments with less structured management practices and, following the acquisition, adopt more structured practices at the target establishments. These changes are larger when acquirers have a greater incentive and ability to make changes and are also associated with improvements in establishment performance. Overall, our findings suggest that the adoption of more structured management practices constitutes an important source of value creation in mergers and acquisitions. This paper was accepted by Tomasz Piskorski, finance.