Post‐Acquisition Retention of Target Founder‐CEOs: Looking Beneath the Surface
研究对比收购后目标公司创始人CEO与职业CEO的留任情况，发现创始人CEO因独特的企业专有人力资本和更强激励，更可能被收购方留任，尤其在技术驱动收购和年轻目标公司中更明显。
Abstract This study investigates the retention of target CEOs in the aftermath of acquisitions by comparing target founder and professional CEOs. Considering insights from resource‐based view, managerial rent perspective, studies on acquisition implementation, and the literature on founder‐CEOs, we argue that target founder‐CEOs are resourceful assets for acquirers for implementation purposes; ergo, they are more likely to be retained than target professional CEOs. Target founder‐CEOs, owing to their unique firm‐specific human capital, have greater acquisition implementation abilities than target professional CEOs. They also have greater monetary incentives to deploy their implementation abilities to the benefit of acquirers. Furthermore, we claim that these effects are stronger, thus contributing to a higher retention rate of target founder‐CEOs than their professional peers when acquisitions are technology‐driven, and target firms are young. Results from a sample of small high‐tech firms acquired by large incumbent firms confirm our predictions.