The Human Factor in Acquisitions: Cross-industry Labor Mobility and Corporate Diversification
研究发现，当收购涉及技能相似的行业时，多元化收购更频繁，能带来更大的劳动生产率提升，且较少被后续剥离，揭示了人力资本重新配置在多元化价值创造中的作用。
Abstract The benefits of internal labor markets are largest when they include industries that utilize similar worker skills, thereby facilitating cross-industry worker reallocation and collaboration. We show that diversifying acquisitions occur more frequently among industry pairs with higher human capital transferability. Such acquisitions result in larger labor productivity gains and are less often undone in subsequent divestitures. Moreover, acquirers retain more high-skill workers and more often transfer workers to jobs in other industries inside the merged firm. Overall, our results link human capital reallocation with the value created by corporate diversification and provide an explanation for seemingly unrelated acquisitions. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.