Corporate development executives and M&A performance
研究了标普500信息技术公司中企业发展高管（CDE）的先前并购经验与后续并购绩效之间的倒U型关系，并分析了CDE经验与CEO及公司经验的互补或替代条件，对并购人力资本管理有启示。
Abstract Research Summary While prior research has examined organizational‐ and CEO‐level antecedents to mergers and acquisitions (M&A) capabilities, less is known about how those below the CEO may shape the ways in which firms conduct acquisitions. In this study, I argue that Corporate Development Executives (CDEs), the specialized executives who lead M&A efforts inside companies, also play an important role in the M&A process. Through a hand‐collected dataset on CDEs in S&P 500 information technology (IT) firms, I find an inverted U‐shaped relationship between their prior M&A experience and subsequent M&A performance, and I document the conditions under which CDEs' M&A experience may complement or substitute that of the CEO and the firm. This study contributes to corporate strategy and organizational learning literatures by unveiling novel insights on the microfoundations of M&A capabilities. Managerial Summary Corporate Development Executives (CDEs) have become increasingly prevalent across organizations, yet their impact on M&A outcomes remains less understood. This study investigates how these specialized executives responsible for leading M&A inside organizations influence acquisition outcomes through their prior experience. Using detailed data on CDEs in S&P 500 IT firms, I find an inverted‐U relationship between CDEs' prior M&A experience and M&A performance, and that their abilities to shape M&A outcomes can be further enhanced or limited, depending on the experiences of the CEO and the firm. By unpacking the interactions among these different M&A experiences, this work offers important managerial implications on how firms should select and manage their M&A human capital as they continue to build M&A capabilities in pursuit of superior firm performance.