Exploring the Effects of Mergers and Acquisitions on Employee Turnover Rate in High-Tech Firms
利用1999至2023年纵向数据，研究发现高科技企业并购活动增加会提高员工离职率，而广告和研发支出及高管规模可缓解此效应，资产效率则加剧离职率上升。
In the high-tech industry, mergers and acquisitions (M&As) are widely used as a pathway to execute their strategic plans and maintain competitiveness in rapidly evolving markets. However, the integration of diverse corporate cultures during M&A deals can escalate employee dissatisfaction and contribute to increased turnover rates. There is an abundance of theoretical discourse in the literature concerning the implications of M&As for employee experiences; however, it falls short in providing robust empirical evidence for practitioners. We investigate the impact of M&A activities on employee turnover rates in high-tech firms to address this gap. Utilising longitudinal data from 1999 to 2023, we find that increased M&A activities in high-tech companies are associated with higher employee turnover. Our study also identifies that advertising and R&D expenditures, as well as the size of top management, diminish the contribution of M&A activities to employee turnover. Conversely, enhanced asset efficiency amplifies the contribution of M&A activities to employee turnover.