Post-M&A Retention of Top Managers: The Role of Structural Knowledge
研究并购后目标公司高管留任与结构知识的关系，发现收购方与目标公司的结构相似性越高，高管越可能留任，且这种关系在地理距离大或深度整合时更强，结构相似性还与并购后绩效改善相关。
This study examines the role of managerial structural knowledge in postacquisition integration (PAI) and its association with the retention of target firm managers. Although retaining top managers is often linked to improved acquisition outcomes, the conditions under which their retention may support integration remain underexplored. Drawing on organizational modularity theory, we theorize that structural similarity between acquiring and target firms is associated with higher managerial retention in related acquisitions. We propose that structural knowledge, defined as managers’ experience within specific organizational structures, can support PAI and is associated with improved postacquisition performance. Using a data set of 2,941 mergers and acquisitions (M&A) deals and 18,987 target firm managers (1994–2018), we find a positive relationship between structural similarity and the retention of target managers in related acquisitions. At the individual level, managers with structural knowledge aligned with the acquiring firm’s structure are more likely to be retained. Furthermore, the relationship between structural similarity and retention is stronger when the geographic distance between firms is greater or when the deal requires deep integration, as in absorption-type acquisitions. Finally, structural similarity between acquiring and target firms is positively associated with improved postacquisition performance. Our findings contribute to the M&A literature by introducing a structural knowledge perspective in understanding PAI. Our study also highlights the role of organizational modularity in M&As and advances the strategic human capital literature by identifying structural knowledge as a critical component of managerial capabilities. Supplemental Material: The online appendices are available at https://doi.org/10.1287/orsc.2024.18686 .