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Publikation: Monographie
Post-merger restructuring of the labor force
Grunddaten
Abstract
Autoren
Einrichtung
Grunddaten
Titel
Post-merger restructuring of the labor force
Erscheinungsjahr
2021
Verlag
IZA - Institute of Labor Economics
Verlagsort
Bonn, Germany
Serie
Discussion paper series ; no. 14409
Publikationsform
Elektronische Ressource
Publikationsart
Monographie
Sprache
Englisch
Letzte Änderung
21.04.2022 06:01:47
Bearbeitungsstatus
durch UB Rostock abschließend validiert
Dauerhafte URL
http://purl.uni-rostock.de/fodb/pub/67976
Links zu Katalogen
Abstract
We study the restructuring of the labor force after mergers and acquisitions. Overall restructuring is large. Net employment of targets declines by more than half within two years after acquisitions relative to a matched sample, and is concentrated in targets that close all establishments. There is a substantial increase in employee turnover. We place our analysis within a framework in which acquirers seek growth options from targets and provide managerial capabilities to organize production more efficiently. Consistent with this framework, we show that growth and turnover are both higher for managers, and that firms become more hierarchical if they grow and if they become more diversified. Acquirers have a better-educated, better-paid, and more qualified workforce than targets, and they adapt the workforce by hiring new employees who are much younger and less expensive. Mergers create internal labor markets, which are more active if firms have more managerial capacities. However, most hiring is external, especially for managers.
Autoren
Gehrke, Britta
Maug, Ernst
Obernberger, Stefan
Schneider, Christoph
Einrichtung
WSF/IfVWL/Angewandte Makroökonomie