Does Managerial Experience in a Target Firm Matter for the Retention of Managers after M&As?

Hirata, Kenjiro; Suzuki, Ayako; Takii, Katsuya

OSIPP Discussion Paper, 2016, DP-2016-E-006, 1-45

Number of Access:518（2025-09-01 11:19 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/11094/56969

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Title
Does Managerial Experience in a Target Firm Matter for the Retention of Managers after M&As?
Creator
NRID
1000070423209 1000070423209
CreatorName
Hirata, Kenjiro
NRID
1000020327696 1000020327696
CreatorName
Suzuki, Ayako
NRID
1000070346138 1000070346138
researchmap permalink
k-takii k-takii
Scopus Author ID
6603896348 6603896348
CreatorName
Takii, Katsuya
Subject
Tenure
Retention of Managers and Post M&As
Abstract
This paper examines how managers' tenures in target firms influence their probability of retention as board members after mergers or acquisitions in Japanese firms. It develops a model that distinguishes several hypotheses about the effect of tenure on separation. Our results suggest that experience as an employee increases firm-specific skills, but at the expense of the ability to learn new skills. However, experience as a board member does not have this effect in Japanese firms, the structure of which is known to encourage specific skills. Further, we provide a novel method to correct for selection biases when using data on managers.
Publisher
Osaka School of International Public Policy, Osaka University
Source Title
OSIPP Discussion Paper
Volume (Issue)
DP-2016-E-006
Page
1-45
Date of Issued
2016-05-20
Language
English
Handle URL
https://hdl.handle.net/11094/56969
Relation.references
URI
http://www.osipp.osaka-u.ac.jp/archives/DP/2016/DP2016E006.pdf
Access Rights
metadata only access
Category
ディスカッション／ワーキング・ペーパー DP/WP
OSIPP Discussion Paper