How general is managerial human capital? : Evidence from the Retention of Managers after M&As

Hirata, Kenjiro; Suzuki, Ayako; Takii, Katsuya

How general is managerial human capital? : Evidence from the Retention of Managers after M&As

Hirata, Kenjiro; Suzuki, Ayako; Takii, Katsuya

OSIPP Discussion Paper, 2019, DP-2019-E-010, 1-51

Number of Access:493（2025-09-01 11:19 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/11094/73369

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Title	How general is managerial human capital? : Evidence from 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
	Managerial Skill
	Managerial Turnover after M&As
	Selection Bias
	Cox Proportional Hazards Model
Abstract	This paper investigates the transferability of managerial experience by examining how managers' tenures in target firms influence their probability of retention as board members after mergers or acquisitions in Japanese firms. It develops a general equilibrium model that distinguishes several hypotheses on managerial experiences based on the coefficients of tenure on separation, given several data limitations. In particular, the paper provides a novel method to correct for selection biases by utilizing the timing of selection in a selected sample, which does not require a random sample from the population. Our results suggest that Japanese firms value both target firm-specific and general human capital after M&As and that experience as an employee increases firm-specific skills, but at the expense of the accumulation of general skills. However, experience as a board member does not have this effect.
Publisher	Osaka School of International Public Policy, Osaka University
Source Title	OSIPP Discussion Paper
Volume (Issue)	DP-2019-E-010
Page	1-51
Date of Issued	2019-09-25
Language	English
Handle URL	https://hdl.handle.net/11094/73369
Relation.references	URI http://www.osipp.osaka-u.ac.jp/archives/DP/2019/DP2019E010.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
Category	OSIPP Discussion Paper

Resource Type	technical report
Local Type	DP/WP
DCMI Type	Text
DCTERMS.bibliographicCitation	OSIPP Discussion Paper. 2019, DP-2019-E-010, p. 1-51
DC.title	How general is managerial human capital? : Evidence from the Retention of Managers after M&As
DC.creator	Hirata, Kenjiro
	Suzuki, Ayako
	Takii, Katsuya
DC.publisher	Osaka School of International Public Policy, Osaka University
DC.language' scheme='DCTERMS.RFC1766	English
DC.type' scheme='DCTERMS.DCMIType	Text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2019-09-25
DC.relation' scheme='DCTERMS.URI	http://www.osipp.osaka-u.ac.jp/archives/DP/2019/DP2019E010.pdf
DC.subject	Tenure
	Managerial Skill
	Managerial Turnover after M&As
	Selection Bias
	Cox Proportional Hazards Model
DCTERMS.abstract	This paper investigates the transferability of managerial experience by examining how managers' tenures in target firms influence their probability of retention as board members after mergers or acquisitions in Japanese firms. It develops a general equilibrium model that distinguishes several hypotheses on managerial experiences based on the coefficients of tenure on separation, given several data limitations. In particular, the paper provides a novel method to correct for selection biases by utilizing the timing of selection in a selected sample, which does not require a random sample from the population. Our results suggest that Japanese firms value both target firm-specific and general human capital after M&As and that experience as an employee increases firm-specific skills, but at the expense of the accumulation of general skills. However, experience as a board member does not have this effect.
DC.format	73369
citation_title	How general is managerial human capital? : Evidence from the Retention of Managers after M&As
citation_author	Hirata, Kenjiro
	Suzuki, Ayako
	Takii, Katsuya
citation_publisher	Osaka School of International Public Policy, Osaka University
citation_language	English
citation_date	2019-09-25
citation_journal_title	OSIPP Discussion Paper
citation_volume	DP-2019-E-010
citation_firstpage	1
citation_lastpage	51
citation_public_url	https://hdl.handle.net/11094/73369
citation_abstract_html_url	http://www.osipp.osaka-u.ac.jp/archives/DP/2019/DP2019E010.pdf

How general is managerial human capital? : Evidence from the Retention of Managers after M&As

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