Integrating Relative Standing and Market discipline: A complexity theory perspective of post-merger and acquisition executive departure

Akie Iriyama, Jason W. Park, Franky Supriyadi, Haibin Yang

研究成果: Chapter

抄録

Mergers and acquisitions (M&As) typically accelerate target top management team (TMT) executive departures. Market discipline and Relative Standing are two major and competing economic and sociological explanations for this phenomenon which lack a satisfactory theoretical integration. To fill this gap in the literature, we model the M&A market as a complex adaptive system composed of TMTs which rid themselves of executives via self-organized critical processes, generating M&A market-level properties that are emergent, or not easily explained with reference to the individual TMTs. The observation of an emergent power law distribution in target TMT executive retention rates for M&A activities in the United States supports our interpretation.

本文言語English
ホスト出版物のタイトルAdvances in Mergers and Acquisitions
編集者Sydney Finkelstein, Cary Cooper
ページ181-197
ページ数17
DOI
出版ステータスPublished - 2012
外部発表はい

出版物シリーズ

名前Advances in Mergers and Acquisitions
11
ISSN(印刷版)1479-361X

ASJC Scopus subject areas

  • Business and International Management

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