The Influence Of Target's Executives Turnover On M&A Performance

After the merger occurs,the acquired company executives widespread change phenomenon,executives change on whether to play a catalytic role in M&A performance,scholars have not yet agreed to this conclusion.From a research perspective,the current study is based on more M&A side angle,examine the impact of changes to its senior M&A side M&A performance.However,in practice,after the merger facing the risk of change is usually acquired company executives,and its direct impact on the performance of the acquired company.Therefore,both from a theoretical or practical significance,the study changes the sending executives and M&A Performance of the relationship are very necessary.And uncertainties affect the relationship between the two depends on the specific internal and external factors,such as the regulation of executive changes on the relationship between the specific circumstances,so we introduce the executive power and the source of the two moderators' successor.From the perspective of the acquired company,select four years 2008-2013,a total of 561 M&A events as sample,we explore the executives changed one year after M&A for short-term performance(before and after the merger occurred three days)and long-term acquisition performance(acquisition occurred Different effect after three years)in.In order to fully explore the role of senior management changes and mergers and acquisitions for the relationship between the performances of different executives to change the situation,the paper complements the executive power and the source of the two moderators' successor.The study found that executives change and short-term M&A performance was no significant correlation between the long-term M&A performance has a significant role in promoting.But executive power is changed,the more change is not conducive executives play a catalytic role for long-term M&A performance.The origin of successor has no significant influence on the short-term performance but have a significant positive influence on the long-term performance.The cross term of executives' turnover and successor source has a significant positive influence on the long-term M&A performance.