M&A and Employee Turnover: Who’s Leaving?

49 Pages Posted: 23 Jan 2017 Last revised: 27 Oct 2018

See all articles by Juan Carriquiry

Juan Carriquiry

Aalborg University - Department of Business and Management

Date Written: October 20, 2018


With the worldwide growth of mergers and acquisitions (M&As), a number of studies in recent years have called their relative success into question. One reason for the poor performance of a number of deals may be negative employee reactions, such as employee turnover. Despite the widespread perception that M&As often lead to employee turnover, there is surprisingly weak empirical support provided in the literature. In particular, we know notably little regarding the characteristics of those who are departing. In this study, I address this gap by using a unique dataset resulting from the merger of Bureau Van Dijk’s Zephyr M&As database and Danish register data. Additionally, I explore the heterogeneous effect of different types of M&As across employee groups. I find that M&As generally increase the probability of employee turnover, particularly for employees with relatively low human capital. Nevertheless, the effect varies significantly for different types of M&A.

Keywords: Employee Turnover, Mergers and Acquisitions, M&A, Human Capital Resources

JEL Classification: J63, L20, L22, M10, M12, M51, M54

Suggested Citation

Carriquiry, Juan, M&A and Employee Turnover: Who’s Leaving? (October 20, 2018). Available at SSRN: https://ssrn.com/abstract=2903220 or http://dx.doi.org/10.2139/ssrn.2903220

Juan Carriquiry (Contact Author)

Aalborg University - Department of Business and Management ( email )

Aalborg, DK-9220

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