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

Material type: 文書・図像類

Author: Hirata, Kenjiroほか

Publisher: Osaka School of International Public Policy, Osaka University

Publication date: 2019-09-25

Material Format: Paper

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Note (General)：: This paper investigates the transferability of managerial experience by examining how managers' tenures in target firms influence their probability of...

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Paper

Material Type: 文書・図像類
Title: How general is managerial human capital? : Evidence from the Retention of Managers after M&As
Author/Editor: Hirata, Kenjiro
Suzuki, Ayako
Takii, Katsuya
Author Heading: Hirata, Kenjiro
https://nrid.nii.ac.jp/nrid/1000070423209
Suzuki, Ayako
https://nrid.nii.ac.jp/nrid/1000020327696
Takii, Katsuya
https://nrid.nii.ac.jp/nrid/1000070346138
Publication, Distribution, etc.: Osaka School of International Public Policy, Osaka University
Publication Date: 2019-09-25
Publication Date (W3CDTF): 2019-09-25
Periodical title: OSIPP Discussion Paper
No. or year of volume/issue: DP-2019-E-010
Volume: DP-2019-E-010
Pages: 1-51
Text Language Code: eng
Subject Heading: Tenure
Managerial Skill
Managerial Turnover after M&As
Selection Bias
Cox Proportional Hazards Model
Target Audience: 一般
Note (General): 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.
References (URI): URI
http://www.osipp.osaka-u.ac.jp/archives/DP/2019/DP2019E010.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華