We present evidence that the desire to gain human capital is an important motive for corporate acquisitions. Our tests exploit the staggered recognition of the Inevitable Disclosure Doctrine by U.S. state courts, which prevents a firm’s employees from working for other firms. We find a significant increase in the likelihood of being acquired for firms headquartered in states that recognize such doctrine relative to firms headquartered in states that do not. Heterogeneous treatment effects confirm the human capital channel: our result is stronger for firms with greater human capital and for firms whose employees previously could switch jobs more easily.
Keywords: Acquisition; Human Capital; Labor Market Friction; Inevitable Disclosure Doctrine
JEL Classification: G34, J24, J62, M51, M54
학회소식
[2015년 제 4차] Human Capital Driven Acquisition: Evidence from the
작성자 : 관리자
조회수 : 819
게시일 :
2016-01-08
