POSTACQUISITION TURNOVER AMONG US TOP MANAGEMENT TEAMS - AN ANALYSIS OF THE EFFECTS OF FOREIGN VS DOMESTIC ACQUISITIONS OF US TARGETS

An analysis of postacquisition top management turnover among 168 cross -border and 102 purely domestic acquisitions, and a control group of 1 20 nonacquired U.S. firms, revealed that turnover rates in firms acqui red by non-U.S. acquirers were significantly higher than in firms acqu ired by other U.S. firms or the control group. Further, the timing of postacquisition turnover differed in the foreign vs. domestic acquisit ions. Finally, the nationality of the foreign acquirer was found to be an important predictor of turnover in certain acquisition categories. Theoretical and practical implications are discussed. (C) 1997 by Joh n Wiley & Sons, Ltd.