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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/157310

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/157310

Title:	Organization capital and takeover vulnerability
Authors:	湛可南 Chan, Konan;Wang, Yanzhi;Yang, Hsiao-Lin
Contributors:	財管系
Keywords:	Acquisitions;Organization Capital;Takeover
Date:	2025-04
Issue Date:	2025-06-13 09:01:01 (UTC+8)
Abstract:	This paper examines the relationship between takeover vulnerability and organization capital, a factor of production embodied in key employees and in the agglomeration of the firm’s business processes and technology. We find that firms with more organization capital are more vulnerable to takeover. Our results are supported by several tests for simultaneity, omitted variable issues, and measurement error. The impact of organization capital on takeover probability is more pronounced when it operates in a more competitive product market or when the volatility of target’s employees is lower. Using the quasi-natural experiment of Seru (J Financ Econ 111:381-405, 2014), we find that acquirer organization capital improves after takeover, especially when the target firms have more organization capital. Acquiring firms experience higher announcement returns if the target accumulates more organization capital.
Relation:	Review of Quantitative Finance and Accounting, pp.forthcoming
Data Type:	article
DOI 連結:	https://doi.org/10.1007/s11156-025-01418-0
DOI:	10.1007/s11156-025-01418-0
Appears in Collections:	[財務管理學系] 期刊論文

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