Management Science · 2026 · Laurent Bach、Ramin P. Baghai、Marieke Bos、Rui C. Silva
中文摘要
我们研究员工心理健康,以评估并购的长期非货币性后果。利用与个人健康记录相链接的雇主—雇员层面数据,我们发现压力、焦虑、抑郁以及精神类药物使用的发生率在并购之后上升。这些效应普遍存在于目标公司与收购方双方的员工之中,无论企业处于经营疲弱状态还是处于增长中的盈利状态。在合并后企业内部经历负面职业发展的员工、“蓝领”工人以及技能较低的员工受到的影响最大。在员工中引发更多精神疾病的并购,在交易完成后业绩表现更差。多种检验应对了内生性问题。本文由 Camelia Kuhnen(金融方向)接收。资助:感谢Mistra可持续市场中心(Misum)与纳斯达克北欧基金会提供的资助。补充材料:在线附录与数据文件可在 https://doi.org/10.1287/mnsc.2023.04277 获取。
Abstract
We study employee mental health to assess the long-term nonmonetary consequences of mergers. Using employer-employee level data linked to individual health records, we document that the incidences of stress, anxiety, depression, and psychiatric medication usage increase following mergers. These effects are prevalent among employees from both targets and acquirers, in weak and in growing profitable firms. Employees who experience negative career developments within the merging firms, ‘blue-collar’ workers, and employees with lower skills are most affected. Mergers that generate more mental illness among employees perform worse after the transaction. A variety of tests address endogeneity concerns. This paper was accepted by Camelia Kuhnen, finance. Funding: Funding from the Mistra Center for Sustainable Markets (Misum) and the Nasdaq Nordic Foundation is gratefully acknowledged. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.04277 .