기업인수 이후 피인수기업의 핵심 경영진의 재임기간이 기술흡수역량에 미치는 영향에 관한 연구

The impact of the retention and tenure of the target's key executives on the performance of the acquisition is an important factor in the decision to rehire the target's key personnel during the acquisition process. The resource-based view argues that the longer the tenure of key executives has a positive impact on acquisition performance because top executives have already accumulated the firm's information, operational experience, and know-how to utilize and deploy human resources. In contrast, the Upper Echelons Perspective (UEP) theory argues that the shorter the tenure of the target's top management, the higher the acquisition performance. The purpose of this study is to provide empirical support for the above theories by analyzing the impact of the tenure of the target's key executives who remain after the acquisition on the acquirer's technology absorption capabilities. For this purpose, we focus on the acquisition case of Cisco, a global company representing M&A in the IT field, and conclude that the higher the technology relatedness of the acquirer and the target, the higher the probability of retention of the target's key executives, and the longer their tenure, the greater the impact on the technology absorption capacity.