@techreport{302b5e094d1d4b329d747240249e6106,
title = "Cross-Border Acquisitions and Employee-Engagement",
abstract = "We provide novel evidence that a firm{\textquoteright}s engagement in employee-related issues explains part of the value difference between its domestic and cross-border takeovers. An acquirer{\textquoteright}s investment in employee relations is positively related to the firm{\textquoteright}s performance when acquiring domestically, but labor-related frictions reverse this effect when acquiring a foreign target. The results cannot be explained by country-level labor regulation but are consistent with the notion that labor-related frictions exist that prohibit firms from efficiently transforming monetary incentives in higher shareholder value when acquiring a foreign target firm.",
keywords = "employee-engagement, labor protection, Monetary incentives, Cross-Border Mergers and Acquisitions",
author = "Hao Liang and Luc Renneboog and Cara Vansteenkiste",
year = "2017",
month = sep,
day = "21",
language = "English",
volume = "2017-038",
series = "CentER Discussion Paper",
publisher = "CentER, Center for Economic Research",
type = "WorkingPaper",
institution = "CentER, Center for Economic Research",
}