{"id":"https://openalex.org/W2988852138","doi":"https://doi.org/10.1111/1467-8551.12386","title":"The Effect of Mergers and Acquisitions on Employees: Wealth Transfer, Gain\u2010Sharing or Pain\u2010Sharing?","display_name":"The Effect of Mergers and Acquisitions on Employees: Wealth Transfer, Gain\u2010Sharing or Pain\u2010Sharing?","publication_year":2019,"publication_date":"2019-11-05","ids":{"openalex":"https://openalex.org/W2988852138","doi":"https://doi.org/10.1111/1467-8551.12386","mag":"2988852138"},"language":"en","primary_location":{"id":"doi:10.1111/1467-8551.12386","doi":"https://doi.org/10.1111/1467-8551.12386","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1467-8551.12386","pdf_url":null,"source":{"id":"https://openalex.org/S184126201","display_name":"British Journal of Management","issn_l":"1045-3172","issn":["1045-3172","1467-8551"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-3","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"British Journal of Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://unsworks.unsw.edu.au/bitstreams/6b2ee0df-59dc-4973-9177-53ef46a3d764/download","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5090337363","display_name":"Azimjon Kuvandikov","orcid":"https://orcid.org/0000-0001-7938-8594","observed_orcids":["https://orcid.org/0000-0001-7938-8594"]},"institutions":[{"id":"https://openalex.org/I110002522","display_name":"University of Essex","ror":"https://ror.org/02nkf1q06","country_code":"GB","type":"education","lineage":["https://openalex.org/I110002522"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Azimjon Kuvandikov","raw_affiliation_strings":["Colchester Campus, Essex Business School, University of Essex, Wivenhoe Park, Colchester, CO4 3SQ"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Colchester Campus, Essex Business School, University of Essex, Wivenhoe Park, Colchester, CO4 3SQ","institution_ids":["https://openalex.org/I110002522"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5007540187","display_name":"Andrew Pendleton","orcid":"https://orcid.org/0000-0002-9497-3238","observed_orcids":["https://orcid.org/0000-0002-9497-3238"]},"institutions":[{"id":"https://openalex.org/I31746571","display_name":"UNSW Sydney","ror":"https://ror.org/03r8z3t63","country_code":"AU","type":"education","lineage":["https://openalex.org/I31746571"]}],"countries":["AU"],"is_corresponding":true,"raw_author_name":"Andrew Pendleton","raw_affiliation_strings":["School of Management, University of New South Wales, Kensington NSW 2052, Australia"],"raw_orcid":"https://orcid.org/0000-0002-9497-3238","affiliations":[{"raw_affiliation_string":"School of Management, University of New South Wales, Kensington NSW 2052, Australia","institution_ids":["https://openalex.org/I31746571"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101402228","display_name":"David M. Higgins","orcid":"https://orcid.org/0000-0003-2937-0446","observed_orcids":["https://orcid.org/0000-0003-2937-0446"]},"institutions":[{"id":"https://openalex.org/I84884186","display_name":"Newcastle University","ror":"https://ror.org/01kj2bm70","country_code":"GB","type":"education","lineage":["https://openalex.org/I84884186"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"David Higgins","raw_affiliation_strings":["Newcastle University Business School, Newcastle Upon Tyne NE1 7RU"],"raw_orcid":"https://orcid.org/0000-0003-2937-0446","affiliations":[{"raw_affiliation_string":"Newcastle University Business School, Newcastle Upon Tyne NE1 7RU","institution_ids":["https://openalex.org/I84884186"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5007540187"],"corresponding_institution_ids":["https://openalex.org/I31746571"],"apc_list":{"value":3000,"currency":"USD","value_usd":3000},"apc_paid":null,"fwci":4.4572,"has_fulltext":true,"cited_by_count":15,"citation_normalized_percentile":{"value":0.94268137,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":97},"biblio":{"volume":"31","issue":"3","first_page":"547","last_page":"567"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9961000084877014,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9961000084877014,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13642","display_name":"Organizational Downsizing and Restructuring","score":0.0010999999940395355,"subfield":{"id":"https://openalex.org/subfields/1407","display_name":"Organizational Behavior and Human Resource Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10208","display_name":"Labor market dynamics and wage inequality","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/mergers-and-acquisitions","display_name":"mergers and acquisitions","score":0.9980000257492065},{"id":"https://openalex.org/keywords/corporate-acquisition","display_name":"corporate acquisition","score":0.8009999990463257},{"id":"https://openalex.org/keywords/wealth-transfer","display_name":"wealth transfer","score":0.7639999985694885},{"id":"https://openalex.org/keywords/layoffs","display_name":"layoffs","score":0.7419999837875366},{"id":"https://openalex.org/keywords/shareholder-returns","display_name":"shareholder returns","score":0.8009999990463257},{"id":"https://openalex.org/keywords/wage-increases","display_name":"wage growth","score":0.6990000009536743},{"id":"https://openalex.org/keywords/employment-change","display_name":"employment change","score":0.9010000228881836},{"id":"https://openalex.org/keywords/takeover-premiums","display_name":"takeover premiums","score":0.8949999809265137}],"concepts":[{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.920387864112854},{"id":"https://openalex.org/C2776050585","wikidata":"https://www.wikidata.org/wiki/Q7439360","display_name":"Scrutiny","level":2,"score":0.7947300672531128},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.546723484992981},{"id":"https://openalex.org/C2777388388","wikidata":"https://www.wikidata.org/wiki/Q6821213","display_name":"Wage","level":2,"score":0.4929380416870117},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4728037714958191},{"id":"https://openalex.org/C2779538965","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Share price","level":3,"score":0.42859119176864624},{"id":"https://openalex.org/C145236788","wikidata":"https://www.wikidata.org/wiki/Q28161","display_name":"Labour economics","level":1,"score":0.42799079418182373},{"id":"https://openalex.org/C12713177","wikidata":"https://www.wikidata.org/wiki/Q1900281","display_name":"Perspective (graphical)","level":2,"score":0.4240882098674774},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.36600157618522644},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.3266501724720001},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.18810918927192688},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.05356898903846741},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.0},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/1467-8551.12386","doi":"https://doi.org/10.1111/1467-8551.12386","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1467-8551.12386","pdf_url":null,"source":{"id":"https://openalex.org/S184126201","display_name":"British Journal of Management","issn_l":"1045-3172","issn":["1045-3172","1467-8551"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-3","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"British Journal of Management","raw_type":"journal-article"},{"id":"pmh:oai:repository.essex.ac.uk:25484","doi":null,"is_oa":false,"landing_page_url":"https://doi.org/10.1111/1467-8551.12386","pdf_url":null,"source":{"id":"https://openalex.org/S4306401236","display_name":"Open Access at Essex (University of Essex)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I110002522","host_organization_name":"University of Essex","host_organization_lineage":["https://openalex.org/I110002522"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"Article"},{"id":"pmh:oai:unsworks.library.unsw.edu.au:1959.4/unsworks_62426","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/1959.4/unsworks_62426","pdf_url":"https://unsworks.unsw.edu.au/bitstreams/6b2ee0df-59dc-4973-9177-53ef46a3d764/download","source":{"id":"https://openalex.org/S4306401737","display_name":"UNSWorks (University of New South Wales, Sydney, Australia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I40053085","host_organization_name":"Australian Defence Force Academy","host_organization_lineage":["https://openalex.org/I40053085"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"British Journal of Management, 31, 3, 547-567","raw_type":"http://purl.org/coar/resource_type/c_6501"}],"best_oa_location":{"id":"pmh:oai:unsworks.library.unsw.edu.au:1959.4/unsworks_62426","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/1959.4/unsworks_62426","pdf_url":"https://unsworks.unsw.edu.au/bitstreams/6b2ee0df-59dc-4973-9177-53ef46a3d764/download","source":{"id":"https://openalex.org/S4306401737","display_name":"UNSWorks (University of New South Wales, Sydney, Australia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I40053085","host_organization_name":"Australian Defence Force Academy","host_organization_lineage":["https://openalex.org/I40053085"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"British Journal of Management, 31, 3, 547-567","raw_type":"http://purl.org/coar/resource_type/c_6501"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.7257999777793884}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2988852138.pdf","grobid_xml":"https://content.openalex.org/works/W2988852138.grobid-xml"},"referenced_works_count":102,"referenced_works":["https://openalex.org/W1491935424","https://openalex.org/W1570249944","https://openalex.org/W1577782271","https://openalex.org/W1612744559","https://openalex.org/W1614957981","https://openalex.org/W1684540946","https://openalex.org/W1687255121","https://openalex.org/W1800985968","https://openalex.org/W1835803191","https://openalex.org/W1842238675","https://openalex.org/W1856038333","https://openalex.org/W1963760509","https://openalex.org/W1966929915","https://openalex.org/W1967053015","https://openalex.org/W1967660164","https://openalex.org/W1972668795","https://openalex.org/W1973403881","https://openalex.org/W1985770137","https://openalex.org/W1990152719","https://openalex.org/W1998328875","https://openalex.org/W1998797197","https://openalex.org/W1999062232","https://openalex.org/W1999070619","https://openalex.org/W2007598390","https://openalex.org/W2011956936","https://openalex.org/W2012077992","https://openalex.org/W2012611835","https://openalex.org/W2017961185","https://openalex.org/W2020330291","https://openalex.org/W2025492444","https://openalex.org/W2025552447","https://openalex.org/W2027202138","https://openalex.org/W2027468736","https://openalex.org/W2029742719","https://openalex.org/W2031467401","https://openalex.org/W2032635627","https://openalex.org/W2036672432","https://openalex.org/W2045972033","https://openalex.org/W2047843183","https://openalex.org/W2048329328","https://openalex.org/W2058932629","https://openalex.org/W2066086895","https://openalex.org/W2066247811","https://openalex.org/W2068518527","https://openalex.org/W2072736857","https://openalex.org/W2073790801","https://openalex.org/W2082540082","https://openalex.org/W2091808588","https://openalex.org/W2099092184","https://openalex.org/W2099893707","https://openalex.org/W2101346776","https://openalex.org/W2103122114","https://openalex.org/W2105458684","https://openalex.org/W2106782469","https://openalex.org/W2118900356","https://openalex.org/W2121399561","https://openalex.org/W2122573747","https://openalex.org/W2128778916","https://openalex.org/W2135154641","https://openalex.org/W2136671122","https://openalex.org/W2150674780","https://openalex.org/W2156589924","https://openalex.org/W2158436640","https://openalex.org/W2160860931","https://openalex.org/W2162683632","https://openalex.org/W2164962020","https://openalex.org/W2167100265","https://openalex.org/W2168354412","https://openalex.org/W2168917081","https://openalex.org/W2170754245","https://openalex.org/W2277629163","https://openalex.org/W2334633344","https://openalex.org/W2357163672","https://openalex.org/W2519388419","https://openalex.org/W2736258291","https://openalex.org/W2752617332","https://openalex.org/W2786249876","https://openalex.org/W2794124055","https://openalex.org/W2890158648","https://openalex.org/W2890350860","https://openalex.org/W2978546423","https://openalex.org/W3021281256","https://openalex.org/W3023941008","https://openalex.org/W3049675738","https://openalex.org/W3121131820","https://openalex.org/W3121250421","https://openalex.org/W3122081254","https://openalex.org/W3122712779","https://openalex.org/W3123160751","https://openalex.org/W3124536214","https://openalex.org/W3124940488","https://openalex.org/W3125149444","https://openalex.org/W3125272796","https://openalex.org/W3125636820","https://openalex.org/W3139046410","https://openalex.org/W4234470573","https://openalex.org/W4240641616","https://openalex.org/W4240967734","https://openalex.org/W4242249493","https://openalex.org/W4254928272","https://openalex.org/W4300456819","https://openalex.org/W4301654052"],"related_works":["https://openalex.org/W7097943279","https://openalex.org/W1576314429","https://openalex.org/W2122573747","https://openalex.org/W2999959720","https://openalex.org/W2914302026","https://openalex.org/W1843425921","https://openalex.org/W1991087735","https://openalex.org/W1562588304","https://openalex.org/W3093970545","https://openalex.org/W7095621996"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"paper":[2],"considers":[3],"whether":[4],"gains":[5,121],"made":[6],"by":[7,21],"shareholders":[8,119],"from":[9,94],"corporate":[10],"takeovers":[11],"are":[12],"achieved":[13],"at":[14,71],"the":[15,22,28,40,72,95,99,110,123],"expense":[16],"of":[17,30,55],"employees,":[18],"as":[19],"proposed":[20],"\u2018wealth":[23],"transfer\u2019":[24],"perspective.":[25],"It":[26],"analyses":[27],"contribution":[29],"employee":[31],"lay\u2010offs,":[32],"along":[33],"with":[34],"employment":[35,103],"and":[36,43,62,118,140],"wage":[37],"changes,":[38],"to":[39,91],"takeover":[41,73],"premium":[42],"abnormal":[44],"share":[45,60,120,128],"price":[46,61],"movements.":[47],"The":[48,65],"analysis":[49],"draws":[50],"on":[51,81],"a":[52,106],"unique":[53],"dataset":[54],"British":[56],"takeovers,":[57],"combining":[58],"documentary,":[59],"accounting":[63],"data.":[64],"results":[66],"show":[67],"that":[68,116,138],"lay\u2010offs":[69],"planned":[70],"have":[74,105],"either":[75],"no":[76],"effect":[77,108],"or":[78],"adverse":[79],"effects":[80],"shareholder":[82,92,141],"returns.":[83],"Wages":[84],"growth":[85],"is":[86,135],"positively,":[87],"not":[88],"inversely,":[89],"related":[90],"returns":[93],"second":[96],"year":[97],"after":[98,149],"takeover,":[100],"whilst":[101],"positive":[102],"changes":[104],"similar":[107],"in":[109],"following":[111],"year.":[112],"Closer":[113],"scrutiny":[114],"indicates":[115],"labour":[117,139],"when":[122,130],"firm":[124],"does":[125,132],"well,":[126],"but":[127],"pain":[129],"it":[131],"not.":[133],"There":[134],"evidence,":[136],"therefore,":[137],"interests":[142],"can":[143],"be":[144],"complementary,":[145],"rather":[146],"than":[147],"antagonistic,":[148],"takeovers.":[150]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2019-11-22T00:00:00"}
