When do firms of a feather find each other? Asymmetric preferences for (dis)similarity in the quality of human capital resources in professional service firm acquisitions

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ID: 320120
2026
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Abstract
Abstract We study how the (dis)similarity in the quality of human capital resources (HCR) between acquirers and potential targets influences the choice of which firm to acquire. Specifically, we assess under which conditions acquirers prefer dissimilar over similar targets. Based on an analysis of domestic acquisitions between professional service firms in the Netherlands we find that the distance in the quality of HCR between acquirer and a potential target, proxied by the absolute difference in average wages, lowers the probability of target selection, revealing the acquirer’s general preference for similarity. This preference is greatly influenced, however, by the acquirer’s ability to attract and retain employees. The ability to attract and retain employees shifts acquirers’ preferences towards higher quality targets and away from lower quality targets. Based on these findings, we discuss implications for the mergers and acquisitions literature as well as the human resource literature.
Reference Key
openalex_W7167626599 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Orietta Marsili, Anet Weterings, Joris Knoben
Journal industrial and corporate change
Year 2026
DOI
10.1093/icc/dtag038
URL
https://doi.org/10.1093/icc/dtag038
Keywords Keywords not found

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