You are here

Los recursos humanos en los procesos de fusión y adquisición

The human resources in mergers and acquisitions

Journal Name:

Publication Year:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
In view of intangible resources -and, among them, human capital- play a significant role in the managerial strategy, this article aims to analyse the fit of human resources in companies that has been target of mergers and/or acquisitions processes. In this sense, the present paper will be centred in carrying out a state of the art of this topic and in showing some evidences about the top managers perceptions of the target company with the purpose of better understanding which are the reasons for the departure and the permanence of them.
Abstract (Original Language): 
Habida cuenta de que los recursos intangibles, y, entre ellos, el capital humano, juegan un papel significativo en la estrategia empresarial, este artículo pretende analizar el ajuste de los recursos humanos en las empresas objetivo de procesos de fusiones y/o adquisiciones. En este sentido, el presente trabajo se centrará en realizar un estado de la cuestión y mostrar algunas evidencias acerca de las percepciones del equipo de alta dirección de la empresa objetivo con el propósito de entender mejor cuáles son las razones que llevan a algunos de ellos a permanecer en la misma y a otros a abandonarla.



AGUILERA, R. V.; DENCKER, J. C. (2004). ‘The role of human resource
management in cross-border mergers and acquisitions’, International Journal of
Human Resource Management, 15 (8), pp. 1355 – 1370.
AHUJA, G.; KATILA, R. (2001). ‘Technological Acquisitions and the Innovation of
Acquiring Firms: A Longitudinal Study’, Strategic Management Journal, 22, pp.
BLOOM, C. A. (1994). ‘Does the Target’s Brainpower Provide a Competitive Edge?’
Mergers & Acquisitions, 28 (4), pp. 44-47.
BONTIS, N. (1996). ‘There is Price on your Head: Managing Intellectual Capital
Strategically’, Business Quarterly, 60 (4), pp. 40-47.
BROUSSEAU, K. R.; DRIVER, M. J.; ENEROTH, K.; LARSSON, R. (1996). ‘Career
Pandemonium: Realigning Organizations and the Individual’, Academy of
Management Executive, 10 (4), pp. 52-56.
BRUMMET, R. L.; FLAMHOLTZ, E. G.; PYLE, W. C. (1968). ‘Human Resource
Management: a Challenge for Accountants’, The Accounting Review, April, pp. 217-
BUONO, A.; BOWDITCH, J. (1989). ‘The Human Side of Mergers and Acquisitions:
Managing Collisions Between people and Organizations’, Ed. Jossey-Bass, San
CANNELLA, A. A. Jr.; HAMBRICK, D. C. (1993). ‘Effects of Executives Departures on
the Performance of Acquired Firms’, Strategic Management Journal, 14, pp. 137-
CAPRON, L. (1999). ‘The Long Term Performance of Horizontal Acquisitions’,
Strategic Management Journal, 20, pp. 987-1018.
© Intangible Capital - Nº 12 - Vol. 2- pp. 236-258, Abril-Junio de 2006 - ISSN: 1697-9818 (Cod:0067)
Los recursos humanos en los procesos de fusión y adquisición 253
Noemí Martínez Caraballo
CAPRON, L.; MITCHELL, W.; SWAMINATHAN, A. (2001). ‘Asset Divestiture
Following Horizontal Acquisitions: A Dynamic View’, Strategic Management Journal,
22, pp. 817-844.
COHEN, W.; LEVIN, R. (1989). ‘Empirical studies of innovation and Market
Structure’, en R. Schmalensee y R. Willig (Eds.): Handbook of Industrial
Organization, 2, Elsevier Science Publications.
COLLIS, D.J. (1994). ‘Research Note: How Valuable Are Organizational Capabilities’,
Strategic Management Journal, 15, pp. 143-152.
CHATTERJEE, S. (1986). ‘Types of Synergy and Economic Value: the Impact of
Acquisitions on Merging and Rival Firms’, Strategic Management Journal, 7, pp.
Differences and Shareholder Value in Related Mergers: Linking Equity and Human
Capital’, Strategic Management Journal, 13, pp. 319-334.
‘Determinants of Executive Beliefs: Comparing Functional Conditioning and Social
Influence’, Strategic Management Journal, 20 (8), pp. 763-789.
DATTA, D. K. (1991). ‘Organizational Fit and Acquisition Performance: Effects of
Post-acquisition Integration’, Strategic Management Journal, 12, pp. 281-297.
DAVID, P.; FORAY, D. (1995). ‘Accessing and Expanding the Science and
Technology Knowledge Base’, STI Review, 16, OECD, Paris.
DEEDS, D. L.; DECAROLIS, D.; COOMBS, J. E. (1997). ‘The Impact of Firm-specific
Capabilities on the Amount of Capital Raised in an Initial Public Offering: Evidence
from the biotechnology industry’, Journal of Business Venturing, 12 (1), pp. 31-46.
DENG, Z.; LEV, B. (1998). Flash-then-flush: The Valuation of Acquired R&D in
Process, New York University.
© Intangible Capital - Nº 12 - Vol. 2- pp. 236-258, Abril-Junio de 2006 - ISSN: 1697-9818 (Cod:0067)
Los recursos humanos en los procesos de fusión y adquisición 254
Noemí Martínez Caraballo
DRIVER, M. J. (1979). ‘Career Concepts and Career Management in Organizations’
en Behavioral Problems in Organizations, C. Cooper (Ed.), Prentice Hall, Englewood
Cliffs, New York.
DRIVER, M. J. (1988). ‘Careers: A Review of Personal and Organizational Research’
en C. Cooper (Ed.) International Review of Industrial and Organizational
DRU, J. M. (1997). ‘Disrupt your Business’, Journal of Business Strategy, 18 (3),
pp. 24-29.
FLAMHOLTZ, E. G.; COFF, R. (1989). ‘Valuing Human Resources in Buying service
Companies’, Mergers & Acquisitions, 23 (1), pp. 40-44.
FORAY, D.; LUNDVALL, B. A. (1996). ‘The Knowledge-based Economy: From the
Economics of Knowledge to the Learning economy. OECD’, Employment and Growth
in the Knowledge-based Economy, Paris.
FREEMAN, C. (1982). ‘The Economics of Industrial Innovation’, 2nd edition, Pinter
Publishers, London.
GRANT, R. (1997). ‘The Knowledge-Based View of the Firm: Implications for
Management Practice’, Long Range Planning, 30 (3), pp. 450-454.
HALL, R. (1989). ‘The Management of Intellectual Assets: A new Corporate
Perspective’, Journal of General Management, 15 (1), pp. 53-68.
HALL, R. (1991). ‘The Contribution of Intangible Resources to Business Success’,
Journal of General Management, 16 (4), pp. 41-52.
HALL, R. (1992). ‘The Strategic Analysis of Intangible Resources’, Strategic
Management Journal 13, pp. 135-144.
HALL, R. (1993). ‘A Framework Linking Intangible Resources and Capabilities to
Sustainable Competitive Advantage’, Strategic Management Journal 14, pp. 607-
© Intangible Capital - Nº 12 - Vol. 2- pp. 236-258, Abril-Junio de 2006 - ISSN: 1697-9818 (Cod:0067)
Los recursos humanos en los procesos de fusión y adquisición 255
Noemí Martínez Caraballo
HAMBRICK, D. C.; CANNELLA A. A. Jr. (1993). ‘Relative Standing: A Framework for
Understanding Departures of Acquired Executives’, Academy of Management
Journal, 36, pp. 733-762.
HAMBRICK, D. C.; MASON, P. (1984). ‘Upper Echelons: the Organization as a
reflection of its Top Managers’, Academy of Management Review, 9, pp. 193-206.
HAMEL, G. (1991). ‘Competition for Competence and Inter-Partner Learning Within
International Strategic Alliances’, Strategic Management Journal, 15 (4), pp. 291-
HAMEL, G.; PRAHALAD, C. K. (1990). ‘The Core Competence of the Corporation’,
Harvard Business Review, Mayo-Junio, pp. 79-91.
HARVEY, M. G.; LUSCH, R. F. (1995). ‘Expanding the Nature and Scope of Due
Dilligence’, Journal of Business Venturing 10 (1), pp. 5-21.
HERMANSON, R. H. (1964). Accounting for Human Assets, Occasional Paper 14,
Bureau of Business and Economic Research, Graduate school of Business
Administration, Michigan State University.
JANSEN, A. S. (2002). ‘Pre-und Post Merger-Integration in Cross Border
Transactions’, European M&As, Corporate Restructuring and Consolidation Issues,
IESE, Barcelona.
JEMISON, D. B.; SITKIN, S. (1986a). ‘Corporate Acquisitions: A Process
Perspective’, Academy of Management Review 11 (1), pp. 145-163.
JEMISON, D. B.; SITKIN, S. (1986b). ‘Acquisitions: the Process Can Be a Problem’,
Harvard Business Review, Marzo-Abril.
JORDAN, J.; JONES, P. (1997). ‘Assessing your Company’s Knowledge Management
Style’, Long Range Planning 30 (3), pp. 392-398.
KLEINERT, J.; KOLDT, H. (2002). ‘Causes and Consequences of Merger Waves
European M&As’, Corporate Restructuring and Consolidation Issues, IESE,
© Intangible Capital - Nº 12 - Vol. 2- pp. 236-258, Abril-Junio de 2006 - ISSN: 1697-9818 (Cod:0067)
Los recursos humanos en los procesos de fusión y adquisición 256
Noemí Martínez Caraballo
KRUG, J. A.; HEGARTY, W. H. (1997). ‘Postacquisition Turnover Among U.S. Top
Management Teams: An Analysis of the Effects of Foreign vs. Domestic Acquisitions
of U.S. Targets’, Strategic Management Journal 18 (8), pp. 667-675.
KRUG, J. A.; HEGARTY, W. H. (2001). ‘Research Notes and Commentaries:
Predicting who Stays and Leaves after an Acquisition: A Study of Top Managers in
Multinational Firms’, Strategic Management Journal 22, pp. 185-196.
KUSSEWITT, J. B. Jr. (1985). ‘An Exploratory Study of Strategic Acquisition Factors
Relating to Performance’, Strategic Management Journal, 6, pp. 185-196.
LARSSON, R.; FINKELSTEIN, S. (1999). ‘Integrating Strategic, Organizational and
Human Resource Perspectives on Mergers and Acquisitions: A Case Survey of
Synergy Realization’, Organization Science, 10 (1), pp. 1-25.
LARSSON, R.; DRIVER, M. ; HOLMQVIST, M. y SWEET, P. (2001). ‘Career Disintegration
and Re-Integration in Mergers and Acquisitions: Managing Competence
and Motivational Intangibles’, European Management Journal, 19 (6), pp. 609-618.
LEE, T. W.; MOWDAY, R. T. (1987). ‘Voluntarily Leaving an Organization: An
Empirical Investigation of Steers and Mowday’s Model of Turnover’, Academy of
Management Journal, 30, pp. 721-743.
LEV, B. (1998). Intangibles and Gains from Insider Trading, New York University.
LEV, B. Y ZAROWIN, P. (1998). ‘The Boundaries of Financial Reporting and How to
Extend them’, Working Paper, New York University.
MARKS, M. L.; MIRVIS, P. H. (1985). ‘Merger Syndrome: Stress and Uncertainty’,
Mergers and Acquisitions, 20, pp. 50-55.
MENGUZZATO, M.; RENAU, J. J. (1995). ‘Estrategias de Empresa y Teoría de los
Costes de Transacción’, ICE, 746, Octubre, pp. 7-24.
MERGERSTAT (2000). [Consultado: abril, 2006]
© Intangible Capital - Nº 12 - Vol. 2- pp. 236-258, Abril-Junio de 2006 - ISSN: 1697-9818 (Cod:0067)
Los recursos humanos en los procesos de fusión y adquisición 257
Noemí Martínez Caraballo
MICHEL, J. G.; HAMBRICK, D. C. (1992). ‘Diversification Posture and Top
Management Team Characteristics’, Academy of Management Journal, 35, pp. 9-37.
PARKES, H. (1997). ‘Valuing Intelligence: Rethinking some Fundamentals’,
Australian Accountant, 67 (10), pp. 28-31.
PORTER, M. E. (1987). ‘From Competitive Advantage to Corporate Strategy’,
Harvard Business Review, May - June, 3, pp. 43-59.
POSTREL, V. I. (1996). ‘It's All in the Head’, Forbes Magazine, 157 (4), February,
PRITCHETT, P. (1985). After the Merger: Managing the Shockwaves, Ed. Dow
Jones-Irwin, New York.
RUMELT, R. (1982). ‘Diversification Strategies and Profitability’, Strategic
Management Journal, 3, pp. 359-369.
SCHULER, R.; TARIQUE, I.; JACKSON, S. (2004). ‘Managing Human Resources In
Cross-Border Alliances’ En: Cary L. Cooper, and Sydney Finkelstein (Eds.):
Advances in Mergers and Acquisitions, 3.
SCHWEIGER, D. M.; DENISI, A. S. (1991). ‘Communication with Employees
Following a Merger: A Longitudinal Field Experiment’, Academy of Management
Journal, 34, pp. 110-135.
SENN, L. (1989). Culture en Richard S. Bibler (Eds.). The Arthur Young
Management Guide to Mergers and Acquisitions, John Wiley & Sons, New York.
SIMONIN, B. L. (1999). ‘Ambiguity and the Process of Knowledge Transfer in
Strategic Alliances’, Strategic Management Journal, 20, pp. 595-623.
SOLOW, R. (1957). ‘Technical Change and the Aggregate Production Function’,
Review of economics and Statistics, vol. 39, pp. 312-320.
VAZQUEZ, C. J. (1992). ‘Creación de Valor en las Fusiones Empresariales’,
Economía Industrial, Noviembre-Diciembre, pp. 113-127.
© Intangible Capital - Nº 12 - Vol. 2- pp. 236-258, Abril-Junio de 2006 - ISSN: 1697-9818 (Cod:0067)
Los recursos humanos en los procesos de fusión y adquisición 258
Noemí Martínez Caraballo
VERMEULEN, F.; BARKEMA, H. (2001). ‘Learning Through Acquisitions’, Academy of
Management Journal, 44 (3), pp. 457-476.
WALSH, J. P. (1988). ‘Top Management Turnover Following Mergers and
Acquisitions’, Strategic Management Journal, 9 (2), pp. 173-183.
WALSH, J. P. (1989). ‘Doing a Deal: Merger and Acquisition Negotiations and their
Impact upon Target Company Top Management Turnover’, Strategic Management
Journal, 10 (4), pp. 307-322.
WALSH, J. P.; ELLWOOD, J. W. (1991). ‘Mergers, Acquisitions and the Pruning of
Managerial Deadwood: An Examination of the Market for Corporate Control’,
Strategic Management Journal, 12, pp. 201-217.
Walsh, J.P.; KOSNIK, R. D. (1993). ‘Corporate Raiders and their Disciplinary Role in
the Market for Corporate Control’, Academy of Management Journal, 36, pp. 671-
WANOUS, J. P. (1977). ‘Organizational Entry: Newcomers Moving from Outside to
Inside’, Psychological Bulletin, 84, pp. 601-618.
WHITE, J. B.; SONDHI, A. C. y FRIED, D. (1994). The Analysis and Uses of Financial
Statements, New York, John Wiley and Sons.
YAGÜE, M. J. (1998). ‘La Cooperación Interempresarial: Fusiones, Concentraciones
y Alianzas Estratégicas’, Economía Industrial, 320, pp. 65-75.

Thank you for copying data from