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From Employment to Entrepreneurship : The Effects of Merger and Acquisition

Regardless of the reasons stimulating M&As, the engaged firms are confronted with tough challenges and the need to assure a successful integration of the firms involved. A common short-term outcome of a M&A is reorganization through downsizing, reducing research and development activities and cutting down employees. With companies facing difficulties and inconveniences during the period of post-M&A, the concerned employees and their careers are compromised. This paper examines the conditions under which M&As affect the propensity of employees to switch from employment to entrepreneurship.We empirically investigate Swedish firms being involved in a M&A during the time period 2000-2009. We isolate firms operating in knowledge intensive industries yielding 35 239 observations including 9482 unique firms and 1395 mergers and acquisitions. Applying a fixed effect negative binomial regression, we confirm that the size difference, activity match and productivity difference have an impact on the number of spin-outs generated after a M&A.