We study the market performance of acquirers of targets that are public founder CEO firms. Using a switching regression model, we first estimate the unique value embedded in these targets due to founder presence, which we term “Founder Firm Premium.” We find Founder Firm Premium was positively associated with founder CEO departure ex-post, and was negatively associated with acquirer abnormal returns. Our results suggest that the while acquirers pay for founder human capital upfront, they may not necessarily appropriate the associated value ex-post, and that this uncertainty significantly influences acquisition performance. Additionally we illustrate the tradeoffs involved in founder CEO acquisitions, while drawing attention to the need for differentiating between professional and entrepreneurial human capital in acquisitions.

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创始人CEO公司收购的表现：创始人公司溢价的影响

我们研究了目标收购方的市场表现，这些收购方是公共创始人 CEO 公司。使用切换回归模型，我们首先估计由于创始人的存在而嵌入这些目标的独特价值，我们称之为“创始人公司溢价”。我们发现 Founder Firm Premium 与创始人 CEO 离职后呈正相关，与收购方异常回报呈负相关。我们的研究结果表明，虽然收购方为创始人的人力资本支付了前期费用，但他们可能不一定会在事后适当地使用相关的价值，并且这种不确定性会显着影响收购绩效。此外，我们还说明了收购创始人 CEO 所涉及的权衡取舍，同时提请注意在收购中区分专业人力资本和创业人力资本的必要性。