We open the black box of the M&A decision process by examining whether specialized M&A staff, who perform a wide range of acquisition-related functions, improve acquisition performance. We find that the presence and the quality of specialized M&A staff is one of the most economically important determinants of acquisition performance. We explore mechanisms through which specialized M&A staff improve acquisition performance and investigate why only less than half of US firms employ such staff. Agency costs are a first-order determinant for specialized M&A staff's value-creation role. Such staff do not improve acquisition performance in firms with heightened agency conflicts.

我们通过检查执行广泛收购相关职能的专业并购人员是否提高了收购绩效，打开了并购决策过程的黑匣子。我们发现，专业并购人员的存在和质量是收购绩效在经济上最重要的决定因素之一。我们探索了专门的并购人员提高收购绩效的机制，并调查了为什么只有不到一半的美国公司雇用了这样的员工。代理成本是专业并购人员的价值创造角色的首要决定因素。在代理冲突加剧的公司中，此类员工不会提高收购绩效。