RESEARCH

Books by Dr. Krug
Research articles by Dr. Krug

Summary of Research

Dr. Krug’s research focuses on corporate strategy, mergers and acquisitions, global strategy, top management teams, and executive leadership. He is a leading authority on the effects of M&As on top management teams. His database of more than 1000 companies is the largest source of data on executive turnover patterns in target companies available. He has analyzed the careers of more than 25,000 executives involved in M&As. His research shows that M&As create instability in acquired companies that can last ten or more years after the acquisition

His research also focuses on cross-border merger and acquisitions. Target companies experience different patterns of turnover after an acquisition based on the nationality of the acquirer. For example, Japanese firms tend to make significant changes in the target company within months after the acquisition, primarily as a means of establishing control and reducing uncertainty. In contrast, German firms tend to leave the target company’s executive team intact during the first year after the acquisition, while it learns the target company’s operations. It then replaces a significant portion of the target company’s top management team in the second year after the acquisition. Cultural differences and the acquisition and international experience of the acquirer significantly affect the acquirer’s ability to re-establish leadership continuity target firms following an acquisition.

Presentation of effects of M&As on top management teams

Books
Krug is author, coauthor, or editor of six books.  His recent book entitled Mergers & Acquisitions: Turmoil in Top Management Teams (2009, Business Expert Press) is the product of more than 15 years of research on the effects of M&As on acquired executive teams.  It provides a framework for understanding how acquiring firms can construct effective top management teams in target companies after an acquisition.

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Leading the Organization: Governance, Strategy, and Execution (2010, Business Expert Press), co-authored with Wally Stettinius, provides executives and students of general management with a broad overview of the theories, concepts, tools, and principles of general management, leadership, governance, strategy, and execution.  It then integrates these topics into a comprehensive framework that helps executives think systematically about how their business as a whole should be managed.

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Organizational Change: Managing Long-Term Top Management Team Instability (2010, Business Expert Press) gives executives an in-depth look at the long-term consequences of organizational change.  Executives initiate change by acquiring new businesses, divesting under-performing units, and downsizing.   Organization Change provides a roadmap for understanding how firms can manage long-term leadership stability in firms following organizational change.

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Corporate Strategy (2009, Sage Publications Ltd., London) provides an in-depth analysis of the literature on the structural analysis of industries, the determinants of competition, models of portfolio analysis, determination of firm scale and scope, diversification and performance, vertical integration, global integration, structure and control, and organizational leadership.  It includes three volumes of articles from leading authors in the field.

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Mergers and Acquisitions (2008, Sage Publications Ltd., London) critically examines the research on the “soft side” of mergers and acquisitions. It includes three volumes of articles by leading authors in the field. The articles discuss merger trends, corporate strategy and M&A merger types, theoretical explanations for M&A, acquisition analysis, the negotiation process, decision-making processes, stakeholder effects of M&As, corporate governance, integration capabilities, and value creation in M&As.

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Multinational Enterprise Theory (2008, Sage Publications Ltd., London) provides an analysis of the literature on MNE theory and includes a three-volume collection of articles from a range of U.S. and non-U.S. scholars.  The three volumes are entitled (1) The Multinational Enterprise, (2) Internationalization Process of the MNE, and (3) Organizational Structure and Control.

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International Business and Globalization(2007, Sage Publications, London) analyzes the literature in international business and foreign direct investment.  Co-edited with John Daniels of the University of Miami, it includes three volumes of leading journals and book chapters in the field.  The three volumes are entitled (1) The Growth, Consequences, and Future of Globalization; (2) Globalization and National Cultures; and (3) Effects of Globalization on the Firm.

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Research Articles

Dr. Krug is a leading authority on the post-merger effects of M&As on target company top management teams.  Krug conducts leading-edge research on merger integration, top management team and leadership effects of mergers and acquisitions, and global strategy.  His research has been published in the leading journals in strategic and international management, including Harvard Business Review, Strategic Management Journal, Journal of Business Strategy, California Management Review, Journal of World Business, Journal of Management & Governance, and Journal of International Management, among other related journals. 

Articles

Krug, J. A. (2009). An analysis of long-term leadership continuity in target firms. Journal of Business Strategy.
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Krug, J. A., & Shill, W. (2008). The big exit: Executive churn in the wake of M&As. Journal of Business Strategy, 29(4): 15–21
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Wright, P., Kroll, M., Krug, J. A., & Pettus, M. (2007). Influences of top management team incentives on firm risk taking. Strategic Management Journal, 28, 81–89
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Daniels, J. D., Krug, J. A., & Trevino, L. (2007). Foreign direct investment from Latin America and the Caribbean. Transnational Corporations Journal, 16, 27–53.
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Krug, J. A. (2006). Turnover from the employee’s perspective: The involuntary-voluntary taxonomy. In A. Rahim & R. Golembiewski (Eds.), Current Topics in Management, 11, 137–154.
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Krug, J. A., & Aguilera, R. (2005). Top management team turnover in mergers and acquisitions. In C. L. Cooper & S. Finkelstein (Eds.), Advances in Mergers & Acquisitions, 4, 123–154
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Furrer, O., Krug, J. A., Sudharshan, D., & Thomas, H. (2004). Resource-based theory and the global strategy, structure, and performance relationship: An integrative framework. International Journal of Management and Decision Making, 5, 99–116
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Krug, J. A. (2003). Why do they keep leaving? Harvard Business Review, 81, 14–15.
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Krug, J. A. (2003). Executive turnover in acquired firms: An analysis of resource-based theory and the upper echelons perspective. Journal of Management & Governance, 7, 117–143. 
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Krug, J. A., & Hegarty, W. H. (2001). Predicting who stays and leaves after an acquisition: A study of top managers in multinational firms. Strategic Management Journal, 22, 185–196
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Krug, J. A., & Nigh, D. (2001). Executive perceptions in foreign and domestic acquisitions:  An analysis of foreign ownership and its effect on executive fate. Journal of World Business, 36, 85–105
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Krug, J. A., & Nigh, D. (1998). Top management departures in cross-border acquisitions: Governance issues in an international context. Journal of International Management, 4, 267–287.
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Krug, J. A., & Hegarty, W. H. (1997). Postacquisition turnover among U.S. top management teams: An analysis of the effects of foreign versus domestic acquisitions of U.S. targets. Strategic Management Journal, 18, 667–675
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Krug, J. A., & Hegarty, W. H. (1996). KFC-USA: Doing chicken right in the U.S. fast-food industry. Business Case Journal, 4, 1–24.

Krug, J. A., & Daniels, J. D. (1994). Latin American and Caribbean direct investment in the United States: An analysis of investment patterns and U.S. policy implications. Multinational Business Review, 2, 1 – 12.
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Daniels, J. D., Krug, J. A., & Nigh, D. W. (1985). U.S. joint ventures in China: Motivation and management of political risk. California Management Review, 17, 46–58.
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Scholarly Chapters and Non-Refereed Articles
Krug, J. A. (2008). Corporate strategy.  In J. A. Krug (Ed.), Corporate Strategy (Vol. 1, 1st ed., forthcoming). London: Sage Publications.

Krug, J. A. (2008). Long-term top management team effects in mergers and acquisitions. In J. A. Krug (Ed.), Corporate Strategy (Vol. 3, 1st ed.). London: Sage Publications (Reprint from Journal of Business Strategy, 2008).

Krug, J. A. (2008). Mergers & acquisitions.  In J. A. Krug (Ed.), Mergers & Acquisitions (Vol. 1, 1st ed.). London: Sage Publications.

Krug, J. A. (2008). Why do they keep leaving? In J. A. Krug (Ed.), Mergers & Acquisitions (Vol. 3, 1st ed.). London: Sage Publications (Reprint from Harvard Business Review, 2003).

Krug, J. A. (2008). Executive turnover in acquired firms: An analysis of resource-based theory and the upper echelons perspectives. In J. A. Krug (Ed.), Mergers & Acquisitions (Vol. 3, 1st ed., forthcoming). London: Sage Publications (Reprint from Journal of Management & Governance, 2003).

Krug, J. A., & Daniels, J. D. (2008). Multinational enterprise theory. In J. A. Krug and J. D. Daniels (Eds.), Multinational Enterprise Theory (Vol. 1, 1st ed., pp. ix–xxxv). London: Sage Publications.

Daniels, J. D., Krug, J. A., & Nigh, D. (2008). U.S. joint ventures in China: Motivation and management of political risk. In J. A. Krug & J. D. Daniels (Eds.), Multinational Enterprise Theory (Vol. 2, 1st ed., pp. 165–176). London: Sage Publications (Reprint from California Management Review, 1985).

Daniels, J. D., & Krug, J. A. (2007). International business and globalization. In J. D. Daniels and J. A. Krug (Eds.), Research in International Business and Globalization (Vol. 1, 1st ed., pp. xviii–iil). London: Sage Publications.

Krug, J., & Nigh, D. (1998). Top management turnover: Comparing foreign and domestic acquisitions of U.S. firms. In D. Woodward and D. Nigh (Eds.), Foreign Ownership and the Consequences of Direct Investment in the United States (pp. 271–287). Westport, CT: Quorum Books.

Krug, J. A., & Daniels, J. D. (1996). Latin American and Caribbean direct investment in the United States: An analysis of investment patterns and U.S. policy implications.  In S. H. Kim, S. H. Kim, D. Kujawa, and G. Ulferts (Eds.), Readings in International Business (pp. 123–143). New York: University Press of America (Reprint).

Krug, J. A., & Stalzer, E. D. (1996). Fujimori's success in Peru. On Wall Street, 6, 1.

Krug, J. A., & Stalzer, E. D. (1996). Colombia's markets threatened by possible U.S. sanctions, On Wall Street, 6, 24–25.

Academic Proceedings

Seers, A., & Krug, J. A. (2007). MBA placement market differentiation: Corporate recruiter preferences and school characteristics. Academy of Management Best Paper Proceedings, 1–6.

Krug, J. A., Michael, S. C., Wright, P., & Kroll, M. (2005). Managerial discretion:  A framework for understanding long-term top management change in acquired firms. In Proceedings of Southern Management Association.

Daniels, J. D., Krug, J. A., & Trevino, L. (2005). Foreign direct investment from Latin America and the Caribbean. In Proceedings of Academy of International Business – Southeast (pp. 1–12).

Krug, J. A. (2005). Turnover from the employee’s perspective: The involuntary voluntary taxonomy. In Proceedings of the Twelfth Annual International Conference on Advances in Management (Vol. 12, pp. 105–107).

Furrer, O., Krug, J. A., Sudharshan, D., & Thomas, H. (2004). Breaking down synergy barriers in diversified multinational corporations. In Southwest Review of International Business Research (Vol. 15, pp. 160–1976).

Krug, J. A. (1994). KFC: Doing chicken right in the turbulent U.S. fast-food industry. In Proceedings of the North American Case Research Association (p. 30).

Krug, J. A. (1993). An assessment of mergers and acquisitions: An expanded examination of costs & benefits. In Conference Proceedings of The Institute for Behavioral and Applied Management (p. 199).

Krug, J. A. (1993). Value creation in mergers & acquisitions: Toward a better understanding of the merger process. In Proceedings of the Association of Management (pp. 83–88).

Krug, J. A. (1992). An analysis of European acquisition activity in the U.S. and its impact on U.S. top management teams. In Business and Economic Studies on European Integration, Working Paper Series. Copenhagen: Institute for Economics and Business.

Krug, J. A., & Daniels, J. D. (1992). Latin American investment in the United States, 1980-1988.  In Conference Proceedings of the Business Association of Latin American Studies (BALAS) (pp. 145–152).

Krug, J. A. (1991). Do mergers and acquisitions really create value? An examination of costs and benefits. In Conference Proceedings (pp. 197–202). Academy of Management, Midwest Division.