The benefits of internal labor markets are largest when they include industries that utilize similar worker skills, thereby facilitating cross-industry worker reallocation and collaboration. We show that diversifying acquisitions occur more frequently among industry pairs with higher human capital transferability. Such acquisitions result in larger labor productivity gains and are less often undone in subsequent divestitures. Moreover, acquirers retain more high-skill workers and more often transfer workers to jobs in other industries inside the merged firm. Overall, our results link human capital reallocation with the value created by corporate diversification and provide an explanation for seemingly unrelated acquisitions.

中文翻译：

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收购中的人为因素：跨行业劳动力流动和企业多元化

当内部劳动力市场包括利用类似工人技能的行业时，内部劳动力市场的好处是最大的，从而促进跨行业工人的重新分配和协作。我们发现，在人力资本可转移性较高的行业对中，多元化收购更频繁地发生。此类收购会带来更大的劳动生产率收益，并且在随后的资产剥离中很少会被撤销。此外，收购方保留了更多的高技能工人，并且更经常地将工人转移到合并公司内其他行业的工作岗位。总体而言，我们的结果将人力资本重新分配与企业多元化创造的价值联系起来，并为看似无关的收购提供了解释。