Unlike previous studies that have primarily focused on the causes and processes,this research emphasizes the consequences of collective turnover.Starting from a literature review,we use event chains to explore the consequences of collective turnover.Based on the case study of the Qidian founders' collective turnover,we build a holistic theoretical framework to show the dynamics and continuity over time,influenced by the complexity of context.Our main conclusions are as follows:(1) collective turnover has a cascade effect,causing a series of secondary and derivative events,(2) collective turnover has both proximal and distal impacts on human capital flow,operational performance and financial performance,(3) whether or not a collective turnover has a positive or negative effect depends on the context factors.An event chain perspective that extends collective turnover theory and organizational behavior theory is used.We advocate for an integrate understanding of the consequences of collective turnover.In addition,this research will provide practical,instructive policies to intervene in collective turnover.