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The aim of the study was to compare the explanatory power of the dissatisfaction-based account of aged care employee turnover against that of Lee and Mitchell’s (1994) unfolding theory of turnover.

Mixed method prospective cohort study with three waves of employee survey data and an exit interview drawn from employees of a large Australian not-for-profit aged care provider. Independent t tests and mediated logistic regression analyses were conducted. Final sample: nStayers at Wave 3 = 138; nLeavers by Wave 3 = 42).

The classic dissatisfaction-based theory accounts for 19% of actual leavers. The five unfolding theory exit pathways accounted for 73.8% of all leavers. Stayers had the same dissatisfaction as leavers. Shock-based turnover (40.5% of all leavers) was more common than dissatisfaction-based turnover (33.5%). An additional 11.9% of leavers resigned to retire from paid work.

Dissatisfaction-based theory provided a relatively weak explanation of aged care turnover in this organisation. The unfolding theory provided a better and more nuanced account of employee leaving.

Unfolding theory exit interviews will assist aged care employers to better identify organizationally specific exit patterns and assist in finding appropriate organizational solutions to employee turnover.

This paper provides the first direct comparison of two explanations of aged care employee turnover and provides guidance to better retention at a time of labour shortage.

This study uses social exchange theory to describe, explain and propose the influence of dyad partners' leadership position structure, which includes the roles they play and their existing and prospective common experience, on their commitment to their dyad and their cooperation.

The study uses the case of equally empowered co-CEOs in a family business, who play the roles of family member, owner and executive; co-CEOs in a startup firm, who play the roles of owner and executive; and co-CEOs in a merger and acquisition (M&A), who play the role of executive. Co-CEOs in family businesses benefit from longer existing and longer prospective dyad longevity than co-CEOs in startups, who, in turn, benefit from longer existing and longer prospective dyad longevity than co-CEOs in M&As.

The study proposes that the roles the partners play in the dyads, and the existing and prospective longevity of their relationship, positively influence the partners' commitment to the dyad and their level of cooperation.

The study offers a model that has the potential to direct scholars at the formulation of the theory of top management symmetric formal power dyads dynamics and assist family business owners, startup partners, board of directors and co-CEOs in formulating and implementing upper echelons leadership plans to enhance cooperation and coordination between equal partners.