This study empirically examines the job satisfaction of Korean employees following the acquisition of domestic firms by foreign multinational corporations. In the case of international acquisitions occurring between firms of different nationalities, the employees of the acquired firm undergo numerous changes. This study analyzes the impact on job satisfaction by distinguishing between the psychological and phenomenological factors experienced by employees of acquired Korean firms following international mergers and acquisitions. Therefore, this provides an opportunity to understand the shock experienced by employees who belonged to Korean firms that underwent rapid international mergers and acquisitions following the Asian financial crisis. In this study, the perception of cultural change within the organization and changes in employee-company identity resulting from international acquisition were identified as psychological change factors, while position transfers and restructuring that occurred after Korean firms were acquired by foreign firms were identified as phenomenological factors that could affect job satisfaction. The effects of these factors on employees' post-acquisition job satisfaction were then analyzed. According to the analysis of 513 questionnaires completed by employees working at 15 internationally acquired firms, restructuring following international acquisition and changes in organizational identity were found to be major causes of significant effects on job satisfaction. However, Korean employees acquired by foreign firms were found to be more affected by psychological factors such as changes in organizational culture and identity changes than by phenomenological factors such as restructuring or position changes. These are interesting findings that have not been revealed in previous studies, and explanations regarding the changes in job satisfaction felt by employees after being acquired or merged with foreign firms are discussed in the final section of the paper.