Depends on the scenario. I know personally of several examples where key people who had little say in a company, but were key technical roles, simply resigned. Resigned publicly, and drained other talent with them. First it was the better talent who had the most options, and then it was everyone else, like rats off a sinking ship.
This reminds me of Exit, Voice, and Loyalty by Albert Hirshchman [0].
The gist is that you have two options Voice or Exit.
Voice means staying and fighting for things to change. It having any effect is predicated on the ability to Exit, to opt out of the situation and leave.
Staying and fighting means you may push for change. But quitting and bringing others with you means that you may force change.
This seems common in takeovers. I've seen it twice. In both cases the new management came in and said how surprised they were at the quality of their staff. Within two months all the management had gone. They were quickly followed by the technical staff.
This reminds me of Exit, Voice, and Loyalty by Albert Hirshchman [0]. The gist is that you have two options Voice or Exit. Voice means staying and fighting for things to change. It having any effect is predicated on the ability to Exit, to opt out of the situation and leave. Staying and fighting means you may push for change. But quitting and bringing others with you means that you may force change.
[0]: https://en.wikipedia.org/wiki/Exit%2C_Voice%2C_and_Loyalty