Comment by neilv

One anecdata: The one time I accepted a counter-offer (but not for more money), I regretted it.

(I was at place that had an existential problem, and unhappily fighting it. Then, coincidentally, a different company, which had previously made me a tempting offer, checked back in. They made an offer to double my TC, which included a big title jump, to fit their pay grades. I wanted to be loyal to my team, so I went to the appropriate exec at my employer. I said I had an unsolicited offer that I had to decide on immediately, but I would stay if we could solve the problem. Was assured exec understood, and we could tackle the problem. I also asked for the company to do right by a couple other employees, while I had the exec's ear and the moment. Existential problem got worse, and couldn't be solved, for political reasons. Everyone was miserable, and I was out the boost to lifestyle and resume decorations.)

The more usual reasons I know not to mess with counter-offers are that: if the employer wasn't treating you fairly before, that's a problem; you might be flagged as disloyal; they might pay to keep you for temporary convenience, but get rid of you when more convenient for them.