CEO Overconfidence and International Merger and Acquisition Activity

被引：198

作者：

Ferris, Stephen P. ^{[1
]}

Jayaraman, Narayanan ^{[2
]}

Sabherwal, Sanjiv ^{[3
]}

机构：

[1] Univ Missouri, Trulaske Coll Business, Columbia, MO 65211 USA

[2] Georgia Inst Technol, Scheller Coll Business, Atlanta, GA 30308 USA

[3] Univ Texas Arlington, Coll Business, Arlington, TX 76019 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2013年 / 48卷 / 01期

关键词：

ACQUIRING FIRMS; CORPORATE; PERFORMANCE; EXPLANATION; RELIGION; GENDER; MARKET; GAINS; RISK;

D O I：

10.1017/S0022109013000069

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the role that chief executive officer (CEO) overconfidence plays in an explanation of international mergers and acquisitions during the period 2000-2006. Using a sample of CEOs of Fortune Global 500 firms over our sample period, we find that CEO overconfidence is related to a number of critical aspects of international merger activity. Overconfidence helps to explain the number of offers made by a CEO, the frequencies of nondiversifying and diversifying acquisitions, and the use of cash to finance a merger deal. Although overconfidence is an international phenomenon, it is most extensively observed in individuals heading firms headquartered in Christian countries that encourage individualism while de-emphasizing long-term orientation in their national cultures.

引用

页码：137 / 164

页数：28

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