共 41 条
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
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.
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页码:137 / 164
页数:28
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