CEO Characteristics Enhancing the Impact of CEO Overconfidence on Firm Value After Mergers and Acquisitions - A Case Study in China

被引：16
|
作者：
Tang, Chia-Hsien [1 ]
Lee, Yen-Hsien [2 ]
Lee, Ming-Chih [3 ]
Huang, Ya-Ling [4 ]
机构：
[1] Guangxi Univ Finance & Econ, Coll Accounting & Auditing, 100 Mingxiu Rd, Nanning 530003, Guangxi, Peoples R China
[2] Chung Yuan Christian Univ, Dept Finance, 200 Chung Pei Rd, Taoyuan 32023, Taiwan
[3] Tamkang Univ, Dept Banking&Finance, New Taipei, Taiwan
[4] Chaoyang Univ Technol, Dept Golden Ager Ind Management, Taichung, Taiwan
来源：
REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES | 2020年 / 23卷 / 01期
关键词：
Overconfidence; corporate governance; mergers and acquisitions; AGENCY PROBLEMS; CORPORATE; OWNERSHIP; PERFORMANCE; INVESTMENT; MANAGERS; MARKET;
D O I：
10.1142/S0219091520500034
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study aims to explore whether various characteristics of chief executive officers (CEO) enhance the impact of CEO overconfidence on a firm's value after mergers and acquisitions. The study finds that overconfident CEOs have a positive impact on firm value after mergers and acquisitions. The study also shows that overconfidence amongst CEOs can help to explain merger and acquisition decisions and the likelihood of pursuing acquisitions. Young CEOs were also found to significantly increase the impact of CEO overconfidence on a firm's value after mergers and acquisitions, while female CEOs were found to be more risk averse when compared to their male peers, with lower leverage and less volatility in their firms when compared to firms run by male CEOs.
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收藏
页数：19
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