CEO personality traits and corporate value implication of acquisitions

被引:12
作者
Aabo, Tom [1 ,2 ]
Hanousek, Jan [4 ]
Pantzalis, Christos [3 ]
Park, Jung Chul [3 ]
机构
[1] Aarhus Univ, Fuglesangs Alle 4, DK-8210 Aarhus V, Denmark
[2] Danish Finance Inst, Solbjerg Plads 3, DK-2000 Frederiksberg, Denmark
[3] Univ S Florida, Muma Coll Business, BSN3403, Tampa, FL 33620 USA
[4] Univ Memphis, Fogelman Coll Business, 3675 Cent Ave, Memphis, TN 38152 USA
关键词
Behavioral corporate finance; Corporate acquisitions; CEO personality traits; OVERCONFIDENT CEOS; 5-FACTOR MODEL; NARCISSISM; LEADERSHIP; STABILITY; CONSCIENTIOUSNESS; PERFORMANCE; CONFIDENCE;
D O I
10.1016/j.jempfin.2023.05.006
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We investigate how CEO personality traits moderate the shareholder value creation from corporate acquisitions. First, we document that the likelihood of corporate acquisitions is positively associated with extravert and overconfident CEOs consistent with the evidence of prior literature. Second, and most importantly, we document that stock prices react positively to acquisitions undertaken by conscientious CEOs. This finding is in line with the view that the stock market favors the detailed and planned approach towards acquisitions of conscientious CEOs. Furthermore, stock prices react positively to acquisitions undertaken by extraverted and overconfident CEOs but only after a good prior corporate performance stretch. Our results illustrate that CEO traits are important for the value implication of corporate acquisitions.
引用
收藏
页码:86 / 106
页数:21
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