Does Manager Overconfidence Drive Chinese Listed Companies' M&A Activities?

被引：0

作者：

Yang De-yong ^{[1
]}

Ma Xiao-kui ^{[2
]}

Li Ya-ping ^{[1
]}

机构：

[1] Beijing Technol & Business Univ, Sch Econ, Beijing 100048, Peoples R China

[2] Renmin Univ China, Sch Business, Beijing, Peoples R China

来源：

2012 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING | 2012年

关键词：

manager overconfidence; corporate governance level; M&A; circulation times;

D O I：

暂无

中图分类号：

C93 [管理学]; O22 [运筹学];

学科分类号：

070105 ; 12 ; 1201 ; 1202 ; 120202 ;

摘要：

Merger and acquisition (M&A) becomes common in capital market. This paper attempts to study the relation between manager overconfidence and M&A of the listed companies based on the perspective of managers' behavior by employing the sample of A-share listed firms with M&A behavior from 2006 to 2011 and by building Logit model. The results show that: (1) manager overconfidence does induce M&A of Chinese listed companies. Specifically, when manager overconfidence is higher, more possible of the M&A decision is made. (2) Given the fact of manager overconfidence, the worse of the corporate governance level, the more active of merger and acquisition is. In addition, this paper divides the corporate governance level to 7 variables, and studies the relation between 7 variables and M&A decision.

引用

页码：768 / 776

页数：9

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