The blind power: Power-led CEO overconfidence and M&A decision making
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Hwang, Hyoseok (David) | ko |
| dc.contributor.author | Kim, Hyun-Dong | ko |
| dc.contributor.author | Kim, Taeyeon | ko |
| dc.date.accessioned | 2021-03-26T03:32:30Z | - |
| dc.date.available | 2021-03-26T03:32:30Z | - |
| dc.date.created | 2020-05-06 | - |
| dc.date.issued | 2020-04 | - |
| dc.identifier.citation | NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, v.52 | - |
| dc.identifier.issn | 1062-9408 | - |
| dc.identifier.uri | http://hdl.handle.net/10203/282061 | - |
| dc.description.abstract | The behavioral finance literature attributes failed M&As to CEO overconfidence. We investigate the source of CEO overconfidence that leads to failed M&As. Among various determinants of CEO overconfidence, we propose that power-led CEO overconfidence delivers undesirable consequences in corporate investments. Using CEO-level data, we find that CEO power increases the probability of a CEO being overconfident. We also show that power-led overconfident CEOs tend to complete more deals regardless of economic circumstances, do stock acquisitions, and make diversifying acquisitions, relative to non-overconfident CEOs. The results suggest that the findings of previous studies on M&As by overconfident CEOs could be driven by power-led overconfident CEOs. | - |
| dc.language | English | - |
| dc.publisher | ELSEVIER SCIENCE INC | - |
| dc.title | The blind power: Power-led CEO overconfidence and M&A decision making | - |
| dc.type | Article | - |
| dc.identifier.wosid | 000526121400014 | - |
| dc.identifier.scopusid | 2-s2.0-85077363777 | - |
| dc.type.rims | ART | - |
| dc.citation.volume | 52 | - |
| dc.citation.publicationname | NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | - |
| dc.identifier.doi | 10.1016/j.najef.2019.101141 | - |
| dc.contributor.nonIdAuthor | Hwang, Hyoseok (David) | - |
| dc.contributor.nonIdAuthor | Kim, Hyun-Dong | - |
| dc.description.isOpenAccess | N | - |
| dc.type.journalArticle | Article | - |
| dc.subject.keywordAuthor | CEO overconfidence | - |
| dc.subject.keywordAuthor | CEO power | - |
| dc.subject.keywordAuthor | Mergers and acquisitions | - |
| dc.subject.keywordAuthor | Corporate governance | - |
| dc.subject.keywordPlus | SELF-SERVING BIASES | - |
| dc.subject.keywordPlus | CORPORATE DIVERSIFICATION | - |
| dc.subject.keywordPlus | AGENCY COSTS | - |
| dc.subject.keywordPlus | FIRM | - |
| dc.subject.keywordPlus | COMPENSATION | - |
| dc.subject.keywordPlus | ACQUISITIONS | - |
| dc.subject.keywordPlus | ATTRIBUTION | - |
| dc.subject.keywordPlus | GOVERNANCE | - |
| dc.subject.keywordPlus | PERFORMANCE | - |
| dc.subject.keywordPlus | CONTRACTS | - |
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