Influence of Anomalies in CEO Behavior on M&A Performance of Innovative Firms in the U.S. Market

Student: Bronnikova Mariia

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

This paper is devoted to studying the influence of CEO behavior on the effectiveness of M & A of innovative companies in the United States. In particular, the paper analyzes the impact of personal characteristics of the CEO, overconfidence and the empire-building motive on the effectiveness of M & A transactions of innovative companies compared to ordinary ones. The role of the board of directors and corporate governance is also found to be essential when making strategic M & A decisions. A sample of 506 mergers and acquisitions, in which American innovative companies were buyers, was investigated. Based on the results of the analysis, conclusions were drawn regarding the factors affecting the effectiveness of M & A from corporate governance. Overconfidence and empire-motive CEO motives have a more negative impact on the M & A effectiveness of innovative companies than on M & A of ordinary firms.

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