{"title":"Forged at Workforce Entry? CEO Imprinting, Information Uncertainty and Merger Wave Timing","authors":"Russell Fralich, Alireza Ahmadsimab","doi":"10.1111/joms.13014","DOIUrl":null,"url":null,"abstract":"<p>We examine the imprinting effect of labour market conditions on a CEO's merger wave timing decisions. Based on a sample of 720 CEOs of US-based firms in merger waves between 1995 and 2018, we found that CEOs who started their careers during periods of poor labour market conditions tend to delay merger wave entry, while those who began under better conditions act earlier. We also found that the market uncertainty at the beginning of the merger wave decays this effect on CEOs whose workforce entry coincided with poor labour market conditions. This study contributes to the M&A literature by highlighting the long-term impact of early career experiences on CEO merger wave timing decisions and how those preferences may decay when faced with different conditions later in their careers.</p>","PeriodicalId":48445,"journal":{"name":"Journal of Management Studies","volume":"61 8","pages":"3627-3652"},"PeriodicalIF":7.0000,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Management Studies","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/joms.13014","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
We examine the imprinting effect of labour market conditions on a CEO's merger wave timing decisions. Based on a sample of 720 CEOs of US-based firms in merger waves between 1995 and 2018, we found that CEOs who started their careers during periods of poor labour market conditions tend to delay merger wave entry, while those who began under better conditions act earlier. We also found that the market uncertainty at the beginning of the merger wave decays this effect on CEOs whose workforce entry coincided with poor labour market conditions. This study contributes to the M&A literature by highlighting the long-term impact of early career experiences on CEO merger wave timing decisions and how those preferences may decay when faced with different conditions later in their careers.
期刊介绍：
The Journal of Management Studies is a prestigious publication that specializes in multidisciplinary research in the field of business and management. With a rich history of excellence, we are dedicated to publishing innovative articles that contribute to the advancement of management and organization studies. Our journal welcomes empirical and conceptual contributions that are relevant to various areas including organization theory, organizational behavior, human resource management, strategy, international business, entrepreneurship, innovation, and critical management studies. We embrace diversity and are open to a wide range of methodological approaches and philosophical perspectives.
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