Liability of not being known: CEO media visibility and acquisition timing in acquisition waves

IF 10.5 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2025-07-21 DOI:10.1016/j.jbusres.2025.115610

Russell Fralich, Alireza Ahmadsimab, Marie-Ann Betschinger

引用次数: 0

Abstract

We examine the role of CEO media visibility on the timing of the CEO firm’s acquisitions in a merger wave. We propose that when CEOs are more visible in the media, their capability to acquire increases while their motivation to acquire decreases. Using a sample of U.S.-based acquisitions between 2000 and 2018, we show that less visible CEOs delay merger wave entry, but that CEOs already in the media spotlight also tend to delay, albeit for different reasons. High CEO financial incentives moderate this relationship to encourage earlier wave entry. A CEOs’ performance track record also moderates this relationship such that low visibility CEOs with good past performance tend to join earlier. Our findings contribute to our understanding of CEO factors affecting the timing of acquisitions.

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不为人知的责任：CEO的媒体可见度和收购浪潮中的收购时机

我们考察了在并购浪潮中，CEO媒体知名度对CEO公司收购时机的影响。我们认为，当ceo在媒体上的曝光率更高时，他们的收购能力会提高，而收购动机会降低。我们以2000年至2018年间美国的收购为样本，发现知名度较低的首席执行官推迟了并购浪潮的到来，但已经成为媒体关注焦点的首席执行官也倾向于推迟，尽管原因不同。高额的CEO财务激励缓和了这种关系，从而鼓励更早进入浪潮。ceo的业绩记录也会缓和这种关系，因此过去表现良好但知名度较低的ceo往往会更早加入。我们的发现有助于我们理解CEO影响收购时机的因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.