激进的ceo和银行并购

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Mingming Ji, Liangliang Jiang
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引用次数: 0

摘要

自上世纪80年代以来,美国银行业经历了一波并购浪潮。尽管对这些浪潮的决定因素进行了大量研究,但关于首席执行官如何影响银行并购(并购)的研究却很少。本文研究了CEO攻击性对银行并购的影响。本文基于CEO的祖籍国和跨国战争数据,构建了一种新的衡量银行CEO攻击性的指标。我们发现,激进的首席执行官更有可能收购其他银行。此外,当CEO来自规模更大、盈利能力更强的银行,当CEO任期更长的时候,当CEO的祖籍国具有更男性化的文化时,CEO侵略性对银行并购决策的影响更为明显。此外,我们还表明,当ceo拥有更多的文化维护时,激进的ceo更有可能进行收购,这体现了ceo保留其原始文化价值观和信仰的程度。最后,我们记录了积极的短期股票市场对银行并购的反应,这是由激进的首席执行官发起的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Aggressive CEOs and bank mergers and acquisitions

The U.S. banking industry has seen waves of mergers since the 1980s. Despite a significant body of research on the determinants of these waves, there are few studies of how CEOs influence banks’ mergers and acquisitions (M&As). This paper studies the effect of CEO aggressiveness on bank M&As. We construct a new measure of bank CEO aggressiveness based on CEOs’ ancestral countries of origin and data on inter-country wars. We find that aggressive CEOs are more likely to acquire other banks. Moreover, the impact of CEO aggressiveness on bank M&A decisions is more pronounced when the CEOs are from larger and more profitable banks, when CEOs have a longer tenure, and when CEOs’ ancestral country of origin has a more masculine culture. Moreover, we show that aggressive CEOs are more likely to make acquisitions when CEOs possess more cultural maintenance, which captures the extent to which CEOs retain their original cultural values and beliefs. Finally, we document positive short-term stock market reactions to bank M&As initiated by aggressive CEOs.

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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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