Md Nazmul Hasan Bhuyan, Luis García-Feijóo, David Javakhadze, Tijana Rajkovic
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The Effects of CEO-Board Interpersonal Networks on Cross-Border Merger Outcomes
We demonstrate that interpersonal relationships between the CEO and outside directors of the firm, referred to as board friendliness, significantly influence cross-border merger outcomes. Analyzing deals across 34 countries, we find a positive investor reaction to merger announcements by firms with friendly boards. This effect is particularly strong for firms needing substantial advisory support and boards with better advising abilities. Acquirers with friendly boards are more likely to complete deals, contingent on strong institutional quality, robust regulatory standards, property rights protection, government integrity, accountability, economic and financial freedom, globalization and development status. Additionally, these acquirers experience superior postmerger financial performance.
期刊介绍：
European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.
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