{"title":"从听诊器到董事会：首席执行官的医学学位和并购绩效","authors":"Omer Unsal","doi":"10.1016/j.jcae.2025.100508","DOIUrl":null,"url":null,"abstract":"<div><div>This study explores how CEOs with medical degrees (M.D.) impact mergers and acquisitions (M&A) in the U.S. pharmaceutical industry. We discover that doctor CEOs tend to engage in fewer M&A deals, but when they do, these transactions show better outcomes. Investors respond positively to mergers led by M.D. CEOs, signaling confidence in their decisions. Similarly, target firms led by doctor CEOs experience positive market reactions, lasting up to 20 %. Rather than engaging in frequent mergers, doctor CEOs form a greater number of strategic alliances, expand their businesses, and produce more medical innovation. Overall, this study sheds light on the distinctive strategies employed by doctor CEOs in the pharmaceutical industry, providing valuable insights for ever-changing landscape of healthcare business.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100508"},"PeriodicalIF":2.9000,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"From stethoscopes to boardrooms: CEOs’ medical degree and merger performance\",\"authors\":\"Omer Unsal\",\"doi\":\"10.1016/j.jcae.2025.100508\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study explores how CEOs with medical degrees (M.D.) impact mergers and acquisitions (M&A) in the U.S. pharmaceutical industry. We discover that doctor CEOs tend to engage in fewer M&A deals, but when they do, these transactions show better outcomes. Investors respond positively to mergers led by M.D. CEOs, signaling confidence in their decisions. Similarly, target firms led by doctor CEOs experience positive market reactions, lasting up to 20 %. Rather than engaging in frequent mergers, doctor CEOs form a greater number of strategic alliances, expand their businesses, and produce more medical innovation. Overall, this study sheds light on the distinctive strategies employed by doctor CEOs in the pharmaceutical industry, providing valuable insights for ever-changing landscape of healthcare business.</div></div>\",\"PeriodicalId\":46693,\"journal\":{\"name\":\"Journal of Contemporary Accounting & Economics\",\"volume\":\"21 3\",\"pages\":\"Article 100508\"},\"PeriodicalIF\":2.9000,\"publicationDate\":\"2025-09-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Contemporary Accounting & Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1815566925000554\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Contemporary Accounting & Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1815566925000554","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
From stethoscopes to boardrooms: CEOs’ medical degree and merger performance
This study explores how CEOs with medical degrees (M.D.) impact mergers and acquisitions (M&A) in the U.S. pharmaceutical industry. We discover that doctor CEOs tend to engage in fewer M&A deals, but when they do, these transactions show better outcomes. Investors respond positively to mergers led by M.D. CEOs, signaling confidence in their decisions. Similarly, target firms led by doctor CEOs experience positive market reactions, lasting up to 20 %. Rather than engaging in frequent mergers, doctor CEOs form a greater number of strategic alliances, expand their businesses, and produce more medical innovation. Overall, this study sheds light on the distinctive strategies employed by doctor CEOs in the pharmaceutical industry, providing valuable insights for ever-changing landscape of healthcare business.
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