CEO or Board Experience and Acquirer Long-term Performance

• Main Authors: Nien-Ying Lin, 林念瑩
• Other Authors: Chu-Hua, Wu
• Format: Others
• Language: en_US
• Online Access: http://ndltd.ncl.edu.tw/handle/77738235141293678417

碩士 === 元智大學 === 商學碩士班(財務金融學程) === 102 === The key roles in an acquisition decision are the CEO and the board members. Also, knowing the characteristics of an acquiring firm may provide some valuable information that the motives underlying the acquisition activity. In addition, previous studies investigate the characteristics and experience of board members or CEO respectively. Therefore, this study examine whether the acquiring firm perform better after M&;A if considering both characteristics and experience of both board members and CEO. The hierarchical regression models will be used that first examines the relationship among M&;A performance, board characteristics, CEO characteristics, ownership structure, and control variables. Then, we subsequently enter variables of boards or CEO experience, including CEO/board members with target industry experience, acquisition experience, and large acquisition experience. We find that only CEO’s target experience and acquisition experience improves long-term M&;A performance. Board experience is not significant contributing to long-term M&;A performance.