| Summary: | 碩士 === 國立雲林科技大學 === 財務金融系 === 103 === Using the M&A events from the U.S. listed company as sample from 2007 to 2009, this paper explores the effects of the level of M&A complexity, including relative size of merger and target firm, foreign M&A, dealing periods, and changes of stock return between Pre- and post-acquisition, on CEO compensation structure. The empirical evidence shows that during credit crisis periods, the level of M&A complexity is reflected on CEO cash compensation, instead of equity- or debt-based compensation. Therefore, this research argues that cash compensation provide incentives for CEO to invest in highly complex M&A deals.
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