CEO Overconfidence and Market Reaction to M&A Withdrawals

CEO過度自信與撤回併購之宣告效果

陳麗宇(Li-Yu Chen) ； 賴蓉禾(Jung-Ho Lai) ； 高翊恩(Yi-En Kao)

《財務金融學刊》 29卷4期 (2021/12) Pp. 1-30

https://doi.org/10.6545/JFS.202112_29(4).0001

摘要

This study examines the relationship between CEO overconfidence and merger and acquisition (M&A) withdrawal decision. We find that overconfident CEOs are less likely to withdraw M&A decisions than non-overconfident CEOs. Further, the market reaction to M&A withdrawals is significantly positively associated with CEO overconfidence. Moreover, the positive market reaction to M&A withdrawals by overconfident CEOs is magnified when the CEOs are monitored by outside directors with multiple directorships, whereas the effect is weakened in the post-SOX period compared to the pre-SOX period. The findings provide new insights into the implications of CEO overconfidence for firms' M&A activities.

關鍵字

CEO overconfidence ； M&A withdrawal ； corporate governance

並列摘要

本研究探討CEO過度自信對撤回併購決策之影響，研究結果發現過度自信的CEO傾向不願意撤回購併決策。當主併公司宣布終止併購計畫時，過度自信CEO的公司會有正面的撤回購併宣告效果。另外，在過度自信CEO的樣本中，相較於較低比例忙碌董事的公司，擁有較高比例忙碌董事的公司，在宣告撤回併購案時市場反應更為顯著。

並列關鍵字

過度自信 ； 撤回併購 ； 公司治理

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