Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies

Detalhes bibliográficos
Autor(a) principal: Main, Kamilla
Data de Publicação: 2021
Outros Autores: Silva, Vinicius
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: BBR. Brazilian Business Review (English edition. Online)
Texto Completo: http://www.bbronline.com.br/index.php/bbr/article/view/659
Resumo: This paper investigates the probability of companies to perform Mergers & Acquisitions (M&As) based on the characteristics of the CEO.. We use a sample of 794 CEOs of nonfinancial firms, which were listed on the B3 from 2000 to 2017. We adopt a descriptive approach and run logistic regressions to examine the probability of a company performing M&As, given the characteristics of its CEO. We show that CEOs with finance backgrounds are less likely to perform M&As. We find no statistically significant correlations for other CEO’s characteristics, such as executive tenure, age, education, participation as chair of the board, previous experience as an entrepreneur or being a shareholder of the acquiring company.
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spelling Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companiesRelações entre características dos CEOs e as decisões de fusões e aquisições realizadas por empresas brasileirasMergers and Acquisitions (M&A)CharacteristicsCEOsFusões e Aquisições (F&A)CaracterísticasCEOsThis paper investigates the probability of companies to perform Mergers & Acquisitions (M&As) based on the characteristics of the CEO.. We use a sample of 794 CEOs of nonfinancial firms, which were listed on the B3 from 2000 to 2017. We adopt a descriptive approach and run logistic regressions to examine the probability of a company performing M&As, given the characteristics of its CEO. We show that CEOs with finance backgrounds are less likely to perform M&As. We find no statistically significant correlations for other CEO’s characteristics, such as executive tenure, age, education, participation as chair of the board, previous experience as an entrepreneur or being a shareholder of the acquiring company.Este artigo investiga a probabilidade de empresas realizarem Fusões e Aquisições (F&A) por meio da análise das características dos CEOs. Utilizamos uma amostra de 794 CEOs de empresas não financeiras listadas na B3, no período de 2000 a 2017. O estudo apresenta uma abordagem descritiva para análise dos perfis dos CEOs e recorre ao modelo Logit para examinar a probabilidade de ocorrer F&As, dadas as características dos CEOs. Encontramos que CEOs com formação em Finanças têm menor probabilidade de realizar F&A comparados aos CEOs com outras formações. As variáveis tempo do CEO na empresa, idade, educação, participação do CEO como presidente do conselho de administração, experiência prévia como empreendedor e ser acionista da empresa adquirente não apresentaram significância estatística.FUCAPE Business Shool2021-07-05info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/65910.15728/bbr.2021.18.4.2Brazilian Business Review; Vol. 18 No. 4 (2021): July to August 2021; 371-396Brazilian Business Review; v. 18 n. 4 (2021): Julho a Agosto de 2021; 371-3961808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/659/994http://www.bbronline.com.br/index.php/bbr/article/view/659/995http://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessMain, KamillaSilva, Vinicius2021-08-07T01:32:42Zoai:ojs.pkp.sfu.ca:article/659Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2021-08-07T01:32:42BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false
dc.title.none.fl_str_mv Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies
Relações entre características dos CEOs e as decisões de fusões e aquisições realizadas por empresas brasileiras
title Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies
spellingShingle Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies
Main, Kamilla
Mergers and Acquisitions (M&A)
Characteristics
CEOs
Fusões e Aquisições (F&A)
Características
CEOs
title_short Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies
title_full Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies
title_fullStr Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies
title_full_unstemmed Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies
title_sort Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies
author Main, Kamilla
author_facet Main, Kamilla
Silva, Vinicius
author_role author
author2 Silva, Vinicius
author2_role author
dc.contributor.author.fl_str_mv Main, Kamilla
Silva, Vinicius
dc.subject.por.fl_str_mv Mergers and Acquisitions (M&A)
Characteristics
CEOs
Fusões e Aquisições (F&A)
Características
CEOs
topic Mergers and Acquisitions (M&A)
Characteristics
CEOs
Fusões e Aquisições (F&A)
Características
CEOs
description This paper investigates the probability of companies to perform Mergers & Acquisitions (M&As) based on the characteristics of the CEO.. We use a sample of 794 CEOs of nonfinancial firms, which were listed on the B3 from 2000 to 2017. We adopt a descriptive approach and run logistic regressions to examine the probability of a company performing M&As, given the characteristics of its CEO. We show that CEOs with finance backgrounds are less likely to perform M&As. We find no statistically significant correlations for other CEO’s characteristics, such as executive tenure, age, education, participation as chair of the board, previous experience as an entrepreneur or being a shareholder of the acquiring company.
publishDate 2021
dc.date.none.fl_str_mv 2021-07-05
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Artigo revisado pelos pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/659
10.15728/bbr.2021.18.4.2
url http://www.bbronline.com.br/index.php/bbr/article/view/659
identifier_str_mv 10.15728/bbr.2021.18.4.2
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/659/994
http://www.bbronline.com.br/index.php/bbr/article/view/659/995
dc.rights.driver.fl_str_mv http://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv FUCAPE Business Shool
publisher.none.fl_str_mv FUCAPE Business Shool
dc.source.none.fl_str_mv Brazilian Business Review; Vol. 18 No. 4 (2021): July to August 2021; 371-396
Brazilian Business Review; v. 18 n. 4 (2021): Julho a Agosto de 2021; 371-396
1808-2386
1807-734X
reponame:BBR. Brazilian Business Review (English edition. Online)
instname:Fucape Business School (FBS)
instacron:FBS
instname_str Fucape Business School (FBS)
instacron_str FBS
institution FBS
reponame_str BBR. Brazilian Business Review (English edition. Online)
collection BBR. Brazilian Business Review (English edition. Online)
repository.name.fl_str_mv BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)
repository.mail.fl_str_mv || bbronline@bbronline.com.br
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