CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion

Nihat Aktas · Eric de Bodt · Helen Bollaert · Richard W. Roll

279 citations0/0 files storedJournal of Financial and Quantitative Analysis

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Corporate Finance and Governance Financial Markets and Investment Strategies Private Equity and Venture Capital

Abstract

Abstract Chief executive officer (CEO) narcissism affects the takeover process. Acquirer shareholders react less favorably to a takeover announcement when the target CEO is more narcissistic. Narcissistic acquiring CEOs negotiate faster. They are also marginally more likely to initiate deals. Acquirer CEO narcissism and target CEO narcissism are associated with a lower probability of deal completion and reduce the likelihood that the target CEO will be employed by the merged firm. Our findings highlight the importance of both acquirer and target CEO psychological characteristics throughout the takeover process.

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References

2003Corporate Governance and Equity Prices 1997Industry costs of equity 1986The Hubris Hypothesis of Corporate Takeovers 2005CEO Overconfidence and Corporate Investment 2008Who makes acquisitions? CEO overconfidence and the market's reaction☆2008The trouble with overconfidence.2007It's All about Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance 1999Corporate Cash Reserves and Acquisitions

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2019Making CEO Narcissism Research Great: A Review and Meta-Analysis of CEO Narcissism 2017Leader Narcissism and Outcomes in Organizations: A Review at Multiple Levels of Analysis and Implications for Future Research 2019CEO Early-Life Disaster Experience and Stock Price Crash Risk 2019The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda 2014The Origin of Failure: A Multidisciplinary Appraisal of the Hubris Hypothesis and Proposed Research Agenda 2017

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