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Chief Executive Officer Proactive Personality and Acquisitions: A Fuzzy Set Qualitative Comparative Analysis of China's Listed Firms.

ABSTRACT: The role of the CEO in an enterprise's management decisions renders their individual characteristics influential in decisions about mergers and acquisitions (M&As). Personal characteristics are based on many aspects, therefore, we provide a multi-angle insight into the personal characteristics of managers. Drawing on the upper echelons theory, we examine whether CEOs' proactive personality affects merger and acquisition decisions. The fuzzy-set qualitative comparative analysis (fsQCA) is performed using a sample of 64 listed firms in China for the period 2010-2019. There are three solutions for cross-industry mergers, and five for intra-industry mergers. The results suggest that: (a) proactive and overconfident CEOs are inclined toward cross-industry mergers; (b) non-proactive and low-educated CEOs are inclined toward intra-industry mergers; (c) emerging industry enterprises tend to choose intra-industry mergers; (d) overconfident CEOs are more likely to undertake cross-industry mergers in traditional industries.

SUBMITTER: Yang G

PROVIDER: S-EPMC8380920 | biostudies-literature | 2021

REPOSITORIES: biostudies-literature

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Chief Executive Officer Proactive Personality and Acquisitions: A Fuzzy Set Qualitative Comparative Analysis of China's Listed Firms.

Yang Gang G Bai Xueyan X Yang Shiyu S

Frontiers in psychology 20210809

The role of the CEO in an enterprise's management decisions renders their individual characteristics influential in decisions about mergers and acquisitions (M&As). Personal characteristics are based on many aspects, therefore, we provide a multi-angle insight into the personal characteristics of managers. Drawing on the upper echelons theory, we examine whether CEOs' proactive personality affects merger and acquisition decisions. The fuzzy-set qualitative comparative analysis (fsQCA) is perform ...[more]

PMID: 34434149

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Project description:BackgroundFinancial incentives for chief executive officers (CEOs) are thought to motivate them to lead their company toward achieving important business objectives. Based on the Rousseau et al. (2019) protocol, this systematic review assesses the predictive effects of CEO incentives on certain business outcomes.ObjectivesThis review addresses whether CEO financial incentives predict: (1) firm financial performance and (2) financial restatement due to misreporting.Search methodsWe searched nine research databases for published peer-reviewed literature (to July 23-26, 2021 and an attenuated search from those dates to July 27-31, 2023) and thirteen professional association websites for non-published gray literature (to August 2021). We also hand-searched selected relevant journals.Selection criteriaWe reviewed peer-reviewed and unpublished studies available in English since 1980. Eligible studies regarding our first question assessed CEO financial incentives (1) 1 year or more before the measurement of outcomes, (2) controlled for pre-incentive firm performance or market conditions, and (3) analyzed CEO financial incentives as predictors of firm outcomes. Eligible studies regarding our second question assessed whether financial restatement had occurred and analyzed effects of CEO incentives on this outcome.Data collection and analysisWe extracted standardized regression coefficients for each effect or converted unstandardized regressions to standardized. Analyses were conducted using STATA. All studies were assessed to have moderate risk of bias.Main resultsFor our first question, 20 studies (15,398 firms) met our criteria for meta-analysis of effects. Bonuses, the most commonly studied incentive, had a small positive effect on next year's accounting performance metric Return on Assets (ROA, 0.046 [k = 7, 95% confidence interval (CI) = 0.014, 0.078]). The bonus effect in the market-related metric of Stock Returns (-0.026 [k = 5, 95% CI = -0.119, 0.067]) fell within a CI including 0, as did its effect on another market-related metric, Market-to-Book value (Tobin's Q, 0.028 [k = 3, 95% CI = -0.024, 0.08]). We conclude that Bonuses show no predictive effect on the following year's market-related metrics but do affect ROA. Stock Options had no effect on next year's ROA (0.027 [k = 5, 0.95% CI = 0.000, 0.052]), nor on Market-to-Book Value (Tobin's Q, 0.097 [k = 5, 95% CI = -0.027, 0.220]) or Stock Return (0.042 [k = 6, -0.033, 0.117]), indicating no predictive effect for Stock Options on either accounting or market-related performance. We sought but found too few studies to report on effects of incentives on other financial outcomes or for lags greater than 1 year. For our second question, three studies (n = 2044 firms) met our criteria. The overall effect size for CEO Incentives on Restatement (-0.09 [k = 3, 95% CI = -0.363, 0.184) fell within a CI including zero. We conclude that current evidence does not support a direct relationship between CEO financial incentives and Restatement.Authors' conclusionsThis review affirms a small effect of CEO Bonuses, but no effect of Stock Options, on the accounting performance metric ROA. In contrast, neither Bonuses nor Stock Options predict a firm's market-related metrics. CEO incentives also are unrelated to Financial Restatement. Despite widespread use of CEO financial incentives, lack of evidence supporting their use, beyond the bonus-ROA effect we identify, suggests caution regarding current CEO financial incentive practice and greater consideration of alternative arrangements to enhance firm performance.

Project description:The increasing salience of sustainability concerns in financial markets has led to growing demand by financial institutions, regulatory authorities and other stakeholders for information on the Environmental, Social and Governance (ESG) credentials of companies. To address these demands, private firms providing ESG data and related products have expanded in size and in number. Reflecting the increased importance of ESG data, academics, sustainable finance practitioners and financial regulators have surveyed the emerging industry of these ESG information firms. However, to date no structured dataset on the characteristics of ESG information firms is available. The ESG Information Firms Dataset (ESGFiDa) presented in this article is a first step to address this gap. ESGFiDa consolidates the findings from the academic and gray literature on the ESG information industry and augments these with additional data gathered through desk research. Based on this multi-stage data collection process, the dataset provides 1) a meta-analysis of existing accounts of ESG information firms from a variety of sources and 2) consolidated and augmented data about 128 ESG information firms. The meta-analysis part of the dataset contains amongst others information on different estimates regarding the size of the ESG information industry that have been proposed in the literature. The second part of ESGFiDa provides data on 128 ESG information firms that have been identified from the literature and consists of five variables (Name, Type, Country, Continent, Year of incorporation, and Headquarters). In addition, mergers and acquisitions among the 128 ESG information firms are recorded in a dated and geolocated edgelist with 65 entries. These relational data can be used for network analysis. In summary, ESGFiDa offers a first systematized description of the dynamics of the emerging ESG information industry. As such, it can be of interest to students of sustainable finance from fields including finance and economics, political science, organization studies, sustainability studies and financial geography. Moreover, practitioners from financial institutions interested in the backgrounds and differences of ESG information firms as well as policymakers and financial regulators tasked with overseeing and regulating the emerging ESG information industry might find the presented dataset useful.

Dataset Information

Chief Executive Officer Proactive Personality and Acquisitions: A Fuzzy Set Qualitative Comparative Analysis of China's Listed Firms.

Publications

Chief Executive Officer Proactive Personality and Acquisitions: A Fuzzy Set Qualitative Comparative Analysis of China's Listed Firms.

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