Chief Executive Officer and cross-border takeovers: How the CEO's characteristics have an impact on the choice of purchasing a foreign company
Author
Bin, Leonardo
Term
4. Term
Publication year
2019
Submitted on
2019-06-06
Pages
55
Abstract
This thesis examines whether chief executive officers’ (CEOs) demographic traits, knowledge, and skills help predict firms’ choices to pursue cross-border acquisitions. Drawing on Upper Echelons theory, key international business models, and the strategy–governance nexus, the study conducts an empirical, quantitative analysis of 3,174 observations from 52 Italian listed firms between 2012 and 2016. Relating CEO characteristics to announcements of international takeovers, the findings show positive associations for international experience, higher educational attainment, and higher compensation. Younger and short-tenured CEOs are also more active in foreign acquisitions, while no significant effects are found for CEO duality or gender. The results offer boards practical guidance on leader profiles that may support internationalization through acquisitions, while highlighting traits that remain inconclusive and merit further research.
Specialet undersøger, om administrerende direktørs (CEO’s) demografiske træk, viden og kompetencer kan forudsige virksomhedernes valg af internationale overtagelser. Med afsæt i Upper echelons-teorien, centrale modeller i international business og forbindelsen mellem corporate governance og strategi gennemføres et empirisk, kvantitativt studie af 3.174 observationer for 52 italienske børsnoterede virksomheder i perioden 2012–2016. Analysen knytter CEO-karakteristika til annoncer om grænseoverskridende opkøb og indikerer positive sammenhænge for international erfaring, højere uddannelsesniveau og højere aflønning. Derudover er yngre og korttidsansatte CEO’er mere aktive i udenlandske opkøb. Der findes ingen signifikante resultater for CEO-dualitet eller køn. Resultaterne giver bestyrelser praktisk viden om, hvilke lederprofiler der kan understøtte internationalisering via opkøb, samtidig med at enkelte træk fortsat kræver yderligere forskning.
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