The Impact of Chief Executive Officer's (CEO's) Cultural Identity on Corporate Acquisitiveness: A Case Study of S&P500 Index Listed Companies
| Autor: | Tuo-Yun Wang, 王拓雲 |
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| Rok vydání: | 2019 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 107 In this paper, I investigate whether the CEO’s cultural identity has a significant impact on corporate’s M&A decision after controlling for the cultural identity of the company. CEO’s cultural background is deifned by the three different stages of CEO’s lifetime: the country of the birthplace (childhood period), the university (late adolescent period) and the last job working place (working period). By applying this method, I’m able to find out when the impact of cultural background on corporate decision was formed and whether the cultural identity is time-invariant. The empirical results show that CEO’s cultural identity indeed affects corporate’s M&A decisions after controlling for the cultural identity of the company. Furthermore, I find out that the impact of cultural identity is stronger during childhood period and working period, while there is no significant impact during late adolescent period, which confirms that cultural identity is not time-invariant. I run three robustness tests in this paper. First, I apply instrumental variables on the regressional analyses based on previous literature. Second, I make an adjustment on the sample by excluding the sample with missing cultural values. Lastly, I change the dependent variable into a dummy variable called “cash deal”. The results of robustness tests are consistent with the main regression. In sum, the impact of cultural identity is stronger during childhood period and working period. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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