CEO Characteristics and Impression Management in Acquisition Announcement

Abstract

The purpose of this thesis is to understand the relationship of CEO characteristics and impression management behavior during an acquisition announcement We develop a series of hypothesis based on the identity control theory and focus our discussion on three CEO characteristics including CEO celebrity tenure and origin We also take into account the moderating effect of stock price prior to the acquisition announcement The sample includes cases from 2003 to 2007 and all of them involve American public company and the deal value is higher than 100 million US dollars Weighted least squares regression was used to run analyses The empirical results show that the CEO celebrity has a strong and positive relationship with impression management behaviors It is also shown that CEO celebrity is an identity standard that CEO wants to keep As for the tenure and origin the results do not support the hypothesized relationships As to the moderating effects stock price only significantly interacts with tenure to affect impression management behaviors This thesis calls for more research to investigate this important topic that not only advances our understanding of impression management behaviors during an acquisition announcement but also provides useful insights to help managers better manage their acquisition activities

Date of Award	2019
Original language	English
Supervisor	Chiung-Hui Tseng (Supervisor)