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Influence of Self-confidence of Top Managers of Russian Companies on Mergers and Acquisitions

Student: Kirill Sanakin

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Final Grade: 8

Year of Graduation: 2020

The study examines the impact of self-confidence and power of top-managers (CEO exactly) of Russian companies on mergers and acquisitions. Biases in the behavior of CEO, particular the self-confidence, affecting the decisions on mergers and acquisitions, became relevant for study over the past few decades. The existing researches does not cover the impact of CEO’s self-confidence on the M&A decisions made by Russian companies. This work reveals the existence of this dependency and also determines its nature. The paper analyzes a sample of Russian non-financial companies in the period from 2000 to 2019. Regression analysis is used as a research tool. The study used a relative indicator of the number of mentions of the CEO in the press as a proxy for self-confidence. Analyzing mergers and acquisitions where the Russian company acted as a target, it was revealed that the self-confidence of the CEO can increase the value of the transaction. A similar conclusion can be drawn regarding mergers and acquisitions where a Russian company is an acquirer.

Full text (added May 17, 2020)

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