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Influence of CEOs' Personal Characteristics on Short-term M&A Performance in Russia

Student: Polina Zubarevich

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Management (Bachelor)

Final Grade: 8

Year of Graduation: 2020

According to statistics, the Russian market of mergers and acquisitions is growing, but not all transactions show a positive result. Therefore, it is important to understand who and what is responsible for the outcome of transactions. Based on previous studies, it can be concluded that many CEOs consider the merger and acquisition as one of the most effective ways to obtain new assets and expand the company's market share. However, most studies analyze this area from the point of view of foreign markets, leaving the Russian market unattended. This study empirically analyzes how the personal characteristics of the CEO, describing the phenomenon of excessive confidence, affect the outcome of transactions. In particular, the study focuses on such personal characteristics as age, previous experience in a similar industry, experience in mergers and acquisitions, experience in government and the presence of a business education. The derived hypotheses are based on agent theory and analysis of previous studies on corporate governance. To test hypotheses, the method of event analysis and regression analysis are used. The study includes a sample of 251 transaction observations compiled from Thomas Reuters Eikon's financial database and public information services. The results show whether there is a relationship between the characteristics of CEOs and the aggregate abnormal returns of acquiring companies. The study contributes to corporate governance as a tool to enhance company performance by making effective decisions on mergers and acquisitions.

Full text (added May 31, 2020)

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