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

Student: Viktoriia Kulkova

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Management (Bachelor)

Year of Graduation: 2020

Based on statistical data, Russian mergers and acquisitions (M&A) market is growing steadily, but not all the deals show a positive result. Taking this into account, it is crucial to understand who and what is responsible for an outcome of the transactions. The literature background shows that many chief executive officers (CEO) consider an M&A transaction as one of the most effective ways to get new assets and expand a market share of the company with further increasing performance. However, most studies analyze this field in terms of other developing countries, leaving the gap for the Russian market. This research empirically analyzes how do the CEO’s personal characteristics, that describe overconfidence phenomenon, influence the outcome of the deals. Specifically, the research focuses on such personal characteristics as age, previous working experience in the relative industry, experience in acquisitions, working experience in the government, and presence of a degree in business. Developed hypotheses are based on agency theory and secondary data analysis of previous researches on the corporate governance (CG) topic. For checking the hypotheses, the event study method and cross-sectional regression analysis are used. The research involves the sample of 251 observations of M&As, collected from Thomas Reuters Eikon financial database, several different mass information sources such as TASS, SPARK and companies’ official websites. The results show whether there is a correlation between CEOs’ features and cumulative abnormal returns of the acquiring companies. The research contributes to the field of CG as a tool for improving a company’s performance through effective M&A decisions.

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