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Does the interplay between the personality traits of CEOs and CFOs influence corporate mergers and acquisitions intensity? An econometric analysis with machine learning-based constructs
Decision Support Systems ( IF 7.5 ) Pub Date : 2020-10-17 , DOI: 10.1016/j.dss.2020.113424
Qiping Wang , Raymond Y.K. Lau , Kai Yang

Although the upper echelons theory posits that senior executives' personal characteristics influence firm performance, very few studies have examined the impact of the interplay between CEO and CFO characteristics on corporate activities. To fill this research gap, we propose an econometric analysis model to examine the interplay between the personality traits of CEOs and CFOs and corporate mergers and acquisitions (M&A) intensity. In particular, our econometric analysis model is empowered by novel personality constructs extracted using a state-of-the-art machine learning-based personality detector that automatically mines CEO/CFO personality traits from firms' earnings call transcripts. Based on historical M&A data of S&P 1500 firms, our econometric analysis reveals that the “openness” personality trait of CEOs is positively associated with corporate M&A intensity, while CEOs' “consciousness” and “neuroticism” personality traits are negatively associated with corporate M&A intensity. Moreover, the impacts of CEOs' “openness” and “consciousness” personality traits on corporate M&A intensity are more pronounced when CFOs have similar personality traits to those of CEOs.



中文翻译:

首席执行官和首席财务官的人格特质之间的相互作用是否会影响公司的并购强度?基于机器学习的结构的计量经济学分析

尽管高级梯队理论认为高管人员的个人特征会影响公司的绩效,但是很少有研究检查首席执行官和首席财务官之间的相互作用对公司活动的影响。为了填补这一研究空白,我们提出了一种计量经济学分析模型,以检验首席执行官和首席财务官的人格特质与公司并购强度之间的相互影响。特别是,我们的计量经济学分析模型采用了新颖的人格结构,该结构使用基于机器学习的最新人格检测器提取,该检测器可自动从公司的收入电话记录中挖掘CEO / CFO人格特征。根据标普1500家公司的历史并购数据,我们的计量分析表明,CEO的“开放性”人格特征与企业并购强度呈正相关,而CEO的“意识”和“神经质”人格特征与公司并购强度呈负相关。此外,当首席财务官具有与首席执行官相似的人格特质时,首席执行官的“开放性”和“意识”人格特质对公司并购强度的影响更加明显。

更新日期:2020-11-06
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