This empirical study leverages the theoretical underpinnings of regulatory focus theory, an influential theory of self-regulation, to investigate the impact of CEOs' dispositional prevention focus on firms' deal structuring choices in mergers and acquisitions. We build on the argument that the dispositional prevention focus of individuals is associated with a higher perception of risk and a preference for non-losses. Accordingly, this study suggests a positive relationship between the intensity of an acquiring firm CEO's dispositional prevention focus and the firm's propensity to use earnouts as a post-closing risk-mitigating instrument in the deal consideration structure. Furthermore, this study accounts for the important role of contextual cues in priming dispositional prevention focus through the concepts of regulatory fit and misfit and examines the moderating impact of M&A deals involving foreign targets and the acquiring firm's acquisition experience on the baseline relationship. We test our predictions on a dataset comprising 217 deals from 2006 to 2011 in the United Kingdom. Building on the micro-foundations of strategy, these findings contribute to the literature on deal structuring choices in mergers and acquisitions.

这项实证研究利用了监管焦点理论（一种具有影响力的自我调节理论）的理论基础，来研究首席执行官的性格预防重点对企业在并购中的交易结构选择的影响。我们基于这样的论点，即个体的性格预防重点与对风险的较高感知以及对不损失的偏好相关。因此，这项研究表明，收购公司首席执行官的处置倾向重点与公司使用收益作为交易对价结构中的结算后风险缓解工具的倾向之间存在正相关关系。此外，本研究通过监管适合与不适合的概念，说明了上下文提示在引发处置倾向预防关注中的重要作用，并考察了涉及外国目标的并购交易的适度影响以及收购公司的收购经验对基准关系的影响。我们在包含2006年至2011年英国217笔交易的数据集上测试了我们的预测。这些发现以战略的微观基础为基础，为有关并购中的交易结构选择的文献做出了贡献。