This study examines the role of target venture CEO overconfidence in the acquisitions initiated by established firms. We postulate that the more confident a target venture CEO, the greater the difficulty for an acquirer to negotiate and integrate with the target, reducing the likelihood of a completed acquisition. We further contend that this proposed main effect may vary depending on certain contextual factors. Results based on a sample of acquisitions within the U.S. computer industry suggest that target venture CEO overconfidence reduces the likelihood of acquisition completion and that this effect is contingent on crucial boundary conditions.

中文翻译：

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我相信我能飞：目标风险公司CEO过度自信如何影响收购完成

本研究考察了目标企业 CEO 过度自信在老牌公司发起的收购中的作用。我们假设，目标企业 CEO 越自信，收购方与目标企业谈判和整合的难度就越大，从而降低完成收购的可能性。我们进一步认为，这一提议的主要影响可能会因某些背景因素而异。基于美国计算机行业收购样本的结果表明，目标风险企业 CEO 过度自信会降低收购完成的可能性，并且这种影响取决于关键的边界条件。