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Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies

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Abstract

This paper investigates the probability of companies to perform Mergers & Acquisitions (M&As) based on the characteristics of the CEO.. We use a sample of 794 CEOs of nonfinancial firms, which were listed on the B3 from 2000 to 2017. We adopt a descriptive approach and run logistic regressions to examine the probability of a company performing M&As, given the characteristics of its CEO. We show that CEOs with finance backgrounds are less likely to perform M&As. We find no statistically significant correlations for other CEO’s characteristics, such as executive tenure, age, education, participation as chair of the board, previous experience as an entrepreneur or being a shareholder of the acquiring company.

Keyword : Mergers and Acquisitions (M&A), Characteristics, CEOs Fusões e Aquisições (F&A), Características, CEOs

How to Cite
Main, K., & Silva, V. (2021). Relations between CEO characteristics and mergers and acquisition decisions in Brazilian companies. Brazilian Business Review, 18(4), 371–396. https://doi.org/10.15728/bbr.2021.18.4.2

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