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Learning or hubris? why CEOs create less value in successive acquisitions
Contrary to the common belief that hubris or overconfidence drives CEOs to continue making value-destroying acquisitions, the authors present evidence supporting a learning-based explanation. CEOs refine their ability to assess and mitigate risks associated with acquisitions over time. While initial acquisitions may yield lower returns due to overpayment (in the case of overconfident CEOs) or underbidding (in conservative CEOs), both types of CEOs adjust their strategies through experiential learning. The article also examines the implications of this learning process for managerial decision-making, acquisition expertise, and the potential influence of compensation contracts on accelerating learning.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| AMP2401 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Briarcliff Manor, NY: Academy of Management 2010 |
|---|---|
| Edisi | Vol. 24, No. 1, February 2010 |
| Subjek | Corporate strategy learning theory CEO acquisitions serial acquisitions shareholder returns managerial learning |
| ISBN/ISSN | 15589080 |
| Klasifikasi | NONE |
| Deskripsi Fisik | 3 p. |
| Info Detail Spesifik | Academy of Management Perspectives |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |