Skip to main content

LUP Student Papers

LUND UNIVERSITY LIBRARIES

Impact of the CEO Age and CSR Score on Mergers and Acquisitions

Christofidi, Despoina Lida Angeliki LU and Rodrigues Pereira, Patricia LU (2019) BUSN79 20191
Department of Business Administration
Abstract
This study intends to combine both the management characteristics and firm’s characteristics to analyse the M&A performance. For the management characteristics, we used the CEO age and for the firm characteristics, we used the CSR score. In order to understand the M&A performance, we conducted an Event Study to predict the abnormal stock returns of the acquiring firm around the announcement of the M&A. The sample consists of European M&As from 2008 to 2018. The study extends not only to the acquirer’s but also to the target’s perspective. The findings for the acquiring company suggest that the M&A performance has a relationship with the CEO age and CSR score both individually and combined. More particularly, M&As have higher performance... (More)
This study intends to combine both the management characteristics and firm’s characteristics to analyse the M&A performance. For the management characteristics, we used the CEO age and for the firm characteristics, we used the CSR score. In order to understand the M&A performance, we conducted an Event Study to predict the abnormal stock returns of the acquiring firm around the announcement of the M&A. The sample consists of European M&As from 2008 to 2018. The study extends not only to the acquirer’s but also to the target’s perspective. The findings for the acquiring company suggest that the M&A performance has a relationship with the CEO age and CSR score both individually and combined. More particularly, M&As have higher performance when the CEO of the acquiring company is old and the CSR score of the acquiring company is high. Finally, our empirical evidence suggests that the market is not concerned about the target characteristics. (Less)
Please use this url to cite or link to this publication:
author
Christofidi, Despoina Lida Angeliki LU and Rodrigues Pereira, Patricia LU
supervisor
organization
course
BUSN79 20191
year
type
H1 - Master's Degree (One Year)
subject
keywords
Corporate Social Responsibility (CSR), Merger and Acquisitions (M&A), Cumulative Abnormal Returns (CAR), Short-term M&A performance, Management characteristics and CEO age
language
English
id
8985280
date added to LUP
2019-09-30 13:55:57
date last changed
2019-09-30 13:55:57
@misc{8985280,
  abstract     = {{This study intends to combine both the management characteristics and firm’s characteristics to analyse the M&A performance. For the management characteristics, we used the CEO age and for the firm characteristics, we used the CSR score. In order to understand the M&A performance, we conducted an Event Study to predict the abnormal stock returns of the acquiring firm around the announcement of the M&A. The sample consists of European M&As from 2008 to 2018. The study extends not only to the acquirer’s but also to the target’s perspective. The findings for the acquiring company suggest that the M&A performance has a relationship with the CEO age and CSR score both individually and combined. More particularly, M&As have higher performance when the CEO of the acquiring company is old and the CSR score of the acquiring company is high. Finally, our empirical evidence suggests that the market is not concerned about the target characteristics.}},
  author       = {{Christofidi, Despoina Lida Angeliki and Rodrigues Pereira, Patricia}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{Impact of the CEO Age and CSR Score on Mergers and Acquisitions}},
  year         = {{2019}},
}