The CEO-merger connection : a top leadership perspective on large intercorporate combinations

To better understand large mergers and acquisitions (M&A) as major intercorporate strategic maneuvers, I study a key concern from the chief executive perspective at each stage of combining two firms. For the inception stage, I explore CEO merger motives; for the implementation stage, I examine CEO leadership; for the outcome stage, I consider the postacquisition mobility consequences for CEOs as well as the financial performance of the merged firms. ][ study these issues in the total sequence of merging from the perspectives of the acquiring and the target CEOs. The investigation relies on interviews with selected CEOs and also secondary data on all CEOs and firms participating in the 158 largest U.S. public M&A deals announced during the 1990s worldwide merger wave and completed during 1993-2002. These large deals embodied unprecedented valuation and complexity requiring the sustained attention and commitment of chief executives from both sides of the transaction. The first empirical section explores CEO motivations for merging. Merger motives have not been well understood, and previous research has tended to segment perspectives from different disciplines.

Department dc:contributor.department

Sloan School of Management.

Grantor dc:publisher

Massachusetts Institute of Technology

Year dc:date.issued

2005

Author dc:creator

• Park, Kathleen Marshall

Advisor dc:contributor.advisor

• John S. Carroll.

• Sloan School of Management.

Statement dc:rights

• M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.

Licence dc:rights.uri

• http://dspace.mit.edu/handle/1721.1/7582

Language dc:language.iso

eng

Handle dc:identifier.uri

http://hdl.handle.net/1721.1/33659

OAI identifier oai:identifier

oai:dspace.mit.edu:1721.1/33659