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Impact of Managerial Overconfidence on M&A Decisions in
China蒺s Listed Companies
—
Empirical Research Based on Comparative Perspective between
State鄄owned Enterprises and Private Companies
GE Hongling & SHAN Zhuo
(
1. School of Economics
,
Beijing Technology and Business University
,
Beijing 100048
,
China
;
2. Financial Department
,
Beijing Television Station
,
Beijing 100089
,
China
)
Abstract
: In this paper, the selection mechanism of top executives is put under the research of managerial overconfidence
behavior. An empirical research analyzes the managerial overconfidence behaviors and their impact on the company蒺s merger and
acquisition (M&A) decision in China蒺s two types of listed companies such as the state鄄owned enterprises and private companies.
Results show that two types of company executives have overconfidence behaviors with a promoting impact on frequent mergers and
acquisitions. Moreover, managers in state鄄owned listed companies are more prone to overconfidence to promote M&A than execu鄄
tives in private listed companies. The study finds that executives source, personal characteristics, company蒺s scale and corporate
governance are the main factors that influence the executive overconfidence degree and M&A decision behaviors in both the state鄄
owned enterprises and private companies. These conclusions are of great significance to the scientific decision鄄making of M&A
and the governance of blind M&A.
Key Words
: overconfidence; M&A decision鄄making; state鄄owned listed company; private listed company
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