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Does CEO general managerial ability matter in M&A voting?

Author

Listed:
  • Chen, Sheng-Syan
  • Huang, Chia-Wei
  • Lin, Chih-Yen

Abstract

In this study, we examine the influence of CEO general managerial ability on M&A voting events. The results indicate that CEO general managerial ability relates positively to M&A voting outcomes. Furthermore, firms run by CEOs with high levels of general managerial skill tend to enjoy better short-term and long-term stock performances. In addition, we find active funds to be more (less) likely to vote in line with the recommendations of the management of invested firms when market reactions around announcement dates are positive (negative). The main results are the same after using the state-level non-compete agreement to address possible omitted variable bias.

Suggested Citation

  • Chen, Sheng-Syan & Huang, Chia-Wei & Lin, Chih-Yen, 2023. "Does CEO general managerial ability matter in M&A voting?," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 14-24.
    • Handle: RePEc:eee:quaeco:v:92:y:2023:i:c:p:14-24
    DOI: 10.1016/j.qref.2023.08.005
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    More about this item

    Keywords

    CEO general managerial ability; M&A voting; Short-run abnormal return; Long-run abnormal return;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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