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Do CEOs with elite education matter? Evidence from shareholder value in mergers and acquisitions

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  • Nguyen, Thi Bao Ngoc
  • Ke, Dun-Yao
  • Su, Xuan-Qi

Abstract

This study tests the influence of acquiring firms' CEOs with elite education—graduating from prestigious institutions—on shareholder value in mergers and acquisitions (M&A). Utilizing a manually compiled dataset of Taiwanese firms from 2007 to 2020, we find that firms led by elite-educated CEOs, particularly those with advanced degrees in engineering and technology, experience significantly positive M&A announcement-period returns. These results remain robust across alternative tests, addressing concerns about sample selection and endogeneity. Further analysis highlights that CEO attributes, such as prior M&A experience, shorter tenure, or advanced age, amplify the positive influence of elite education. Additionally, firms led by elite-educated CEOs demonstrate stronger growth opportunities, better credit quality, and lower capital costs, aligning with the Managerial Growth Potential and Trustworthiness Hypothesis. Lastly, elite educational ties between acquiring and target firm CEOs enhance trust and communication, further boosting M&A returns, consistent with the Information Communication Hypothesis. Overall, our pioneering work underscores the critical role of leadership's educational pedigree in driving successful corporate acquisitions.

Suggested Citation

  • Nguyen, Thi Bao Ngoc & Ke, Dun-Yao & Su, Xuan-Qi, 2025. "Do CEOs with elite education matter? Evidence from shareholder value in mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:pacfin:v:90:y:2025:i:c:s0927538x25000058
    DOI: 10.1016/j.pacfin.2025.102668
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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development

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