Senior Management's Self-Interest in the Conduct of Mergers and Acquisitions: Actual Versus Stated Impacts and Moral Hazard Consequences
从领导力和道德风险角度研究并购中高管的角色与意图，发现宣称目标与实际影响存在差距，并分析两个行业案例中的道德风险与决策陷阱。
This paper examines the process of mergers and acquisitions from the combined perspectives of leadership and decision–making/moral hazards. In particular, we examine the roles and intentions of senior managers in M&A activities based on leadership theories, and then use this framework in evaluating the human resource impacts of mergers and acquisitions. Existing literature suggests disconnects between the espoused values and guiding principles of mergers and acquisitions with the actual impacts of these deals. More specifically, there are often clear gaps between pronouncements prior to M&A transactions and the subsequent reality in terms of financial returns, human resource impacts, market sh are effects, and industry realignment. This paper then applies this conceptual framework in reviewing two major M&A deals in differing industries. We also explore the moral hazard and decision traps of M&A transactions in regards to shareholder benefits, consumer benefits, and senior management compensation packages.