CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion
研究了CEO自恋特质如何影响收购过程，发现目标CEO越自恋，收购方股东反应越负面；自恋的收购方CEO谈判更快，但双方CEO自恋都降低交易完成概率和目标CEO留任可能性。
Abstract Chief executive officer (CEO) narcissism affects the takeover process. Acquirer shareholders react less favorably to a takeover announcement when the target CEO is more narcissistic. Narcissistic acquiring CEOs negotiate faster. They are also marginally more likely to initiate deals. Acquirer CEO narcissism and target CEO narcissism are associated with a lower probability of deal completion and reduce the likelihood that the target CEO will be employed by the merged firm. Our findings highlight the importance of both acquirer and target CEO psychological characteristics throughout the takeover process.