The Effects of CEO‐Board Interpersonal Networks on Cross‐Border Merger Outcomes
研究发现CEO与外部董事的人际关系（董事会友好度）显著影响跨境并购结果，友好董事会能带来更积极的投资者反应、更高的交易完成率和更好的并购后财务表现。
ABSTRACT We demonstrate that interpersonal relationships between the CEO and outside directors of the firm, referred to as board friendliness, significantly influence cross‐border merger outcomes. Analyzing deals across 34 countries, we find a positive investor reaction to merger announcements by firms with friendly boards. This effect is particularly strong for firms needing substantial advisory support and boards with better advising abilities. Acquirers with friendly boards are more likely to complete deals, contingent on strong institutional quality, robust regulatory standards, property rights protection, government integrity, accountability, economic and financial freedom, globalization and development status. Additionally, these acquirers experience superior postmerger financial performance.