CEO tenure, boards of directors, and acquisition performance

Journal of Business Research

Volumn 60, Issue 4, 2007, Pages 331-338

  Walters, Bruce A ^a   Kroll, Mark J ^a   Wright, Peter ^b  

^a LOUISIANA TECH UNIVERSITY   (United States)

^b UNIVERSITY OF MEMPHIS   (United States)

Author keywords

Acquisitions; Agency theory; Boards of directors; CEOs

Indexed keywords

EID: 33847626539     PISSN: 01482963     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusres.2006.12.001     Document Type: Article

References (54)

1. Aiken L.S., and West S.G. Multiple regression: Testing and interpreting interactions (1991), CA: Sage Publications, Newbury Park
2. Arthur M.M. Share price reactions to work-family initiatives: An institutional perspective. Acad Manage J 46 (2003) 497-505
3. Asquith P. Merger bids, market uncertainty, and stockholder returns. J Financ Econ 11 (1983) 51-83
4. Audia P.G., Locke E.A., and Smith K.G. The paradox of success: An archival and a laboratory study of strategic persistence following radical environmental change. Acad Manage J 43 (2000) 837-853
5. Brown S.J., and Warner J.B. Using daily stock returns. J Financ Econ 14 (1985) 3-31
6. Bruton G.D., Oviatt B.M., and White M.A. Performance of acquisitions of distressed firms. Acad Manage J 37 (1994) 972-989
7. Certo S.T. Influencing initial public offering shareholders with prestige: Signaling with board structures. Acad Manage Rev 28 (2003) 432-446
8. Certo S.T., Daily C.M., and Dalton D.R. Signaling firm value through board structure: An investigation of initial public offerings. Entrep Theory Pract 26 (2001) 33-50
9. Chatterjee S. Types of synergy and economic value. Strat Manage J 7 (1986) 119-140
10. Cohen B.D., and Dean T.J. Information asymmetry and shareholder evaluation of IPOs: Top management team legitimacy as a capital market signal. Strat Manage J 26 (2005) 683-690
11. Datta D.K., Narayanan V.K., and Pinches G.E. Factors influencing wealth creation from mergers and acquisitions: A meta-analysis. Strat Manage J 13 (1992) 67-84
12. Davis J.H., Schoorman F.D., and Donaldson L. Toward a stewardship theory of management. Acad Manage Rev 22 (1997) 20-47
13. Fama E. Efficient capital markets: A review of theory and empirical work. J Finance 25 (1970) 383-397
14. Fama E. Agency problems and the theory of the firm. J Polit Econ 88 (1980) 288-307
15. Finkelstein S., and Hambrick D. Strategic leadership: Top executives and their effects on organizations (1996), West Publishing, New York
16. Franks J., Harris R., and Titman S. The postmerger share-price performance of acquiring firms. J Financ Econ 29 (1991) 81-96
17. Gabarro J.J. The dynamics of taking charge (1987), Harvard Business School Press, Boston
18. Hahn A.L. The long slide stops for M&A driven by a December frenzy, U.S. volume climbs 46% in 2004. Investm Deal Dig 17 (2005) 1-2 January
19. Haleblian J., and Finkelstein S. The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Admin Sci Q 44 (1999) 29-56
20. Hambrick D.C., and Fukutomi G.D.S. The seasons of a CEO's tenure. Acad Manage Rev 16 (1991) 719-742
21. Harris D., and Helfat C. Specificity of CEO human capital and compensation. Strat Manage J 18 (1997) 895-920
22. Harrison J., and Godfrey P.C. Do event studies predict acquisition success? An empirical test. Paper presented at the Annual Academy of Management Conference, Boston (1997)
23. Hayward M. When do firms learn from their acquisition experience? Evidence from 1990-1995. Strat Manage J 23 (2002) 21-39
24. Hayward M., and Hambrick D. Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Admin Sci Q 42 (1997) 103-127
25. Healy P.M., Palepu K.G., and Ruback R. Does corporate performance improve after mergers?. J Financ Econ 31 (1992) 135-175
26. Higgins M.C., and Gulati R. Stacking the deck: The effects of top management backgrounds on shareholder decisions. Strat Manage J 27 (2006) 1-25
27. Jensen M.C. The modern industrial revolution, exit and the failure of internal control systems. J Finance 48 (1993) 831-880
28. Jensen M.C., and Meckling W.H. Theory of the firm: Managerial behavior, agency costs and ownership structure. J Financ Econ 3 (1976) 305-360
29. Kaplan S.N., and Weisbach M. The success of acquisitions: Evidence from divestitures. J Finance 47 (1992) 107-138
30. Kiesler S., and Sproull L. Managerial response to changing environments: Perspectives on problem sensing from social cognition. Admin Sci Q 27 (1982) 548-560
31. Kroll M., Toombs L., and Wright P. Napolean's tragic march home from Moscow: Lessons in hubris. Acad Manage Exec 14 1 (2000) 117-128
32. Kroll M., Wright P., Toombs L., and Leavell H. Form of control: A critical determinant of acquisition performance and CEO rewards. Strat Manage J 18 (1997) 85-96
33. Loughran T., and Vijh A.M. Do long-term shareholders benefit from corporate acquisitions?. J Finance 52 (1997) 1765-1790
34. Mazer J. Learning and behavior (1994), McGraw-Hill, Englewood Cliffs, NJ
35. McWilliams A., and Siegel D. Event studies in management research: Theoretical and empirical issues. Acad Manage J 40 (1997) 626-657
36. Miller D. The Icarus paradox (1990), Harper Collins, New York
37. Miller D. Stale in the saddle: CEO tenure and the match between organization and environment. Manage Sci 37 (1991) 34-52
38. Miller D. The architecture of simplicity. Acad Manage Rev 18 (1993) 116-138
39. Miller D., and Chen M. Sources and consequences of competitive inertia: A study of the U.S. airline industry. Admin Sci Q 39 (1994) 1-23
40. Miller D., Lant T.K., Milliken F.J., and Korn H.J. The evolution of strategic simplicity: Exploring two models of organizational adaptation. J Manage 22 (1996) 863-887
41. Morck R., Shleifer A., and Vishny R. Management ownership and market valuation: An empirical analysis. J Finance 20 (1988) 293-315
42. Morck R., Shleifer A., and Vishny R.W. Do managerial objectives drive bad acquisitions?. J Financ Econ 45 (1990) 31-48
43. Myers S.C., and Majluf N.S. Corporate financing and investment decisions when firms have information that investors do not have. J Financ Econ 14 (1984) 47-60
44. Pfeffer J., and Salancik G.R. The external control of organizations: A resource-dependence perspective (1978), Harper and Row, New York
45. Prahalad C.K., and Bettis R.A. The dominant logic: A new linkage between diversity and performance. Strat Manage J 7 (1986) 485-501
46. Ryan H., and Wiggins R. Who is in whose pocket? Director compensation, board independence, and barriers to effective monitoring. J Financ Econ 73 (2004) 497-524
47. Shen W. The dynamics of the CEO-board relationship: An evolutionary perspective. Acad Manage Rev 28 (2003) 466-476
48. Spence A. Job market signaling. Q J Econ 87 (1973) 355-379
49. Tosi H., and Gomez-Mejia L. The decoupling of CEO pay and performance: An agency theory perspective. Admin Sci Q 34 (1989) 169-189
50. Westphal J., and Zajac E. Who shall govern? CEO/board power, demographic similarity, and new director selection. Admin Sci Q 43 (1995) 127-153
51. Wright P., Kroll M., and Elenkov D. Acquisition returns, increase in firm size, and chief executive officer compensation: The moderating role of monitoring. Acad Manage J 45 (2002) 599-608
52. Wright P., Kroll M., Lado A., and Van Ness B. The structure of ownership and corporate acquisition strategies. Strat Manage J 23 (2002) 41-53
53. Zajac E.J., and Westphal J. Who shall succeed? How CEO/board preferences and power affect the choice of new CEOs. Acad Manage J 39 (1996) 64-90
54. Zhang Y. A selection that cannot stand the test: Succession contexts and new CEO dismissal. Acad Manage Best Pap Proc (2005)