Influência das características dos CEOs nas decisões de fusões e aquisições realizadas por empresas brasileiras

Abstract

This study investigated the probability of companies to perform Mergers & Acquisitions (M&A) by analyzing CEOs characteristics. Current literature points out that some CEOs characteristics, such as overconfidence, interfere with M&A decisions in companies. One of the characteristics that presented similar results to overconfidence in existing studies is the graduation of CEOs, which will be used in this study as a proxy for overconfidence to measure the probability of a company to perform M&A. It was used a sample of 794 CEOs from non-financial companies, listed on BM&FBovespa - B3 from the period of years 2000 to 2017. The methodology adopted uses a descriptive approach to CEOs profile analysis and Logit model to examine the probability to perform M&A, given the characteristics of CEOs. The results revealed that CEOs with finance background are less likely to perform M&A; and younger CEOs, and CEOs with less time within the company are more likely to perform M&A.