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What Drives Mergers and Acquisitions? The Effects of Compensation Structure and Managerial Hubris on Executive Decision-Making

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This thesis seeks to explore the contrast between the performance of mergers and acquisitions and the propensity of CEOs to enter into these deals. M&A are common means by which firms achieve inorganic growth, but they often perform poorly and fail to accrue expected returns. This apparent contrast between deal…

This thesis seeks to explore the contrast between the performance of mergers and acquisitions and the propensity of CEOs to enter into these deals. M&A are common means by which firms achieve inorganic growth, but they often perform poorly and fail to accrue expected returns. This apparent contrast between deal popularity and performance prompts further examination and an application of theoretical concepts from the field of strategic management. Following a review of M&A theory, this thesis explores agency theory and managerial hubris and applies these concepts to executive decision-making in M&A. Four hypotheses are presented, evaluating the effects of compensation structure and overconfidence on the M&A decision-making behavior of executives.
ContributorsQuinty, Nicole Anne (Author) / Arrfelt, Mathias (Thesis director) / Nahrgang, Jennifer (Committee member) / Nemanich, Louise (Committee member) / Barrett, The Honors College (Contributor) / School of Accountancy (Contributor) / Department of Management (Contributor)
Created2013-05
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AGENCY THEORY VS. INFORMATION MEASUREMENT THEORY: A CASE STUDY ON THE EFFECTIVENESS OF INCENTIVES IN THE WORKPLACE

Description
This study analyzes the impact of incentive programs on performance. Agency theory and Information Measurement theory are used to hypothesize about the impact of incentives upon performance. Empirical evidence from the case study shows that incentives are ineffective at increasing performance, but the statistical significance of the data is too…

This study analyzes the impact of incentive programs on performance. Agency theory and Information Measurement theory are used to hypothesize about the impact of incentives upon performance. Empirical evidence from the case study shows that incentives are ineffective at increasing performance, but the statistical significance of the data is too low to generalize the findings beyond that of short term cold call sales. Several avenues for continued research are suggested.
ContributorsCarlson, Andrew Wayne (Author) / Lee, Peggy (Thesis director) / Kashiwagi, Dean (Committee member) / Totscheck, Chaz (Committee member) / Barrett, The Honors College (Contributor) / W. P. Carey School of Business (Contributor) / Department of Management (Contributor)
Created2013-05