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主讲人 |
Tao Chen |
简介 |
<p>This paper examines the relationship between top managers’ given-name commonality and firm growth preferences. External growth through acquisitions and internal growth through research and development (R&D) investments offer two channels for firms to achieve growth goals. Psychology research has shown that individuals with common given names may have developed high core self-evaluations. As top managers with strong self-evaluation are more prone to engage in quantum, large-stake investments (i.e., acquisitions) and less prone to allocate attention and firm resources to incremental investments (i.e., R&D investments), firms with a high percentage of top managers with common given names will exhibit a stronger preference for acquisitions over R&D investments in pursuing firm growth. Using a sample of S&P 1500 firms, we find supporting evidence that firms managed by a high percentage of top managers with common given names are positively associated with the number of acquisitions and the transaction value of acquisitions, but are negatively associated with R&D intensity. Our findings are robust to various robustness checks and endogeneity concerns.</p> |
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主讲人简介 |
<p>Assistant Professor, College of Business (Nanyang Business School), Nanyang Technological University</p>
<p><a href="http://research.ntu.edu.sg/expertise/academicprofile/Pages/StaffProfile.aspx?ST_EMAILID=JTCHEN"><span style="color: rgb(0, 0, 255);"><u><strong>Prof. Tao Chen's Profile</strong></u></span></a></p> |
期数 |
厦门大学金融经济学系列讲座2016春季学期第九讲（总第19讲） |
