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Do CEO Cognitive Biases Affect M&A Performance? Evidence from Russian Firms
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Skvortsova I., Вершинина А. И.
Language:
English
In book
Т. XVII: Тематическая конференция «Корпоративное управление и экономика фирмы» (сборник материалов) . , Москва, 2020.
Anilov A., Ivashkovskaya I., Journal of Behavioral and Experimental Finance 2026 No. 49 Article 101157
This paper examines the moderating role of corporate governance in the relationship between Chief Executive Officer (CEO) overconfidence and corporate payout decisions. Using a panel dataset of 713 S&P 1500 firms from 2010 to 2019, we contribute to the behavioral corporate finance literature in several important ways. First, building on agency theory and upper echelons ...
Added: March 3, 2026
Anilov A., Ivashkovskaya I., Finance Research Letters 2025 Vol. 85, Part B Article 107961
This paper investigates how CEO overconfidence interacts with compensation structure to influence corporate payout policy. Using a panel of 713 S&P 1500 firms from 2010 to 2019, we find that overconfident CEOs with higher equity-based (i.e., convex) compensation are associated with significantly lower levels of both cash dividends and share repurchases. In contrast, inside debt ...
Added: November 26, 2025
E.S. Nemchenko, A.A. Pustynnikova, V.V. Krakovich, The Journal of the New Economic Association 2025 No. 1(66) P. 132–157
The present study investigates the impact of chief executive officers’ (CEOs) observable, psychological, and facial traits on the valuation of initial coin offerings (ICOs). To collect data on the CEOs’ traits, we processed textual data from websites, their personal pages on social networks, interviews, and other sources. We applied an artificial intelligence approach to quantify ...
Added: October 2, 2024
E.V. Zagudalova, S.A. Grigorieva, S.A. Zueva, The Journal of the New Economic Association 2024 No. 3(64) P. 103–127
This paper contributes to the present literature by examining the impact of CEO education and experience on M&A performance in Russia. The study is based on a sample of 172 M&A transactions over 2000–2021. We use the event study method to assess the performance of M&A deals and regression analysis to reveal the effects of ...
Added: September 16, 2024
Conrado Diego G., Marina Zavertiaeva, Félix J. López Iturriaga, Corporate Governance (Bingley) 2023 Vol. 23 No. 5 P. 1019–1045
Purpose
This paper aims to study the impact of CEOs’ personality and social connections on corporate risk-taking in the Russian market.
Design/methodology/approach
Using a sample of 93 large listed Russian corporations between 2008 and 2016, this study tests a range of personal traits, including the classical personal characteristics like age and tenure, some country-specific traits such as connections ...
Added: February 6, 2024
Fernandez M. A., Mayskaya T., Nikandrova A., Games and Economic Behavior 2024 Vol. 144 P. 29–48
A rational principal delegates learning to an overconfident agent who overestimates the precision of the information he collects. The principal chooses between two contracts: commitment, in which the agent commits to the duration of learning in advance, and flexible, in which the agent decides when to stop learning in real time. When the agent is ...
Added: January 23, 2024
Rebiazina V. A., Gulakova O., В кн.: ТРАНСГРАНИЧНЫЕ РЫНКИ ТОВАРОВ И УСЛУГ: ПРОБЛЕМЫ ИССЛЕДОВАНИЯ V Международная научно-практическая конференция.: Владивосток: Издательство ДВФУ, 2023. С. 16–20.
The concept of customer orientation (CO) emerged as an integral part of the marketing concept in the 1990s. The goal of the study is to develop CO evaluation tool, considering the specifics of the Russian market. This research illustrates the stages of CO concept evolution, describes a multi-level approach to CO understanding and a multidimensional ...
Added: December 4, 2023
Ivashkovskaya I., Nazarkina V., Gostkov D. et al., Journal of Corporate Finance Research 2022 Vol. 16 No. 4 P. 6–33
We investigate how different personal traits of a chief executive officer (CEO) influence value creation in one of the largest emerging capital markets in Russia. Our research model considers several components of human capital of a CEO.
Moreover, we include CEO’s behavioral biases looking at overconfidence measured by industry adjusted ratio of capital expenditures and narcissism ...
Added: November 10, 2023
Shvedov A. S., Экономический журнал Высшей школы экономики 2023 Т. 27 № 3 С. 435–448
Cournot duopoly with yield uncertainty is of interest both from a theoretical standpoint and a practical standpoint. In many sectors of economy, the actual products produced and the targeted quantities do not coincide. Commonly, random variables are used to model yield uncertainty. However, the models with random yields have a known drawback. When the number ...
Added: October 25, 2023
Shirokova G., Galieva N., Doktorova D. et al., Journal of Small Business and Enterprise Development 2024 Vol. 31 No. 1 P. 191–225
Purpose
This study examines the relationship between strategic entrepreneurial behaviors (SEBs) and the performance of small and medium-sized enterprises (SMEs) in an emerging market context. The authors expand upon prior work in this area by building and testing a model that assesses the moderating effect of CEOs’ narcissism and Machiavellianism on the relationship between SEBs and ...
Added: September 5, 2023
Kizko I., Viсtoria Cherkasova, Grigorieva S., Journal of Corporate Finance Research 2023 Vol. 17 No. 2 P. 39–49
Nowadays, the number of companies leaving the stock exchange is steadily increasing. Researchers and practitioners continue to actively discuss the reasons for voluntary delisting and explore the factors that influence the probability of it. However, the results of existing studies are heterogeneous and inconclusive, indicating the need for further research. This paper continues the line ...
Added: September 2, 2023
Kuznetsov B., Golikova V., ЭКО 2023 Т. 53 № 9 С. 33–51
Влияние санкций на деятельность и поведение фирм, адаптирующихся к введенным ограничениям, неоднородно и зависит как от типа санкций, так и от характеристик самих фирм. В статье представлены оценки эффекта санкционного режима руководителями предприятий обрабатывающей промышленности, основанные на данных нескольких раундов мониторинга их конкурентоспособности, проведенных Институтом анализа предприятий и рынков НИУ ВШЭ в 2014, 2018 и ...
Added: September 1, 2023
Хмелева П. А., Journal of Corporate Finance Research 2023 Vol. 17 No. 1 P. 78–89
The paper evaluates the influence of a CEO’s education level and their experience on the amount invested in R&D in the pharmaceutical industry. The sample consists of 270 high-tech pharmaceutical companies from the S&P BMI index in 1999–2018 from 23 countries, both developed and emerging. The pharmaceutical industry is of particular interest since the projects ...
Added: May 15, 2023
Marina Zavertiaeva, Tatiana Ershova, European Journal of Management and Business Economics 2025 Vol. 34 No. 2 P. 211–228
Purpose
This study examines whether CEO power influences the book-based and market-based performance of Russian companies when it is restricted by the presence of essential shareholders, namely, state and influential businessmen.
Design/methodology/approach
Managerial power is divided into structural, ownership, expert, and prestige. The proposed power metrics include not only CEOs but also the Bboard of directors'’ characteristics that may restrict or ...
Added: June 12, 2022
Prokhorov V., Коткова О., Савченко Е., Логистика 2021 Т. 174 № 5 С. 12–18
In this article the financial and economic activities of the universal logistics parks "brownfield" in the Russian market is considered. ...
Added: November 27, 2021
Skvortsova I., Вершинина А. И., / Series WP BRP "Basic research program". 2021. No. 82/FE/2021.
Added: May 31, 2021
Berezka S., Sheresheva M. Y., Rebiazina V. A., , in: Annual GSOM Emerging Markets Conference 2020. Conference book.: Graduate School of Management, St. Petersburg State University, 2020. P. 214–219.
Purpose: This research focuses on the changes in consumer behavior including special requests and needs businesses should now take into account due to the new reality caused by the COVID-19 pandemic. It has led to the unprecedented and not yet fully investigated consequences for society and businesses during the world lockdown in spring 2020. Study ...
Added: February 20, 2021
Anastasia Suraeva, Stepanova A. N., / NRU Higher School of Economics. Series FE "Financial Economics". 2019. No. 78/FE/2019.
Bank risk-taking behaviour is of significant interest for researches and policymakers because financial failures due to excessive risk in this sector can have severe consequences for the bank’s numerous stakeholders and for the macroeconomic system overall. A growing literature investigates the main factors contributing to “well above average” risk. In particular, this study explains risk ...
Added: November 11, 2020
Orekhova S., Kudin L., Kupera A., Управленец 2019 Vol. 10 No. 4 P. 2–13
Solving organizational effectiveness problems is largely dependent on the quality of the corporate governance system. One of its main aspects is characteristics and actions of a firm’s CEO. The paper evaluates how CEO turnover affects a company’s performance. Having conducted a critical analysis of the current approaches describing its role and impact on business success, the ...
Added: March 8, 2020
Tsepov G., Закон 2019 № 11 С. 128–143
The issue of Civil and Labour Law correlation in regulation of the activities of a legal entity’s CEO remains unresolved both in theory and in law-enforcement. Conflicts are driven by the rudiments of the Soviet period theories — still existing in public legal consciousness — which proclaimed a legal entity a real subject, but in ...
Added: December 2, 2019