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CEO Power and Acquisition Performance: A Meta-analysis

Xiaoying Wang (Haskayne School of Business, University of Calgary, Canada)

Advances in Mergers and Acquisitions

ISBN: 978-1-80071-724-4, eISBN: 978-1-80071-723-7

Publication date: 14 September 2022


The M&A literature lacks coherence and consistency when explaining the role of CEO power in influencing post-acquisition firm performance in both theoretical and empirical terms. This study uses meta-analytic techniques to quantitatively synthesize and evaluate the impact of 11 CEO power constructs (CEO duality; compensation; ownership; founder CEO; acquisition experience; functional area experience; outside directorship; elite education; CEO celebrity; age; and tenure) on acquiring firms’ post-acquisition performance. Results of 85 independent studies show that CEO ownership, functional area experience, and tenure are significantly positive predictors for better acquisition performance. At the same time, CEO duality and CEO elite education are significantly negative predictors of different measures of acquisition performance. These findings indicate the importance of integrating different theories to enhance our understanding of the nature of strategic leadership in acquisition performance.



Wang, X. (2022), "CEO Power and Acquisition Performance: A Meta-analysis", Finkelstein, S. and Cooper, C.L. (Ed.) Advances in Mergers and Acquisitions (Advances in Mergers and Acquisitions, Vol. 21), Emerald Publishing Limited, Leeds, pp. 117-148.



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