No. 2025-02ディスカッション・ペーパー

Managerial overconfidence, M&A strategies, and M&A performance

要約

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This study explores the impact of managerial overconfidence on post M&A performance in the Japanese market, focusing on the role of information asymmetry and comparing the impact on SMEs and large firms. Based on M&A data from 2000 to 2021, we find that overconfidence significantly reduces post performance. The negative impact on market performance is more significant in transactions with higher levels of information asymmetry. This study also shows that overconfidence has a more serious impact on SME M&A performance than large firms.

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著者名　　　Hu Yunxiao

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