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Three Essays On Ceo Traits, Corporate Investment Decisions, And Firm Value, Rongyao Zhang
Three Essays On Ceo Traits, Corporate Investment Decisions, And Firm Value, Rongyao Zhang
Theses and Dissertations in Business Administration
More and more research has shown that the characteristics of top executives, especially CEOs, affect organizational decisions and behaviors. This dissertation primarily focuses on the role of executives’ managerial ability played in firm investment decisions, such as mergers and acquisitions (M&As) and corporate social responsibility (CSR) investment, and firm value.
Essay 1 examines whether high-ability managers’ earnings smoothing is motivated by the need to mitigate the adverse effects of heightened information asymmetry triggered by M&As on managers’ reputation capital and firm value. I document that acquirers with high-ability managers engage in more pre-acquisition earnings smoothing and experience more significant announcement …