중국기업 최고경영자팀의 특성이 국제 인수합병 성과에 미치는 영향 = The Effects of TMT’s Characteristics on International Mergers and Acquisitions Performance: Evidence from Chinese Listed Firms

다국어 초록 (Multilingual Abstract)

Based on upper echelon theory, this paper investigated the effects of TMT’s characteristics on international mergers and acquisitions(M&A) performance of Chinese listed firms. Relying on sample from 259 M&A deals completed successfully from 2007 to 2016, this study found that there is a negative relationship between TMT overconfidence and M&A performance. The results also indicate that TMT political connection is associated with an increase in M&A performance. However, the influence of TMT international experience on M&A performance was insignificant, unlike in more developed countries. We discuss the implications of these findings for researchers and practitioners and suggest future research directions.

국문 초록 (Abstract)

본 연구는 최고경영자이론(Upper Echelon Theory)을 바탕으로 중국기업의 최고경영자팀(TMT) 특성이 국제 인수합병 성과에 미치는 영향을 분석하였다. 본 연구는 2007년부터 2016년까지 완료된 중국 상장기업의 국제 인수합병 거래 259건을 대상으로 TMT의 과신, 정치적 연결, 해외경험 수준과 인수합병 성과 간의 관계를 분석하였다. 본 연구결과에 의하면, 중국기업 최고경영진의 과신은 국제 인수합병 성과에 부(-)의 영향을 미치는 것으로 나타났다. 또한 TMT의 정치적 연결은 국제 인수합병 성과에 정(+)의 영향을 미치는 것으로 나타났다. 그러나 TMT의 해외경험은 예상과 달리 국제 인수합병 성과에 영향을 미치지 않았다.

참고문헌 (Reference)

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