Explaining the premiums paid for large acquisitions: evidence of CEO hubris

Administrative Science Quarterly,  March, 1997  by Mathew L.A. Hayward,  Donald C. Hambrick

• E-mail
• Print
• Link

Berkovitch, Elazar, and M. P. Narayanan 1993 "Motives for takeovers: An empirical investigation." Journal of Financial and Quantitative Analysis, 28: 347-362.

Boeker, Warren 1992 "Power and managerial dismissal: Scapegoating at the top." Administrative Science Quarterly, 37: 591-605,

Bower, Joseph L. 1970 Managing the Resource Allocation Process. Boston: Harvard Business School.

Bradley, Michael, Anand Desai, and E. Han Kim 1988 "Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms." Journal of Financial Economics, 21: 3-40.

Brockner, Joel 1988 Self-esteem at Work: Research, Theory and Practice. Lexington, MA: Lexington Books.

Cameron, Kim S., and David A. Whetten 1983 Organizational Effectiveness: A Comparison of Multiple Models. New York: Academic Press.

Chen, Chao C., and James R. Meindl 1991 "The construction of leadership images in the popular press: The case of Donald Burr and People Express." Administrative Science Quarterly, 36: 521-555,

Clapham, Stephen E., and Charles R. Schwenk 1991 "Self-serving attributions, managerial cognition and company performance." Strategic Management Journal, 12: 219-320.

Cyert, Richard M., and James G. March 1963 A Behavioral Theory of the Firm. Englewood Cliffs, NJ: Prentice-Hall.

D'Aveni, Richard A. 1990 "Top managerial prestige and organizational bankruptcy." Organization Science, 1: 123-142.

Eisenhardt, Kathleen M. 1989 "Agency theory: An assessment and review." Academy of Management Review, 14: 57-74.

Eisenhardt, Kathleen M., and L. J. Bourgeois 1988 "Politics of strategic decision making in high velocity environments: Toward a midrange theory." Academy of Management Journal, 31: 737-770.

Fama, Eugene F. 1980 "Agency problems and the theory of the firm." Journal of Political Economy, 88: 288-308.

Fama, Eugene F., Lawrence Fisher, Michael C. Jensen, and Richard Roll 1969 "The adjustment of stock prices to new information." International Economic Review, 10: 1-21.

Festinger, Leon 1954 "A theory of social comparison processes." Human Relations, 7: 117-140.

Finkelstein, Sydney 1992 "Power in top management teams: Dimensions, measurement and validation." Academy of Management Journal, 3: 505-538.

Finkelstein, Sydney, and Richard A. D'Aveni 1994 "CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command." Academy of Management Journal, 37-1079-1108.

Firth, Michael 1980 "Takeovers, shareholder returns and the theory of the firm." Quarterly Journal of Economics, 94: 235-260.

Fowler, Karen L., and Dennis R. Schmidt 1988 "Tender offers, acquisitions and subsequent performance in manufacturing firms." Academy of Management Journal, 31: 962-974.

Frank, Robert H. 1985 Choosing the Right Pond: Human Behavior and the Quest for Status. New York: Oxford University Press.

Geneen, Harold 1984 Managing. Garden City, NY Doubleday.

Grimal, Pierre 1986 The Dictionary of Classical Mythology. New York: Blackwell.

Hambrick, Donald C., and Albert A. Cannella 1993 "Relative standing: A framework for understanding departures of acquired executives." Academy of Management Journal, 36: 733-762.