This thesis aims to analyze how the characteristics of the Chief Executive Officer (CEO) may affect the firm’s choices of growth. Specifically to answer this research question we have focused on CEO who works in a small and medium size enterprises, operating with success in the high-tech industry, in which human capital (primarily the CEO) is more decisive to define the enterprise’s strategies and performance. The characteristics of CEO considered are related to his experience, split into four dimensions: age, international experience, position tenure and the possible role of founder of the company. We have made three sets of hypotheses to fill some gaps highlighted in the literature, tested with econometric models. The first model has allowed us to determine if the CEO’s experience could influence the firm’s choices of growth. So, considering as a dependent variable the number of acquisitions made by the CEO, the model shows that a company with a no founder CEO or a CEO with an high position tenure is more able to grow externally through acquisitions. The second model has allowed us to investigate if the CEO’s experience could influence the company’s decision to complete a national or crossborder acquisition. We have found that international experience and an high position tenure stimulate the pursue of a crossborder acquisition. Moreover, we found that the CEO’s age is related to the dependent variable by an inverted U-shaped relationship. Finally, the third model has allowed us to verify if the CEO’s experience could affect the choices related to the level of ownership (partial or total), considering only those CEOs who have made a crossborder acquisition. From this last analysis we have obtained that international experience and high position tenure of the CEO stimulate the pursue of a total crossborder acquisition, age is related to the dependent variable by an inverted U-shaped relationship and international experience can moderate the negative effect (on the share value) due to the cultural distance between the two firms involved in the transaction.
Il presente lavoro di tesi è volto ad analizzare come le caratteristiche del Chief Executive Officer (CEO) possano incidere sulla scelte di crescita di un’impresa. Nello specifico per rispondere a questa domanda di ricerca ci siamo focalizzati sui CEO che operano in piccole e medie imprese di “successo” del settore high-tech in cui il capitale umano, e principalmente il CEO, risulta maggiormente decisivo nella determinazione delle strategie e delle perfomance d’impresa. Le caratteristiche del CEO considerate sono quelle relative alla sua esperienza, scomposta in quattro dimensioni: l’età anagrafica, l’esperienza internazionale, il position tenure e l’eventuale ruolo di fondatore dell’impresa. Abbiamo realizzato tre set di ipotesi, testate tramite dei modelli econometrici, per colmare alcuni gap evidenziati nella letteratura. Il primo modello ci ha permesso di determinare se l’esperienza del CEO potesse influenzare la scelta di crescita dell’impresa. Quindi, considerando come variabile dipendente il numero delle acquisizioni effettuate dal CEO, è possibile osservare come un CEO non fondatore dell’impresa o con un elevato position tenure sia più propenso a crescere esternamente tramite un’acquisizione. Il secondo modello ci ha permesso di capire se l’esperienza del CEO potesse incidere sulla scelta di realizzare un’acquisizione nazionale o internazionale. Abbiamo riscontrato che l’esperienza internazionale e un alto valore del position tenure favoriscono l’implementazione di un’acquisizione internazionale, mentre l’età è legata alla variabile dipendente da una relazione a U invertita. Il terzo modello, considerando solo quei CEO che hanno realizzato delle acquisizioni internazionali, ci ha permesso di verificare se l’esperienza del CEO potesse influenzare la modalità dell’acquisizione sostenuta, totale o parziale. Abbiamo ottenuto che l’esperienza internazionale e un alto valore del position tenure favoriscono l’implementazione di un’acquisizione internazionale totale, che l’età è legata alla variabile dipendente da una relazione a U invertita, e che l’esperienza internazionale riesce a colmare l’effetto negativo (sulla quota di acquisizione) della distanza culturale presente tra i due paesi a cui appartengono le imprese coinvolte nell’operazione.
La microfondazione delle scelte strategiche d'impresa : il ruolo dell'esperienza del CEO nelle acquisizioni internazionali e nelle decisioni di ownership
SANTORO, MARCO;SCIACOVELLI, STEFANO MICHELE
2014/2015
Abstract
This thesis aims to analyze how the characteristics of the Chief Executive Officer (CEO) may affect the firm’s choices of growth. Specifically to answer this research question we have focused on CEO who works in a small and medium size enterprises, operating with success in the high-tech industry, in which human capital (primarily the CEO) is more decisive to define the enterprise’s strategies and performance. The characteristics of CEO considered are related to his experience, split into four dimensions: age, international experience, position tenure and the possible role of founder of the company. We have made three sets of hypotheses to fill some gaps highlighted in the literature, tested with econometric models. The first model has allowed us to determine if the CEO’s experience could influence the firm’s choices of growth. So, considering as a dependent variable the number of acquisitions made by the CEO, the model shows that a company with a no founder CEO or a CEO with an high position tenure is more able to grow externally through acquisitions. The second model has allowed us to investigate if the CEO’s experience could influence the company’s decision to complete a national or crossborder acquisition. We have found that international experience and an high position tenure stimulate the pursue of a crossborder acquisition. Moreover, we found that the CEO’s age is related to the dependent variable by an inverted U-shaped relationship. Finally, the third model has allowed us to verify if the CEO’s experience could affect the choices related to the level of ownership (partial or total), considering only those CEOs who have made a crossborder acquisition. From this last analysis we have obtained that international experience and high position tenure of the CEO stimulate the pursue of a total crossborder acquisition, age is related to the dependent variable by an inverted U-shaped relationship and international experience can moderate the negative effect (on the share value) due to the cultural distance between the two firms involved in the transaction.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/117117