We find that foreign-born CEOs are more inclined than domestic-born ones to acquire across borders, and that this inclination is explained by their preference for targets in their birth country. This preference is motivated by foreign-born CEOs’ information advantage in their birth country and by these CEOs’ desire to give back to the birth country. CEOs’ desire to help their birth country also influences target location, increasing the likelihood of a target in countries that colonized the CEO birth country. The motives that drive acquisitions in acquirer CEOs’ birth countries measurably affect the returns of acquirers’ shareholders, target premium, and acquisition synergy. Both acquirers’ returns and synergy but not target premium are abnormally positive when the motive for an acquisition is a CEO's information advantage in the birth country. Targets premiums but not acquirers’ returns and synergy are abnormally positive when the motive for an acquisition is the desire to give back to the CEO's birth country.

中文翻译：

---

首页 甜蜜之家：首席执行官收购其出生国的公司


我们发现，外国出生的首席执行官比国内出生的首席执行官更倾向于跨国收购，这种倾向可以通过他们对出生国目标的偏好来解释。这种偏好的动机是外国出生的首席执行官在其出生国的信息优势以及这些首席执行官回馈出生国的愿望。首席执行官帮助其出生国的愿望也会影响目标位置，从而增加目标位于首席执行官出生国的殖民国家的可能性。在收购方首席执行官出生国推动收购的动机会显着影响收购方股东的回报、目标溢价和收购协同效应。当收购的动机是首席执行官在出生国的信息优势时，收购方的回报和协同效应（而非目标溢价）都异常积极。当收购的动机是回馈首席执行官的出生国时，目标溢价而不是收购方的回报和协同效应会异常积极。