CEO Age, Earnings Management and Mergers & Acquisitions Evidence from China  

作　　者：Xinmiao FANG Jingxuan ZUO Yilin GAO Yan YU 

机构地区：[1]University of Chinese Academy of Sciences,Beijing 101408,China [2]Guangdong University of Foreign Studies,Guangzhou 510420,China [3]National University of Singapore,Singapore 119245,Singapore

出　　处：《Journal of Systems Science and Information》2022年第6期554-574,共21页系统科学与信息学报（英文）

基　　金：Supported by the National Natural Science Foundation of China(71972057);the Key Project of Soft Science of Guangdong Provincial Department of Science and Technology(2020B1010010012)。

摘　　要：This paper explores the relationship between CEO age in target firms, earnings management, mergers and acquisitions decision-making, and performance by using a sample of Chinese firms from 2008 to 2017. We found that CEO age is negatively correlated with M&A decision-making and target firms engage in a higher degree accrual-based earnings management(AEM) than non-target firms. In addition, target firms with young CEOs exhibit a greater extent of AEM in the pre-M&A period. We also found that the relationship between CEO age and M&A performance is inverted U-shaped. AEM of pre-M&A is negatively correlated with M&A performance, indicating that M&A performance is affected by AEM of pre-M&A.

关 键 词：CEO age M&A decisionmaking M&A performance AEM 

分 类 号：F272.91[经济管理—企业管理] F271[经济管理—国民经济] F275