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HOW COULD CEO’S AVOID OVERCONFIDENCE IN MERGER & ACQUISITION DECISIONS?

Yıl 2017, Cilt: 2 Sayı: 3, 10 - 19, 30.06.2017

Öz

Decision making is the main task for chief executive officers (CEOs). For vital decisions like mergers and acquisitions, rational decision making is the only tool that a CEO should utilize in order to manage the firm in a way to ensure maximisation of shareholder’s value. However, just like nearly all professionals, CEOs are affected by a common bias known as overconfidence. Unsuccessful merger and acquisitions are good examples as outcomes of overconfident managerial decisions. Hence, as the writer did in this paper it is of crucial importance to define overconfidence, its reasons and the remedies to get over it. 

Kaynakça

  • Christensen, C. M., Alton, R., Rising C., & Waldeck, A. (2011). The Big Idea: The New M&A Playbook. Harvard Business Review, s. 48-57.
  • Dawes, R. M. (1986). Forecasting Own Preference. International Journal of Forecasting, 2, 2, 5-14.
  • Ferris S. P., Jayaraman, N., & Sabherwal, S. (2013). CEO Overconfidence and International Merger and Acquisition Activity. Journal of Financial And Quantitative Analysis, 48(1), 137-164.
  • Hastie R., & Dawes R. M. (2010). Rational Choice in an Uncertain World the Psychology of Judgement and Decision Making (2nd b.). Sage Publications.
  • Hayward M. L., & Hambrick D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO Hubris. Administrative Science Quarterly, 42(1), 103-127.
  • Kahneman, D. (2012). Thinking Fast and Slow (1st b.). London: Penguin Books.
  • Lovallo D., & Kahneman D. (2003, July). Delusions of Success. Harvard Business Review, s. 57-63.
  • Malmendier U., & Tate G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics, 89, 20-43.
  • Russo E. J., & Schoemaker P. J. (1992). Managing Overconfidence. Sloan Management Review Reprint Series, 33(2), 7-17.
  • Smith D., & Dumont F. (2006). Eliminating Overconfidence in Psychodiagnosis: Strategies for Training and Practice. Clinical Psychology, 4(4), 335-345.(Hayward & Hambrick, 1997)

TEPE YÖNETİCİLERİ ŞİRKET SATIN ALMA VE BİRLEŞME KARARLARINDA AŞIRI GÜVEN HATASINA DÜŞMEKTEN NASIL KORUNABİLİRLER?

Yıl 2017, Cilt: 2 Sayı: 3, 10 - 19, 30.06.2017

Öz

Karar verme tepe yöneticilerin ana görevlerinden biridir. Şirket birleşme ve satın almaları gibi hayati öneme haiz kararlarda yöneticilerin hissedarların faydalarını maksizimize edebilmelerinin yegâne aracı rasyonel karar verme prosedürüdür. Her ne kadar karar verme bu denli önemli bir görev ise de yöneticilerin bu görevi yerine getirirlerken diğer profesyonel meslek sahipleri gibi aşırı kendine güven hatasına düştükleri gözlenmektedir. Şirket birleşme ve satın almaları aşırı güven hatasından etkilenen yöneticilerin aldıkları kararlar için iyi bir örnek teşkil etmektedir. Bu nedenle makalede aşırı güven hatasına neden olan etkiler incelenmiş ve bu hataya düşülmemesi için çözümler geliştirilmeye çalışılmıştır.

Kaynakça

  • Christensen, C. M., Alton, R., Rising C., & Waldeck, A. (2011). The Big Idea: The New M&A Playbook. Harvard Business Review, s. 48-57.
  • Dawes, R. M. (1986). Forecasting Own Preference. International Journal of Forecasting, 2, 2, 5-14.
  • Ferris S. P., Jayaraman, N., & Sabherwal, S. (2013). CEO Overconfidence and International Merger and Acquisition Activity. Journal of Financial And Quantitative Analysis, 48(1), 137-164.
  • Hastie R., & Dawes R. M. (2010). Rational Choice in an Uncertain World the Psychology of Judgement and Decision Making (2nd b.). Sage Publications.
  • Hayward M. L., & Hambrick D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO Hubris. Administrative Science Quarterly, 42(1), 103-127.
  • Kahneman, D. (2012). Thinking Fast and Slow (1st b.). London: Penguin Books.
  • Lovallo D., & Kahneman D. (2003, July). Delusions of Success. Harvard Business Review, s. 57-63.
  • Malmendier U., & Tate G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics, 89, 20-43.
  • Russo E. J., & Schoemaker P. J. (1992). Managing Overconfidence. Sloan Management Review Reprint Series, 33(2), 7-17.
  • Smith D., & Dumont F. (2006). Eliminating Overconfidence in Psychodiagnosis: Strategies for Training and Practice. Clinical Psychology, 4(4), 335-345.(Hayward & Hambrick, 1997)
Toplam 10 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Serhat Köksal Bu kişi benim

Yayımlanma Tarihi 30 Haziran 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 2 Sayı: 3

Kaynak Göster

APA Köksal, S. (2017). TEPE YÖNETİCİLERİ ŞİRKET SATIN ALMA VE BİRLEŞME KARARLARINDA AŞIRI GÜVEN HATASINA DÜŞMEKTEN NASIL KORUNABİLİRLER?. Uluslararası Afro-Avrasya Araştırmaları Dergisi, 2(3), 10-19.

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