Is the CEOs’ financial and accounting education experience valuable? Evidence from the perspective of M&A performance

Qianwei Ying and Siyi He

China Journal of Accounting Studies, 2020, vol. 8, issue 1, 35-65

Abstract: Using the manually collected data of CEOs’ financial and accounting education experience from A-share listed companies during 2008 to 2016, we find in this paper that CEOs who had received financial and accounting education could play a professional role in M&A decision-making and improve M&A performance. The positive effect of CEOs’ financial and accounting education experience on M&A performance is more significant in non-SOEs, especially those with stronger supervision and incentives to CEOs. Further tests show that CEOs with financial and accounting education experience improve the efficiency of M&A by reducing the premium, shortening the duration and promoting the synergistic effect of M&A. From the perspective of M&A performance, this paper provides empirical evidence for the economic value of financial and accounting education.

Date: 2020
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DOI: 10.1080/21697213.2020.1822023

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