Dependent |
1 |
F&A |
Equal to 1 for acquiring companies that performed an M&A in the sample period |
Anbima
|
Malmendier & Tate (2008Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2007.07.002 https://doi.org/10.1016/j.jfineco.2007.0...
), Brown & Sarma (2007Brown, R., & Sarma, N. (2007). CEO overconfidence, CEO dominance and corporate acquisitions. Journal of Economics and Business, 59(5), 358-379. https://doi.org/10.1016/j.jeconbus.2007.04.002 https://doi.org/10.1016/j.jeconbus.2007....
) |
|
|
2 |
DmFin |
Dummy variable for CEOs with an educational background in finance |
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
) |
(-) |
|
3 |
DmEng |
Dummy variable for CEOs with an educational background in engineering |
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
) |
(+) |
|
4 |
DmOth |
Dummy variable for CEOs with an educational background in other areas |
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
) |
(+) |
|
5 |
DmNoCol |
Dummy variable for CEOs without college academic background |
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
) |
(-) |
|
6 |
DmGrad |
Dummy variable for CEOs who hold an MBA, a master’s or a Ph.D. |
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
), Choi, Saito & Silva (2015Choi, D., Saito, R., & Silva, V. (2015). Estrutura de capital e remuneração dos funcionários: Evidência empírica no Brasil. RAC - Revista de Administração, 19(2). Recuperado de http://www.redalyc.org/articulo.oa?id=84035381006 http://www.redalyc.org/articulo.oa?id=84...
) |
(-) |
|
7 |
DmEntrep |
Dummy variable for entrepreneur CEOs
|
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2008Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2007.07.002 https://doi.org/10.1016/j.jfineco.2007.0...
), Barros & Silveira (2008Barros, L. A. B. de C., & Silveira, A. D. M. (2008). Excesso de confiança, otimismo gerencial e os determinantes da estrutura de capital. Revista Brasileira de Finanças, 6(3), 293-335. Recuperado de http://www.redalyc.org/articulo.oa?id=305824735001 http://www.redalyc.org/articulo.oa?id=30...
), Palich & Bagby (1995Palich, L. E., & Bagby, D. R. a Y. (1995). Using cognitive theory to explain risk-taking: challenging conventional wisdom. Journal of Business Venturing, 9026(95), 425-438.) |
(+) |
|
8 |
DmCEO&Pres |
Dummy variable for CEOs who are presidents of the board |
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2008Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2007.07.002 https://doi.org/10.1016/j.jfineco.2007.0...
) |
(+) |
|
9 |
DmCEO&Stock |
Dummy variable for CEOs who are among the 5 largest shareholders of the company |
Economatica |
Malmendier & Tate (2008Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2007.07.002 https://doi.org/10.1016/j.jfineco.2007.0...
) |
(+) |
|
10 |
Age |
CEO age |
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2008Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2007.07.002 https://doi.org/10.1016/j.jfineco.2007.0...
), Hryshko, Luengo-Prado & Sørensen (2011Hryshko, D., Luengo-Prado, M. J., & Sørensen, B. E. (2011). Childhood determinants of risk aversion: The long shadow of compulsory education. Quantitative Economics, 2(1), 37-72. https://doi.org/10.3982/QE2 https://doi.org/10.3982/QE2...
) |
(-) |
|
11 |
CEO_WT |
Tenure as CEO (years) |
Formulário de referência 12.5 e IAN
|
Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
) |
(-) |
|
12 |
DmGov |
Dummy variable for corporate governance tiers (Níveis de governança N2 e Novo Mercado) |
Economatica |
Brown & Sarma (2007Brown, R., & Sarma, N. (2007). CEO overconfidence, CEO dominance and corporate acquisitions. Journal of Economics and Business, 59(5), 358-379. https://doi.org/10.1016/j.jeconbus.2007.04.002 https://doi.org/10.1016/j.jeconbus.2007....
), Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
) |
(-) |
|
13 |
Size |
Size |
Ln (Total assets) |
Brown & Sarma (2007Brown, R., & Sarma, N. (2007). CEO overconfidence, CEO dominance and corporate acquisitions. Journal of Economics and Business, 59(5), 358-379. https://doi.org/10.1016/j.jeconbus.2007.04.002 https://doi.org/10.1016/j.jeconbus.2007....
) |
(+) |
|
14 |
Tobin’s Q |
Growth opportunities |
(Equity market value + Debt)/ Total assets |
Malmendier & Tate (2008Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2007.07.002 https://doi.org/10.1016/j.jfineco.2007.0...
) |
(+) |
|
15 |
Ebit |
Earnings before interest and taxes |
Ln (Ebit) |
Brown & Sarma (2007Brown, R., & Sarma, N. (2007). CEO overconfidence, CEO dominance and corporate acquisitions. Journal of Economics and Business, 59(5), 358-379. https://doi.org/10.1016/j.jeconbus.2007.04.002 https://doi.org/10.1016/j.jeconbus.2007....
), Malmendier & Tate (2008Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2007.07.002 https://doi.org/10.1016/j.jfineco.2007.0...
) |
(+) |
|
16 |
ROA |
Return on assets |
Net earnings / Total assets |
Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
) |
(+) |
|
17 |
Leverage |
Debt-to-equity ratio |
(Debt/Equity) |
Barros & Silveira (2008Barros, L. A. B. de C., & Silveira, A. D. M. (2008). Excesso de confiança, otimismo gerencial e os determinantes da estrutura de capital. Revista Brasileira de Finanças, 6(3), 293-335. Recuperado de http://www.redalyc.org/articulo.oa?id=305824735001 http://www.redalyc.org/articulo.oa?id=30...
), Malmendier & Tate (2008Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2007.07.002 https://doi.org/10.1016/j.jfineco.2007.0...
) |
(-) |
|
18 |
Cash |
Cash and equivalents |
Ln (Cash) |
Malmendier & Tate (2005Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00813.x https://doi.org/10.1111/j.1540-6261.2005...
) |
(+) |