Cognitive Dissonance, Overconfidence, and Merger Outcome

认知失调是一种心理压力，个体同时持有两种或两种以上相互矛盾的信念，因此感到有压力在认知中产生和谐关系以减少失调。尽管合并和收购是一家公司可以做出的最明智的决定之一，但将金融领域的认知失调融合在一起的文献仍处于初级阶段。因此，我建议将Festinger的认知失调理论与金融文献结合起来，并通过一个理论框架将其应用于美国和英国的并购，以进一步了解认知失调、过度自信和并购结果之间的转移机制。利用CEO能力、自尊/自恋理论和“揭示的信念”论点的技术，可以量化认知失调和过度自信。因此，这将允许建立一个更先进的理论模型框架，在其中理解认知失调的作用，其与过度自信的相互作用，以及对合并结果的影响。在当今的经济环境下，这是必不可少的，因为36%的首席执行官仍然有很高的并购欲望，很大一部分职业发展，工资和奖金与成功完成并购有关。

Cognitive dissonance is the psychological stress experienced by anindividual who simultaneously holds two or more contradictorybeliefs and, as a result, feels pressure to produce consonant relationsamong cognitions to reduce dissonance. The literature whichamalgamates cognitive dissonance within finance is in its preliminarystages despite mergers and acquisitions being one of the most pivotaldecisions a company can make. Therefore, I propose coalescingFestinger's cognitive dissonance theory with financial literature andapplying it to US and UK mergers via a theoretical framework tofurther understand the transfer mechanism between cognitivedissonance, overconfidence, and merger outcome. Using techniquesexploiting CEO competencies, self-esteem/narcissism theories, and'revealed beliefs' argument would allow cognitive dissonance andoverconfidence to be quantified. Consequently, this would allow forthe establishment of a more advanced theoretical modellingframework in which to understand the role of cognitive dissonance,its interaction with overconfidence, and the effects on mergeroutcome. This is imperative in today's economic climate given that36% of CEOs still have a high M&A appetite and a large proportionof career advancement, salary, and bonus is linked to successfulcompletion of M&As.