The Role of Executive Characteristics in Financial Decision-Making (Studies in Finance and Accounting)

Strategic financial decisions such as mergers and acquisitions are among the most consequential actions firms undertake. Yet, the role of individual executives in shaping these decisions remains insufficiently understood. This book explores how characteristics and personality traits of top management team members are reflected in corporate behavior.

Grounded in Upper Echelons Theory, the book comprises three empirical studies that examine how top executive characteristics shape mergers and acquisitions and corporate communication, with a particular focus on CFO power and CEO narcissism.

By integrating behavioral theory with empirical corporate finance, this book contributes to the growing field of behavioral corporate finance and offers novel insights into the individual-level mechanisms underlying strategic financial decision-making.

Frederic Lammers served as a research associate at the Chair of Finance at ESCP Business School Berlin from 2020 to 2025, where he also pursued his doctoral studies. His research focused on the intersection of corporate finance and behavioral theory, specifically examining how the individual characteristics of top management team members influence strategic financial decision-making of firms.