HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège

M&A and Hubris Hypothesis

Anttonen, Arttu ULiège
Promotor(s) : Degand, Isabelle ULiège
Date of defense : 3-Sep-2019/10-Sep-2019 • Permalink :
Title : M&A and Hubris Hypothesis
Author : Anttonen, Arttu ULiège
Date of defense  : 3-Sep-2019/10-Sep-2019
Advisor(s) : Degand, Isabelle ULiège
Committee's member(s) : Conlin, Andrew 
Santino, Jo 
Language : English
Number of pages : 74
Keywords : [en] Hubris
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[en] This dissertation ponder how hubris is associated to M&A. The dissertation is important since the growing M&A activity. In the core of the dissertation is making clear picture if hubris occurs in M&A`s and how it can be detected. The dissertation concentrates on management behavior around corporate takeovers. In this paper a new model to detect hubris is created. The model is formed using theoretical framework. Detecting hubris help companies and stakeholders to carry out more profitable M&A. The model is used in multiple case study. The case studies are selected geographically, and both are widely discussed acquisitions in Finland. According to the model used in the multiple case study, hubris occurs in takeovers. Every M&A is unique, but the results are applicable in takeovers done in a similar environment. The model created in this thesis is therefore proofed to be applicable at least to some extent.



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  • Anttonen, Arttu ULiège Université de Liège > Master sc. gest., à fin.


Committee's member(s)

  • Conlin, Andrew
  • Santino, Jo
  • Total number of views 78
  • Total number of downloads 9

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