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CEO Power, Product Market Competition and the Acquisition Motive for Going Public

This study finds that CEO power and product market competition differentially influence post&#8208;IPO growth strategy and its economic consequences. Powerful CEOs are more likely to prefer acquisition growth over internal investment. Further, while CEO power is positively related to the likelihood, frequency and size of post&#8208;IPO acquisitions, it is unrelated to the post&#8208;IPO performance of acquisitive firms. In contrast, product market rivalry does not increase post&#8208;IPO acquisitiveness but is positively related to the performance of acquirers. Finally, CEO power enhances the performance of acquisitive IPO firms only when faced with intense competitive rivalry.