Abstract
Cross-border acquisitions and cross-border alliances are two of the most popular entry modes for firms, although each entails different levels of risk. In addition to its industry and location, a firm’s choice of entry mode may also be affected by its chief executive officer (CEO). We explore how a CEO’s level of prominence influences a firm’s entry mode choice. Studying the relationship between CEO prominence and firm entry mode choice is imperative because CEO prominence is a predictor of both an individual’s personality and their risk-propensity. We use data from US-based S&P 1500 firms to test how CEO media appearances influence a firm’s choice between cross-border acquisitions and cross-border alliances. The results indicate that prominent CEOs are more likely to engage in cross-border acquisitions than in cross-border alliances. Furthermore, this tendency increases when the CEO has broad managerial experience or international human capital.
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