Abstract
This paper examines the impact of the expectation gap of mispricing and growth opportunities on M&A motivation and performance from the perspective of the behavioral theory of the firm. The study proves that the expectation gap is a key factor that motivates firms to implement M&A decisions. When the expectation gap is negative, rational managers raise stock prices and improve the firm's operating conditions by implementing M&A. In addition, the firm's life cycle has a significant effect on the level of the expectation, while economic policy uncertainty weakens the effect of the expectation gap on M&A motivation and operating performance.
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