本篇研究從日常生活中可以觀察到的媒體現象出發，探討企業CEO的特質與其在購併宣告時進行印象管理行為的關聯性。本篇研究以認同控制理論為基礎，從而發展出一系列CEO特質與印象管理行為間的假設，並以CEO的知名度、任期及來源做為主要探討的三項特質，更考量了購併前股價表現可能帶來的調節效果。

本篇研究之樣本為2003至2007年間美國公開公司之一百萬美元以上的國內購併案，總樣本數為211筆，採用加權最小平方模型進行實證。經由實證結果得知，CEO的知名度與進行印象管理行為間有十分強烈且顯著的關係，顯示了知名度為CEO希望去維持的一個身分認同。雖任期和來源未獲得實證的支持，但在任期對於來源的調節效果上，實證結果亦證實了當CEO的任期越長，其便會影響不同來源的CEO進行印象管理的可能性。對於調節變數，本篇以兩種計算方式去進行衡量，然實證結果僅證實以股價高低作為調節的模型對於CEO的任期與印象管理行為間的關係有顯著的效果。

本篇研究旨在更進一步探討購併宣告中之印象管理行為研究中的重要議題，同時也希望提供給經理人實用的洞見，並協助經理人更有效管理其購併策略。

The purpose of this thesis is to understand the relationship of CEO characteristics and impression management behavior during an acquisition announcement. We develop a series of hypothesis based on the identity control theory, and focus our discussion on three CEO characteristics, including CEO celebrity, tenure and origin. We also take into account the moderating effect of stock price prior to the acquisition announcement.

The sample includes cases from 2003 to 2007, and all of them involve American public company and the deal value is higher than 100 million US dollars. Weighted least squares regression was used to run analyses. The empirical results show that the CEO celebrity has a strong and positive relationship with impression management behaviors. It is also shown that CEO celebrity is an identity standard that CEO wants to keep. As for the tenure and origin, the results do not support the hypothesized relationships. As to the moderating effects, stock price only significantly interacts with tenure to affect impression management behaviors.

This thesis calls for more research to investigate this important topic that not only advances our understanding of impression management behaviors during an acquisition announcement, but also provides useful insights to help managers better manage their acquisition activities.

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