本論文採用事件研究法，以2008到2012年間美國紐約證交所上市公司共計1423個購併案件為樣本進行實證，利用累積異常報酬(CAR)的統計檢定與複迴歸分析去探討主併公司在宣告購併時，股價反應是否會因為主併公司之執行長為創辦人而有所不同。投資人會因考量到代理人問題，對於創辦人執行長做出的購併決策較具信心而使股價上揚，亦或是認為創辦人反而容易被過去成功的思維和作法所牽制而做了錯誤的購併決策，為本文討論重心。
本研究結果共有三點，第一，創辦人執行長之主併宣告效果不顯著，但非創辦人執行長之主併宣告效果顯著為正，兩樣本間的差異則無顯著異於零。第二、由迴歸分析之結果可得知，創辦人是否為執行長之變數對於主併公司宣告效果具有顯著的影響，當執行長為創辦人時對股價之影響為負向。第三、將兩樣本分別做迴歸檢定並和總樣本之結果進行比較，發現主併公司之成立年數對創辦人執行長之宣告效果產生負影響，顯示出市場認為創辦人容易因過去的成功經驗而傾向維持既有策略，導致無法做出開創性之購併決策。此外，執行長持有的股票選擇權比率高低對於宣告效果有顯著的影響，當持有比率越高時宣告效果越好，此結果佐證股票選擇權能夠降低代理人問題、使股價有正向反應之論述。

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