According to Lev and Gu$,$ how do executive incentive structures help sustain the widespread use of mergers and acquisitions, despite evidence of underperformance?

Boards frequently incentivize acquisitions to capture synergies and reduce operating costs, even if the effects are difficult to measure.

Companies use acquisitions as a strategic signal to investors, and stock price bumps tied to announcements often benefit executive equity holdings.

Executives believe M&A success will bolster their reputation and improve job mobility, creating soft incentives to pursue high$-$visibility deals.

Executives are often rewarded for revenue growth and deal completion, which can be achieved through acquisitions even if they destroy long$-$term value.