Female Directors and UK Company Acquisitiveness
Michael M. Dowling
Dublin City University Business School
Zakaria Ali Aribi
University of Central Lancashire - Lancashire Business School
August 11, 2012
The presence, and proportion, of female directors is found to strongly influence the level of acquisitiveness of a company. This finding is made through a novel dataset covering significant size acquisitions made by FTSE 100 constituents between 2000 and 2011 and includes multiple controls for potential confounding financial and director characteristics. The main testing approach is a zero-inflated Poisson model, with a variety of alternative tests and specifications further reported to add to the robustness of the study. The finding draws on psychological and decision-making research showing females to be less overconfident in their decision-making.
Number of Pages in PDF File: 20
Keywords: female directors, takeovers, overconfidence, zero-inflated Poisson
JEL Classification: G34, M14working papers series
Date posted: January 29, 2012 ; Last revised: August 13, 2012
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