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Men are from Mars, Women are from Venus: Director Gender and Mergers and AcquisitionsMaurice D. LeviUniversity of British Columbia - Sauder School of Business Kai LiUniversity of British Columbia - Sauder School of Business; China Academy of Financial Research (CAFR) Feng ZhangUniversity of Utah - Department of Finance February 12, 2013 Abstract: This paper examines the association between the presence of female corporate directors and mergers and acquisitions (M&As). Using acquisition bids initiated by S&P 1500 firms during 1997-2009, we find that each ten-percent representation of female directors on a corporate board is associated with a reduction in the number of a company’s acquisition bids by 7.6 percent. Furthermore, using over 450 acquisition bids for which we have data on bidder and target firm characteristics and their board membership, we find that each ten-percent of female directors on a bidder board is associated with a reduction in the bid premium by 15.4 percent. We discuss possible interpretations of our findings.
Number of Pages in PDF File: 53 Keywords: director gender, bid initiation, bid premium, mergers and acquisitions, overconfidence, monitors, stakeholder orientation JEL Classification: G34, G38 working papers seriesDate posted: May 9, 2012 ; Last revised: February 17, 2013Suggested CitationContact Information
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