FEMALE BOARD REPRESENTATION AND CORPORATE ACQUISITION INTENSITY

• 成果类型: Article
• 署名作者: Chen, Guoli; Crossland, Craig; Huang, Sterling
• 署名单位: INSEAD Business School; University of Notre Dame; Singapore Management University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2323
• 发表日期: 2016
• 页码: 303-313
• 关键词: board characteristics; director gender; Mergers and Acquisitions; corporate governance; strategic leadership

摘要

This study examines the impact of female board representation on firm-level strategic behavior within the domain of mergers and acquisitions (M&A). We build on social identity theory to predict that greater female representation on a firm's board will be negatively associated with both the number of acquisitions the firm engages in and, conditional on doing a deal, acquisition size. Using a comprehensive, multiyear sample of U.S. public firms, we find strong support for our hypotheses. We demonstrate the robustness of our findings through the use of a difference-in-differences analysis on a subsample of firms that experienced exogenous changes in board gender composition as a result of director deaths. Copyright (C) 2014 John Wiley & Sons, Ltd.