Female directors and acquisitions: Australian evidence

Article

Lucas, Ryley, Gunasekarage, Abeyratna, Shams, Syed and Edirisuriya, Piyadasa. 2021. "Female directors and acquisitions: Australian evidence." Pacific-Basin Finance Journal. 68. https://doi.org/10.1016/j.pacfin.2021.101600
Article Title

Female directors and acquisitions: Australian evidence

ERA Journal ID32913
Article CategoryArticle
AuthorsLucas, Ryley (Author), Gunasekarage, Abeyratna (Author), Shams, Syed (Author) and Edirisuriya, Piyadasa (Author)
Journal TitlePacific-Basin Finance Journal
Journal Citation68
Article Number101600
Number of Pages26
Year2021
PublisherElsevier
Place of PublicationNetherlands
ISSN0927-538X
Digital Object Identifier (DOI)https://doi.org/10.1016/j.pacfin.2021.101600
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S0927538X21001074
Abstract

This study investigates the influence of female directors on the acquisition decisions of Australian companies. We use a dual approach, conducting empirical analyses while exploring the views of industry experts with extensive acquisition experience. We find that the market perceives acquisitions conducted by acquirers with female board members to be valuecreating decisions. Industry experts believe that female directors apply a broader perspective in evaluating acquisitions without falling into the ‘deal frenzy’ trap, a common occurrence in male directors. Several female directorship traits, combined with enhanced efficiency, contribute to tangible benefits offered by female directors in acquisitions.

Keywordsfemale directors; gender-diverse boards; value-creating acquisitions; acquisition efficiency; female directorship traits
ANZSRC Field of Research 2020380102. Behavioural economics
380108. Health economics
380107. Financial economics
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Byline AffiliationsMonash University
School of Business
Institution of OriginUniversity of Southern Queensland
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