Board gender diversity and acquisition choices

Article

Gunasekarage, Abeyratna, Khedmati, Mehdi, Minnick, Kristina and Shams, Syed. 2023. "Board gender diversity and acquisition choices." Journal of Financial Research. 46 (4), pp. 949-991. https://doi.org/10.1111/jfir.12345
Article Title

Board gender diversity and acquisition choices

ERA Journal ID19572
Article CategoryArticle
AuthorsGunasekarage, Abeyratna, Khedmati, Mehdi, Minnick, Kristina and Shams, Syed
Journal TitleJournal of Financial Research
Journal Citation46 (4), pp. 949-991
Number of Pages43
Year2023
PublisherJohn Wiley & Sons
Place of PublicationUnited States
ISSN0270-2592
1475-6803
Digital Object Identifier (DOI)https://doi.org/10.1111/jfir.12345
Web Address (URL)https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12345
Abstract

We investigate the influence of gender diversity on the
acquisition choices of bidding firms and find that firms with
greater gender diversity are more likely to acquire nonlisted
targets, use cash as the method of payment, and purchase
firms in similar industries. Results show that these preferences are significantly influenced by female directors'
financial expertise, target industry experience, mergers
and acquisitions (M&A) experience, academic and professional qualifications, and networks. The percentage of
female directors on boards is positively correlated with the
market response to the announcement of acquisition
choices preferred by female directors. Furthermore,
bidders improve efficiency and accumulate long‐term value
gains through the contributions made by their female
directors to these acquisition choices.

Keywordsgender diversity; acquisition choices; mergers and acquisitions (M&A)
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020350299. Banking, finance and investment not elsewhere classified
Public Notes

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Byline AffiliationsMonash University
Bentley University, United States
University of Southern Queensland
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