Do females on boards affect acquisition outcomes and target selection: a replication and extension of Levi, Li and Zhang (2014)

Bachmann, Rebecca L.; Spiropoulos, Helen

doi:10.1111/acfi.12707

Cited by 7 publications

(4 citation statements)

References 8 publications

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“…We felt it relevant to replicate this study in the Australian setting given the increasing pressure on Australian listed firms to increase female representation on boards (KPMG, 2020). Having successfully replicated Levi et al (2014) and extending the original sample period by 10 years, our we confirmed that the observed phenomena are invariant to the institutional setting and temporal aspect (Bachmann and Spiropoulos, 2020). Hence, females on boards appear to improve corporate outcomes in the absence of gender quotas, at least in the setting of acquisitions.…”

Section: Introductionsupporting

confidence: 71%

Female directors and acquisition outcomes: a reflection on replicating Levi, Li and Zhang (2014)

Bachmann

Spiropoulos

2021

ARJ

Self Cite

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Purpose In this pitch research letter (PRL), the authors reflect on their research journey in replicating Levi, Li and Zhang (2014) for the AFAANZ Finance SIG 2020 Shark Tank Pitch event. Design/methodology/approach The authors outline their experience in using the pitch template and discuss some issues and considerations one might encounter when replicating a study using Australian data. Findings They found the pitch template useful for planning our replication and for developing a thorough understanding of the different aspects involved in completing the project (such as data and methodology considerations as well as motivation and contribution to existing knowledge). Originality/value This PRL highlights the benefits of replicating an existing study using Australian data, and outlines some potential challenges (and solutions) one may encounter along the way. This experience is expected to be useful to early career researchers and those beginning to work with Australian data.

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Section: Introductionsupporting

confidence: 71%

Female directors and acquisition outcomes: a reflection on replicating Levi, Li and Zhang (2014)

Bachmann

Spiropoulos

2021

ARJ

Self Cite

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“…Overall, these findings support how women are more cautious and conservative in decision-making than their male counterparts, and these characteristics might determine female risk tolerance (Bachmann & Spiropoulos, 2020;Levi et al, 2014).…”

Section: Introductionsupporting

confidence: 54%

Do women empower other women? Empirical evidence of the effect of female pervasiveness on firm risk‐taking

Ciappei

Terzani

Bafundi

et al. 2023

Accounting & Finance

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This study examines the relationship between female pervasiveness within the entire company and firm‐risk taking. We exploit The UK Equality Act (2010), further enforced in 2017, which was made mandatory for firms operating in UK to disclose their gender pay gap. We use this measure to proxy female pervasiveness and we find it to be negatively associated with firm risk‐taking. These results are robust to several tests using female participation in each pay quartile and the difference in bonus payments between men and women. Our findings provide insights into the role played by women consistent with tokenism theory predictions.

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“…Several studies examined the role of different types of board demography in different external change types (Bachmann & Spiropoulos, 2021; Clout et al., 2021). Furthermore, a large body of research examined the role of different board human and social capital in acquisitions (e.g., Greve & Zhang, 2017; Güner et al., 2008; Hilscher & Şişli‐Ciamarra, 2013; Masulis & Mobbs, 2011; McDonald et al., 2008).…”

Section: Board Governance Of Different Strategic Change Typesmentioning

confidence: 99%

Board governance of Strategic Change: An assessment of the literature and avenues for future research

Klarner

Yoshikawa

et al. 2022

Int J Management Reviews

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Boards of directors play a central role in governing corporate strategic change. We systematically review corporate governance research on strategic change published over the past 40 years, differentiating between strategic change types and board characteristics. We identify three developments: a focus on specific strategic change types, board composition and structure, and North American listed firms as a dominant study context. Yet, our analysis of the literature shows that research on board governance of interrelated strategic changes, on different board roles and behaviour, and on the governance of strategic changes across different contexts remains underdeveloped. To address these research gaps, we suggest three future research avenues: (1) examining how boards govern interrelated changes in a strategic change portfolio and its evolution over time; (2) studying the mediating relationship between board governance (particularly different board roles and behaviour), strategic changes, and corresponding outcomes; and (3) gaining a better understanding of the role of context in board governance of interrelated strategic changes. We contribute to corporate governance research by developing a framework that synthesizes extant research on the relationships between different board governance variables and strategic change types, highlights important research gaps, and outlines several future research directions to address these gaps. Our framework and literature overview serve as analytical tools to examine whether boards are well‐designed and prepared to govern multiple and interrelated strategic changes.

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Do females on boards affect acquisition outcomes and target selection: a replication and extension of Levi, Li and Zhang (2014)

Cited by 7 publications

References 8 publications

Female directors and acquisition outcomes: a reflection on replicating Levi, Li and Zhang (2014)

Female directors and acquisition outcomes: a reflection on replicating Levi, Li and Zhang (2014)

Do women empower other women? Empirical evidence of the effect of female pervasiveness on firm risk‐taking

Board governance of Strategic Change: An assessment of the literature and avenues for future research

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