Mergers and Acquisitions

Harris, Robert S.

doi:10.1002/9781118785317.weom020146

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Literature Review and Research Questions1

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2023

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“…Bruner (2004) posits that board networks can provide information about potential target firms, thereby reducing the information asymmetry attached to a deal. Female directors can use their relational skills to reduce friction and information asymmetry during the negotiation process.…”

Section: Literature Review and Research Questionsmentioning

confidence: 99%

Board gender diversity and acquisition choices

Gunasekarage

Khedmati

Minnick

et al. 2023

J of Financial Research

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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.

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Section: Literature Review and Research Questionsmentioning

confidence: 99%