“…Hence, there is a negative relationship between MDs and acquirer returns. As maintained by several previous studies (e.g., Alfadhl & Alabdullah, 2016, 2018Thomas, 2019;Alabduallah, 2019;Alshali, Alhattali, & Ahmed, 2021;Kanaan-Jebna, 2014;Alabdullah, 2016c;Alfadhl & Alabdullah, 2016;Alabdullah et al, 2016;2018;Almashhadani., 2020;. Chou and Feng (2019) showed that having MDs is linked to more effective cash management, which helps shareholders directly.…”