The impact of gender diversity on shareholder wealth: Evidence from European bank M&A |
| |
Affiliation: | 1. Department of Business Administration, University of Macedonia, 156 Egnatia Street, GR-546 36 Thessaloniki, Greece;2. University of Thessaly, Department of Accounting and Finance, University Campus “Geopolis” National RoadLarissa Trikala, 411 10 Larissa, Greece;3. School of Management, Massey Business School, Massey University, Private Bag 11 222, Palmerston North 4442, New Zealand;4. School of Humanities, Social and Economic StudiesInternational Hellenic University, 14thkm Thessaloniki – N. Moudania, Thermi, 57001 Thessaloniki, Greece |
| |
Abstract: | We explore the association between board gender diversity and shareholder value creation. Specifically, we investigate the impact of gender diversity on the economic impact of bank mergers and acquisitions (M&A). We employ a multi-year sample of M&A announced by European listed banks and find that: (i) the presence of women on the board of directors has a positive and statistically significant effect on acquirer gains; and (ii) boards with three or more women, or where women represent more than 25% of the board, have a stronger impact on acquirer gains than in the opposite case, consistent with critical mass theory. Moreover, banks with a critical mass of female directors perform better in undertaking value-enhancing M&A after the global financial crisis. Policy makers and practitioners could benefit from the findings by exploiting the advantages of board heterogeneity in terms of gender. |
| |
Keywords: | Gender diversity Mergers and acquisitions Banks Critical mass theory |
本文献已被 ScienceDirect 等数据库收录! |
|